Actuaries use statistics and financial mathematics to price insurance, calculate how much money an insurer must hold, and test whether it can pay claims years from now. Insurers need them, and the University of Colombo’s own actuarial programme page says Sri Lanka lacks enough professionals to meet demand. The route to qualifying is long, so it helps to know the steps before you start.
What actuaries do
An actuary at an insurer works on product pricing, reserves, regulatory reports and projections of future profit and risk. The IRCSL licensing guide for insurers requires them to employ or retain actuaries, and under the Regulation of Insurance Industry Act No. 43 of 2000, an insurer carrying on long-term (life) business must appoint one.
For a wider view of technical insurance jobs, read insurance careers beyond sales. This guide covers the actuarial route in more detail.
Step 1: build a mathematics base
Most people who qualify start with strong A/L Combined Mathematics, then take a degree with a large mathematics or statistics content. Statistics, mathematics, engineering, economics and finance degrees all fit.
The Institute and Faculty of Actuaries (IFoA) in the UK advises choosing a course with a significant number of mathematics modules. It also runs an exam for people without a mathematics background, which tests whether your mathematics is at the level an actuary needs.
Step 2: pick a professional body
An actuarial degree does not make you a qualified actuary. You qualify by passing professional exams set by a body such as the IFoA (UK), the Society of Actuaries (SOA, US) or the Institute of Actuaries of India (IAI).
The Actuarial Association of Sri Lanka (AASL) has no credentialing system of its own. A 2017 report from the SOA’s international section said it required members to hold at least student membership of one of those three bodies, that most members were attached to the IFoA, and that many students followed both IFoA and SOA exams. Check the AASL’s current membership rules before you decide.
With the IFoA, you must become a student member before you start exams or claim exemptions. Exemptions from an accredited degree reduce the number of exams you sit, but you still pass the remaining exams and complete work experience to qualify as an Associate or Fellow.
Step 3: consider the University of Colombo MSc
The Department of Statistics at the University of Colombo’s Faculty of Science started a two-year part-time MSc in Actuarial Science in 2014. Applicants need a bachelor’s degree in Science or a mathematics-related field from a recognised university, or an equivalent qualification the university accepts.
The programme says graduates may be granted exemptions from IFoA subjects it covers, provided their module marks reach the standard set by the independent examiners. Exemptions are not automatic, so ask the department how they currently work.
Step 4: get your first actuarial job
You need an actuarial role to complete the work experience requirement, and most people take the exams while working. Entry titles include Actuarial Analyst, Actuarial Assistant and Trainee Actuary. Employers are life and general insurers and consulting firms that serve them.
Some IFoA papers test practical work in Excel and R, so learn both while you’re still studying. Strong spreadsheet skills also help you in analyst interviews, which are covered in our guide to insurance job interview questions.
How long it takes
A mathematics-based degree takes 3 to 4 years. Professional exams then take several more years alongside work, depending on how many exemptions you hold and how many papers you pass first time. Plan for a long process and choose a first employer that gives you study time.
Where actuaries work in Sri Lanka
Life insurers are the main employers, because they must appoint an actuary. General insurers hire fewer, and consulting firms support insurers that need extra capacity. Our guide to life vs general insurance jobs shows how the two sides differ.
If you don’t want the full actuarial route
Insurers also hire analysts, underwriters and finance staff who work close to the actuarial team. The SLII and CII qualifications described in insurance qualifications explained lead to those roles. Browse current openings on our insurance jobs in Sri Lanka page.
About the Author
Prasad Fernando is the CEO of Skysol Solutions and the owner of CareerLK.com and CourseLK.com. A digital creator with hands-on experience building and managing online platforms for Sri Lanka’s job and education sectors.