Category: Mathematical Sciences
Actuarial Sciences
April 03, 2025 Written by CAS Staff | Evan Krape
In recent years, the University of Delaware's Department of Mathematical Sciences has focused on improving the stature of its actuarial sciences (ACSC) program. The department recently earned approval from the Society of Actuaries (SOA) for the first-tier “Introductory Curriculum” status. This designation confirms the program meets rigorous SOA standards. It is the only program in Delaware listed on the SOA website, emphasizing its distinction in the region and its alignment with professional standards for actuarial education. The program is also highly rated on several actuarial science program rankings.
The program offers preparation for actuarial exams in probability, financial mathematics, and statistics for risk modeling. Program requirements include courses required by the SOA in economics, accounting and finance, and statistics. And students who complete the major automatically fulfill the requirements for an economics minor.
Program leadership
This recognition is due in no small part to Madhuka Gamage, who joined the department in 2023. Under her leadership, the department is adding courses to reach the second-tier SOA “Advanced Curriculum” status. Madhuka also serves as faculty advisor for the Actuarial Sciences Club, which provides students with exam study sessions, interviewing and resume tips and networking via an annual career fair.
Gamage obtained her Ph.D. in mathematics with a concentration in statistics and actuarial science from the University of Wisconsin-Milwaukee. Additionally, she earned an M.S. in mathematical sciences from the University of Arkansas at Little Rock and a B.S. in finance, business and computational mathematics from the University of Colombo, Sri Lanka.
Gamage is well on her way to achieving the prestigious ASA designation from the SOA, having passed five exams and all VEE credits. Her primary research interests include modeling dependence with copulas and actuarial risk measures.
Financial support for students
To further support students, the department has implemented an Actuarial Exam Fee Reimbursement Program to cover the costs of preliminary exams. Funded in part by generous donors, this initiative has contributed to a notable increase in exam participation and pass rates this year. Visit Make a Gift to learn more about supporting this program.
A Solid Foundation
Carter Tinotenda Manzvanzvike, a UD student who graduates this spring, said the program has laid the foundation on which he will continue to build his career.
"I am an international student from Zimbabwe, currently a senior at UD majoring in actuarial science and minoring in economics," said Manzvanzvike. "I successfully passed Exam FM in October 2024, and I plan to tackle at least two more exams by the end of 2025. The actuarial program at UD has been essential to my success. Courses like MATH350 and MATH450 (probability courses) give a probability foundation for Exam P, while MATH247 (financial mathematics) is directly aligned with Exam FM content, making the material easier to grasp."
"The program does not just teach concepts; it provides the tools and support needed to succeed. Studying is critical, but having such a solid foundation made a huge difference for me. I am excited to continue building on this experience as I move forward in my career."
