Actuarial Science evaluates financial risk in the study of finances using mathematical and statistical methods. These methods are applied to outline, examine, and figure out financial involvement for upcoming events. It also analyses mathematical models to predict the probability of an event to occur so that companies can deal with any costs that may occur from the same event.
The two major applications of Actuarial Science are found in life insurance and pension plans. The methods of Actuarial Science are applied in the assessment of financial organizations with regard to evaluating liabilities and enhancing decision-making in funds and finance. This science has had many revolutionary changes since the availability of high-speed computers and the union of stochastic actuarial models with modernized propositions for finances.

The study program covers topics like financial accounting, macro and microeconomics, calculus, risk models, and probability. Students of Actuarial Science develop excellent mathematical, analytical, oral, and communication skills, and also problem-solving skills. They develop a deeper understanding of how businesses work and how to avoid financial risks.

Actuaries are the foretellers of the insurance industry and are very detailed in mathematics, statistics, and theories of capital and hazard. They compute and foretell the probabilities of future outcomes. All financial impacts that have the potential of both risk and development are being cautiously evaluated to divert and also, if possible, avoid any outcome that will bring forth a negative consequence. In other words, actuaries use this study to sustain and protect a company.