Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries.

Actuarial science includes a number of interrelating subjects.It is a blend of mathematics and statistics to evaluate and estimate the risks in insurance and finance sectors. It is not only limited to probability and statistics but includes finance, accounting and economics under its domain. It is a concept that has evolved with age due to the proliferation of digitization and the synergy with modern financial theory and finds a predominant position in insurance, finance and risk management sectors.

Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes during the last 30 years due to the proliferation of high speed computers and the synergy of stochastic actuarial models with modern financial theory.

Actuaries are professionals who are qualified in this field through examinations and experience and form an integral part of an organization in quantifying the impact of changing micro / macro economic and demographic environment on the financials.

Any person who has a knack for mathematics / statistics can pursue this career and to qualify as an Actuary, one has to clear series of exams hosted by different actuarial bodies.