Actuarial Science is about calculating money-related risks through probability, statistics and knowledge of business and economics. Many industries, such as insurance and pension funds (like EPF), rely on Actuarial Science in order to make sound business and budgetary decisions.
For example, if you have an insurance policy, ever wondered who calculates the amount of insurance premiums (the amount that you must pay for your insurance plan)?
Well, it’s the work of an actuary! Actuaries ensure that insurance companies are able to pay out insurance claims in the event something bad happens.