Actuaries are highly skilled professionals who use statistical modelling, data analytics, and business acumen to assess and manage financial risk. In a world of uncertainty, actuaries play a vital role in helping governments, financial institutions, and companies effectively plan for the future and make strategic data-driven decisions.
This guide provides a detailed overview of how to become a successful actuary in Canada. It covers key topics like educational requirements, professional certification, skills development, career progression, salary trends, job outlook, and more. Whether you’re a student exploring your options or a professional considering a career change, this article will equip you with the insights needed to become a qualified actuary in Canada.
What are the Educational Requirements to Become an Actuary in Canada?
The first step to becoming an actuary in Canada is obtaining a strong educational foundation. While some related roles may only require a college diploma, a university degree is usually mandatory for actuarial positions.
Bachelor’s Degree
A Bachelor’s degree in actuarial science, mathematics, statistics, or other quantitative fields like computer science, data science, physics, engineering, economics, and finance provides the best preparation for actuarial careers. As a result, students who plan to become actuaries should take calculus, linear algebra, probability, statistics, econometrics, finance, and spreadsheet modelling courses.
Gaining programming knowledge in languages like SQL, Python, R, and VBA is also highly beneficial for aspiring actuaries in Canada. These skills allow you to automate complex data tasks and improve analytical capabilities.
When researching programs, accredited universities like the University of Waterloo, University of Toronto, and Simon Fraser University offer robust actuarial science curriculums aligned with professional certification requirements in Canada. Their co-op programs also facilitate valuable work experience.
Master’s Degree
A Master’s degree is not required to become an actuary in Canada. However, it can strengthen your analytical skills and sometimes raise starting salaries.
Common graduate specializations include applied statistics, data science, predictive analytics, risk management, and financial mathematics. A Master’s may also make qualifying for US actuarial credentials easier.
Ultimately, work experience and professional certifications matter more than education when advancing as an actuary in Canada. Focus on passing your actuarial exams, and only pursue a Master’s if you want to specialize further.
Combined Programs
Some Canadian universities offer combined undergraduate and Master’s programs in actuarial science, allowing students to complete both degrees in 4-5 years.
These intensive programs provide exemptions from early professional exams while developing technical programming abilities employers value.
Co-op Programs & Internships
Gaining hands-on experience should be a priority for aspiring actuaries in Canada. Co-op terms and summer internships related to your field of study provide invaluable opportunities to develop your technical skills and determine if you enjoy actuarial work.
Relevant experience in underwriting, data analytics, risk modelling, and asset management, even if not titled as an “actuarial” role, will boost your competencies and employability after graduation.
What is the Professional Certification Process for Actuaries in Canada?
In addition to education, professional certification through rigorous exams is mandatory for actuaries in Canada. The full qualification process generally takes 5-7 years and requires strong perseverance.
Canadian Institute of Actuaries (CIA)
The Canadian Institute of Actuaries (CIA) is the governing body that sets standards and certifies actuaries across Canada. To gain membership to the CIA, you must first obtain credentials through either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS) and meet CIA work experience requirements.
Society of Actuaries (SOA)
The Society of Actuaries (SOA) focuses on actuaries specializing in the life, health, and pension. To become an associate or fellow with the SOA, you must pass exams, complete online courses, and have relevant work experience.
The preliminary SOA exams you must pass cover topics like economics, corporate finance, probability, and statistics. After becoming an Associate of the Society of Actuaries (ASA), you can attain the Fellow of the Society of Actuaries (FSA) designation by passing advanced exams focused on life contingencies, modelling, and regulation.
Casualty Actuarial Society (CAS)
The Casualty Actuarial Society (CAS) certifies property, casualty, and general insurance actuaries. Like the SOA, becoming an associate and fellow of the CAS requires passing actuarial exams, coursework, and work experience specific to property and casualty specialties.
The preliminary exams include statistics, probability, and risk modelling. The advanced exams cover more specific topics, such as rate making, loss reserving, risk management, and capital modelling.
Choosing SOA or CAS Pathway
Choosing between the SOA or CAS certification pathways depends on the actuarial field you want to specialize in:
- Life, health, and pension actuaries obtain SOA credentials.
- Property, casualty, and general insurance actuaries get CAS credentials.
You should make this decision before taking your fourth actuarial exam so you can plan your certification path accordingly. Some preliminary exams overlap between the two societies.
Exam Process
The actuarial exam process requires passing around 10 rigorous and highly complex exams. Preliminary exams use multiple choice formats, while upper-level exams involve long, in-depth written solutions.
You can expect to spend over 400 hours studying per exam, so this is an endurance test. Exams cost between $200-$1,000 and are offered twice yearly. Most candidates take 2-3 years to pass all preliminary exams.
Source: https://ca.indeed.com/career-advice/finding-a-job/how-to-become-actuary-canada
Accredited Universities & Exam Exemptions
Graduating from an accredited Canadian university program provides exemptions from 1-2 preliminary exams. The CIA, SOA, and CAS review and accredit specific university courses aligned with exam syllabi.
Canadian students can be exempt from writing Exam P and/or Exam FM by completing approved courses and achieving specific grades. However, you should still study and understand these topics.
VEE Requirements
In addition to passing actuarial exams, the SOA requires candidates to complete Validation by Educational Experience (VEE) requirements. VEEs involve accredited university courses or online modules focused on economics, corporate finance, and applied statistical methods.
What are the Key Skills and Competencies for Actuaries in Canada?
Canadian actuaries require diverse technical and soft skills to excel in their careers. Here are some of the most important competencies to develop:
Analytical Expertise
Superior analytical ability and attention to detail are mandatory for actuaries in Canada. You must logically analyze complex numerical data, identify patterns, troubleshoot problems, and model future scenarios. Strong critical thinking skills allow you to synthesize information and effectively communicate your insights.
Mathematical Proficiency
Canadian actuaries must have a solid grasp of mathematical concepts across disciplines like statistics, calculus, linear algebra, and econometrics. They apply mathematical techniques and formulas daily to model financial systems, forecast probabilities, and assess risks.
Statistical Modeling
Expertise in statistical and econometric modelling enables Canadian actuaries to quantify uncertainty and project long-term economic scenarios. Familiarity with predictive modelling and machine learning has become increasingly valuable for data-driven risk assessments.
Financial Modeling
Canadian Actuaries build complex financial models to estimate liabilities, project cash flows, develop pricing models, and perform valuation analysis for insurance and pension products. They must have strong acumen in corporate finance and accounting principles.
Programming Skills
Proficiency in data analysis programs like SAS, R, Python, SQL, and Excel VBA allows Canadian actuaries to process and derive insights from massive data sets. Programming skills significantly improve modelling efficiency, analysis capabilities, and career advancement.
Communication Abilities
Since actuaries communicate complex information to executives and clients, excellent written and oral communication skills are vital. You must distill complicated analysis into actionable insights and explain technical concepts clearly to non-technical audiences.
Business Acumen
Understanding general business functions allows actuaries to provide strategic advice aligned with corporate goals. Knowledge of the industries you work in, whether insurance, pensions, or investments, is key for developing solutions that create value.
Product Knowledge
Awareness of nuances across different insurance, pension, and investment products enables actuaries to deliver sound risk assessments and identify profitable opportunities. This expertise develops through years of on-the-job experience.
How can you gain relevant experience for an actuarial career in Canada?
Developing domain expertise through work experience is critical when starting your actuarial career in Canada.
Internships & Co-ops
It’s highly recommended that students complete at least one actuarial internship (called co-op terms in Canada) before graduation. These positions provide invaluable insight into day-to-day actuarial responsibilities.
Experience in underwriting, analytics, finance, risk management, or business consulting also strengthens your knowledge and employability as an aspiring actuary in Canada.
Entry-Level Positions
After graduation, most candidates work for 1-2 years in junior actuarial roles or rotating positions like analyst development programs. Standard entry-level actuary titles include Actuarial Assistant, Actuarial Analyst, Pricing Analyst, and Junior Actuary.
These early career jobs allow you to gain technical skills, become familiar with industry regulations, and determine your specialization interests before committing to an actuarial track. Developing programming, modelling, and communication abilities is vital during this stage.
On-the-Job Training
As an actuarial student, you’ll be trained in product development, financial reporting, reserving analysis, and rate filings. Mentorship from senior actuaries provides invaluable guidance when navigating your career. Expect a steep learning curve at the beginning!
Actuarial Student Programs
Many insurers, consulting firms, and banks offer structured Actuarial Student Programs to guide candidates from exams through fellowship. These programs provide paid study time and financial support and should be considered when searching for full-time roles.
Actuary Careers in Canada: Salary, Growth, and Job Outlook
Actuarial careers progress through focused development, certification, and specialization. These factors directly impact the career trajectory, salaries, and job outlook for Canadian actuaries.
Career Progression for Actuaries in Canada
Here is a typical career roadmap for actuaries in Canada:
- Entry-Level – Actuarial Analyst, Junior Actuary, Pricing Analyst
- Early Career – Senior Actuarial Analyst, Actuarial Associate
- Mid-Career – Manager, Actuary, Senior Actuary, Consulting Actuary
- Late Career – Chief Actuary, Actuarial Director, VP Actuary
As you gain more experience and obtain advanced designations, you evolve from technical evaluation to high-level oversight and leadership roles. Many actuaries transition into finance, risk management, data science, and general business executive positions.
Salary Growth for Actuaries in Canada
An actuary’s salary increases substantially over their career lifespan. According to the 2023 Canadian Actuarial Salary Survey, the average actuary salaries by experience level are:
| Experience Level | Average Salary (CAD) |
| Entry level (0-2 years) | $60,000 – $80,000 |
| Early career (2-4 years) | $80,000 – $110,000 |
| Mid-Career (5-9 years) | $110,000 – $150,000 |
| Experienced (10-19 years) | $150,000+ |
Salaries vary by specialization, with consulting actuaries earning among the highest compensation but also requiring travel. Experience, exams passed, niche skills in programming or analytics, and geographic region impact salaries.
Job Outlook for Actuaries in Canada
The job outlook for actuaries in Canada is robust. According to the Canadian Occupational Projection System (COPS), the actuarial profession will experience above-average growth over the next decade due to increased demand for quantitative modelling and data analytics skills across insurance, pension, enterprise risk management, and consulting sectors.
Urban regions like Toronto, Vancouver, Montreal, and Calgary provide the most job opportunities for actuaries across consulting, insurance, and financial services firms.
What Are the Different Actuarial Specializations and Industries in Canada?
There are key practice areas and industries that actuaries can specialize in throughout their careers:
Life Insurance Actuaries
Life insurance actuaries develop and price policies that provide individual and group life insurance coverage and benefits. This involves evaluating mortality rates, forecasting life expectancy trends, modelling policy cash flows, and ensuring adequate capital reserves.
Health Insurance Actuaries
Health insurance actuaries assess risks and costs associated with hospitalization, long-term care, disability, prescription drugs, and health expenses. They design and price health plans for insurance providers, governments, and employers.
Property/Casualty Insurance Actuaries
Property and casualty actuaries use statistical models to forecast insured losses from events such as natural disasters, fires, automobile accidents, cyber risks, and business liabilities. They then set appropriate insurance premiums to cover these risks.
Pension & Retirement Plan Actuaries
Pension actuaries use their expertise to value defined benefit pension plan assets and liabilities, develop investment policies, and evaluate risks like longevity and inflation. They provide guidance on funding requirements and regulatory compliance.
Investment & Enterprise Risk Actuaries
These actuaries apply quantitative modelling to make capital allocation decisions, assess risks across business units, develop capital models like economic capital models, and improve investment strategies.
Consulting Actuaries
Consulting actuaries provide advisory services to insurance firms, pension funds, banks, law firms, and governments. They conduct pricing analysis, develop valuation models, certify M&A transactions, and provide litigation support.
How to Immigrate to Canada as an Actuary?
Canada eagerly welcomes immigrant professionals like actuaries, or international students who are to pursue actuarial education through Express Entry immigration pathways.
As an actuary, you’re eligible for priority processing through Express Entry under National Occupational Classification (NOC) code 21610.
The two main programs are:
- Federal Skilled Worker Program (FSWP): For actuaries with at least 1 year of work experience.
- Canadian Experience Class (CEC): For actuaries with skilled Canadian work experience.
FSWP requires strong English/French language skills and a comprehensive ranking score, while CEC focuses on Canadian work experience.
How to Launch a Successful Actuarial Career in Canada?
Becoming an actuary is a long yet rewarding journey. You can succeed in this coveted career path with strategic planning, hard work, and perseverance.
Here are the major key tips:
- Gain relevant experience. Complete co-ops and internships.
- Start writing exams early. Don’t underestimate their difficulty.
- Develop technical skills in Excel, SAS, Python, R, and SQL.
- Consider actuarial student development programs when applying for entry-level roles.
- Join professional societies like the CIA, SOA, and CAS early on.
- Network and find mentors who can provide guidance.
- Continuously build expertise in analytics, modelling, and new technologies.
- Be patient. The average timeline to fellowship is 5-7 years.
With Canadian institutions and companies seeking to hire qualified actuaries, it’s an ideal time to enter this rewarding and meaningful profession that shapes our society’s financial health.
Learn more about other professions in Canada here:
Becoming a Lawyer in Canada
Becoming a Veterinarian in Canada
Becoming An Electrician in Canada
Becoming a Pharmacist in Canada
Becoming A Dentist in Canada
Becoming a Data Scientist in Canada
FAQs about Becoming an Actuary in Canada
If you are planning to become an actuary, statistician or mathematician in Canada, these FAQs can really help you.
How do I become an actuary in Canada?
To become an actuary in Canada, you need to obtain a bachelor's degree in actuarial science, mathematics, statistics or other quantitative fields. During your studies, complete internships and co-ops to gain experience. After graduating, start writing actuarial exams administered by SOA or CAS while working 1-2 years in entry-level actuarial roles. Finally, attain your ASA/ACAS designation after passing about 7 exams, plus FSA/FCAS after 3 more advanced exams and work experience.
What education do you need to be an actuary in Canada?
You need a university degree, ideally a bachelor's degree in actuarial science, mathematics, statistics, computer science, economics or finance. Relevant courses include calculus, linear algebra, statistics, econometrics, and spreadsheet modeling. While not mandatory, a master's degree can provide further analytical skills.
Where do actuaries earn the highest salaries in Canada?
Actuaries earn the highest salaries in major metropolitan regions like Toronto, Vancouver, Montreal, Calgary, and Ottawa. According to the Canadian Institute of Actuaries, senior-level actuaries can earn $175,000+ in cities like Toronto and Vancouver where demand is high. Consulting actuaries also earn higher compensation but may travel frequently.
Why is the actuarial field growing in Canada?
The actuarial field is growing rapidly in Canada due to increasing demand for quantitative modeling and data analytics skills across insurance, pension, risk management, and consulting sectors. New applications like AI, climate modeling, cyber risks, and advanced financial strategies require actuaries' specialized expertise.
When should I start preparing to become an actuary?
You can start preparing to become an actuary as early as high school by taking advanced math and statistics courses. During university, complete co-ops and internships for experience. After graduating, immediately start writing actuarial exams while working in entry-level analytical roles related to your field of interest. The earlier you start, the faster you can become a fully credentialed actuary.