Actuaries play a vital role in the financial sector, using statistical analysis and mathematical modelling to assess and manage risks. In Canada, the actuarial profession falls under National Occupational Classification (NOC) 21610 for Actuaries, Mathematicians, and Statisticians. It is a complex career path that requires advanced qualifications and professional certifications.
This article provides an overview of average actuary salaries in Canada as of 2025 compared to the average national overall salaries. This also examines the actuary salary trends including key details on average pay by experience level, location, industry sector, required skills, and future outlook.
Whether you are exploring actuarial science careers or are already in the field, these insights will help benchmark salaries and plan your advancement.
What are the Average Actuary Salaries in Canada?
According to the latest salary surveys and reports, the average salary for an actuary in Canada is CA$167,100 per year, which is much higher than average national overall salaries. This includes a salary range from the lowest average of CA$85,500 to the highest average of CA$257,500, depending on experience and credentials.
The median actuary salary is CA$163,800, meaning half of all actuaries earn more than this, and the other half earn less. In percentile data, 25% of actuaries earn below CA$114,600 (25th percentile), while 75% earn below CA$206,300 (75th percentile).
Key Actuary Salary Statistics for Canada in 2025:
- Average Salary: CA$167,100
- Median Salary: CA$163,800
- Lowest 10%: Below CA$85,500
- Highest 10%: Above CA$257,500
- 25th Percentile: CA$114,600
- 75th Percentile: CA$206,300
Average Annual Pay Raises for Actuaries
In addition to base salaries, regular pay raises provide actuaries with opportunities to increase their earning potential throughout their careers.
According to nationwide salary data, actuaries in Canada receive an average pay raise of 12% approximately every 16 months.
When converted to an annual basis, this equates to an average raise of 9% per year. This is higher than the national all-industry average of 7% annually.
The frequency and percentage increase in pay raises for actuaries can fluctuate based on company budgets, individual performance, and broader economic factors. However, actuaries benefit from above-average raises compared to other professional occupations.
Bonus Payments for Actuaries
Many actuaries also qualify for bonus pay in addition to their base salaries. Bonuses are typically awarded based on individual performance, team metrics, or company-wide profitability.
Surveys indicate that approximately 57% of actuaries received bonus pay within 12 months. For those awarded bonuses, the payouts ranged from 3% to 6% of base pay.
Common bonus types for actuaries include:
- Individual Performance Bonuses
- Team/Department Bonuses
- Company Profit Sharing
- Holiday/Year-End Bonuses
Bonuses provide significant upside earning potential for high-achieving actuaries, typically averaging 5-15% of base salaries.
Source: https://worldsalaries.com/average-actuary-salary-in-canada/
What are the Factors Influencing Actuary Salaries in Canada?
Like many other professions, actuary salaries are also affected by different factors such as experience, education, gender, geographic location, and the public or private sectors. To know the difference, let’s follow along.
Salary by Experience Level for Actuaries
Experience is a significant factor impacting an actuary’s salary potential. As actuaries gain more work experience and complete professional certifications, they qualify for higher-paying roles.
The table below outlines average salaries by years of experience for actuaries in Canada:
| 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+ |
According to salary survey data, entry-level actuaries in Canada earn an average of CA$63,143 in their first year on the job. After gaining 2-4 years of experience, the average pay rises to CA$73,508 for early career actuaries.
Those reaching the mid-career level (5-9 years) make an average of CA$108,337, while experienced actuaries with 10-19 years of experience earn approximately CA$129,881.
For senior actuaries in the later stages of their careers (20+ years), the average total compensation reaches CA$129,221.
Salary by Education Level for Actuaries in Canada
Higher levels of education also impact actuaries’ earning potential. Those with a master’s degree tend to qualify for more advanced roles and higher salaries than actuaries entering the field with only a bachelor’s degree.
According to salary data, actuaries in Canada with a bachelor’s degree earn an average of CA$118,900 per year.
For those who complete a master’s degree, the average salary rises significantly to around CA$210,400 annually.
Pursuing a master’s degree represents a significant educational investment, with tuition costs ranging from CA$20,000 to CA$50,000 depending on the university and program. However, the long-term return on investment is substantial, with 77% higher salaries for actuaries with master’s degrees than bachelor’s degrees.
Average Actuary Salary in Canada by Gender
When analyzing average salary by gender, a pay gap exists, with male actuaries earning 5% higher wages than females in the same roles.
The average salary for a male actuary is CA$ 172,100 per year, while female actuaries earn CA$ 163,500 on average.
| Gender | Average Salary |
| Male | CA$172,100 |
| Female | CA$163,500 |
While the gap is smaller than in many other professions, it highlights the continued need to promote pay equity and transparency in actuary compensation.
Geographic Differences in Actuary Salaries
Location significantly impacts salaries for actuaries within Canada. Major metropolitan areas with concentrated finance and insurance industries tend to offer higher pay.
Here are the top-paying cities and provinces for actuaries in Canada as of 2025:
Highest-Paying Provinces for Actuaries
- Ontario: CA$185,900
- Quebec: CA$187,500
- Alberta: CA$177,100
Highest-Paying Cities for Actuaries
- Toronto, ON: CA$184,700
- Montreal, QC: CA$175,100
- Vancouver, BC: CA$177,100
- Calgary, AB: CA$167,100
- Ottawa, ON: CA$168,700
Major hubs like Toronto and Montreal, with extensive insurance and pension industries, offer salaries 20-30% above the national average for actuaries. Smaller urban centers also pay well due to the concentration of financial services companies.
Public vs Private Sector Actuary Salaries
Professionals often wonder if they can earn higher salaries for public sector organizations and government agencies than the private sector.
According to salary surveys, actuaries in the public sector earn approximately 6% higher pay compared to those in private companies.
The average public-sector actuaries salary is CA$123,000 per year, while private-sector actuaries earn an average of CA$115,600.
Each work environment has pros and cons. Government and public sector actuaries may benefit from higher job stability and defined benefit pension plans. However, private companies often offer higher bonuses and profit-sharing incentives.
Source: https://blog.remitly.com/en-ca/jobs/actuary-salary-in-canada/
How are Actuary and Related Jobs in the “Salary Battle”?
Actuaries develop specialized skills in statistical modelling, data analytics, and risk management. These capabilities are valuable across a range of other professional roles.
Here are average salary comparisons with other jobs that utilize similar expertise:
| Related Job Title | Average Salary |
| Data Scientist | CA$85,859 |
| Financial Analyst | CA$81,900 |
| Financial Manager | CA$122,500 |
| Economist | CA$102,300 |
| Mathematician | CA$100,700 |
Actuaries command higher average salaries than other data-driven professions, such as financial analysts and data scientists. They also earn more than broader business occupations, like financial managers.
What Industries Pay Actuaries the Highest Salaries?
Actuaries are employed across various industries, but specific sectors provide higher-than-average salaries due to strong demand and specialized skill requirements.
The insurance industry offers the most actuary job opportunities and high compensation, especially for those specializing in life insurance, pensions, and annuities.
Consulting firms also pay above-average salaries for actuaries but require a more remarkable ability to generate new business and manage client relationships.
Other sectors, such as investment banking, asset management, and hedge funds, highly value actuaries for their analytics and risk management expertise, which is needed to model investment performance.
What are the Key Skills That Increase Actuary Salaries?
While actuarial science credentials provide the foundation for this career, developing expertise in specific domains can boost earning potential:
- Predictive Modeling and Machine Learning: With the rise of big data and AI, actuaries skilled in advanced analytics and modelling earn over 20% more.
- Financial Risk Management: Specializing in evaluating investment risks and economic scenarios adds up to 20% to salaries.
- Insurance Pricing and Valuation: Insurance actuaries’ expertise in calculating premiums and reserves results in a 25% pay increase.
- Programming: Actuaries who are proficient in languages like Python, R, SQL, and databases earn a 10-15% premium.
- Regulatory Compliance: Navigating new regulations and reporting requirements adds 12%+ to salaries.
Overall, actuaries who complement their technical skills with emerging data science and compliance knowledge see the highest demand and compensation.
Source: https://www.payscale.com/research/CA/Job=Actuary/Salary
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FAQs about Average Actuary Salaries in Canada?
If you are planning to become an actuary in Canada, these FAQs can help you understand more about this field, especially the potential earnings.
How much does an actuary make in Canada on average?
According to the latest salary data, the average actuary salary in Canada is approximately CA$167,100 per year. However, salaries can range widely from CA$85,500 for entry-level actuaries up to CA$257,500 for highly experienced professionals. The median salary is CA$163,800.
What factors impact an actuary's salary in Canada?
The main factors that influence actuary salaries in Canada include: years of experience, education level, geographic location, specific industry, professional credentials and certifications, skills in emerging areas like data science, and economic conditions impacting industries that employ actuaries.
Where do actuaries earn the highest salaries in Canada?
The cities and provinces that pay actuaries the highest salaries are: Toronto (CA$184,700), Vancouver (CA$177,100), Montreal (CA$175,100), Calgary (CA$167,100), Ottawa (CA$168,700), and Alberta (CA$177,100) and Ontario (CA$185,900) at the provincial level. Major metropolitan areas with large insurance and financial services industries tend to offer higher actuary salaries.
Why do actuary salaries increase with experience and credentials?
As actuaries gain more experience and complete professional credentialing exams to achieve designations like ASA, FSA, and FCIA, they are qualified for higher level roles with more responsibility and specialization. The rigorous certification process and technical nature of the work results in significant salary jumps as actuaries progress through their careers.
When do actuary salaries peak or plateau in Canada?
According to salary data, actuary salaries typically peak after 20+ years of experience, at which point average compensation levels off to around CA$129,221 annually. However, actuaries can still continue increasing their salaries by specializing in new technical areas, moving into executive leadership roles, or pursuing consulting and advisory positions later in their careers.
The Bottom Line
In summary, actuary salaries in Canada remain attractive compared to other professional occupations, offering above-average compensation and career stability. While geographic location, industry, experience level, and skills impact salaries, qualified actuaries can expect to earn a minimum of CA$60,000 at entry level with significant upside potential. With the field projected to grow steadily, actuaries who stay current on technical skills and industry trends will enjoy favourable job prospects and continued salary momentum.