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In Canada, the federal government groups and organizes occupations based on a National Occupational Classification (NOC) system. This alis occupation may not reflect the entire NOC group it is part of. Data for the NOC group can apply across multiple occupations.
The NOC system is updated every 5 years to reflect changes in the labour market. Government forms and labour market data may group and refer to an occupation differently, depending on the system used.
Here is how this occupation has been classified over time.
2006 NOC
2006 NOC-S
2011 NOC
2016 NOC
2021 NOC
2023 OaSIS
Much of life is uncertain. It involves risks, such as sickness, disability, job loss, property damage or loss, or unforeseen death. No one can predict the chance of these risks for any one individual. However, actuaries use their specialized knowledge of finance, statistics, and risk theory to calculate probabilities. For example, they may measure the likelihood of certain events occurring in the future within defined groups. With that information, they can help design programs to mitigate (reduce damage from) risks.
In insurance companies, actuaries take part in almost every aspect of the business. This includes:
In other settings, actuaries provide a wide variety of services. For example, they may:
Although actuaries work in offices with standard office hours, longer hours do happen. Some travel may be required for business meetings and conferences.
In Alberta, this occupation is part of 1 or more 2006 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.
Interest in synthesizing information to design life, health, and property insurance policies through research
Interest in preparing records on mortality, sickness, accident, disability and retirement based on research and analysis of statistical, economic and other data
Interest in consulting to provide legal evidence on the value of future earnings, and to assist investment fund managers in portfolio asset allocation decisions and risk management; may supervise the activities of workers engaged in preparing and processing contracts and insurance, annuity and pension policies
To identify or change your interest codes, complete the Interests Exercise in CAREERinsite.
The interest code helps you figure out if you’d like to work in a particular occupation.
It’s based on the Canadian Work Preference Inventory (CWPI), which measures 5 occupational interests: Directive, Innovative, Methodical, Objective, and Social.
Each set of 3 interest codes for this NOC group is listed in order of importance.
A code in capital letters means it’s a strong fit for the occupation.
A code in all lowercase letters means the fit is weaker.
To fill in or change the values for your abilities, complete the Abilities Exercise in CAREERinsite.
A Quick Guide
You are born with abilities that help you process certain types of information and turn it into action. These abilities influence which skills you can learn more easily.
The abilities or aptitudes shown for this NOC group come from the General Aptitude Test Battery (GATB). The GATB measures 9 aptitudes. It groups them into 3 categories: mental, visual, and physical.
The abilities scores range from 1 to 5, with 5 being stronger.
Actuaries need:
They should enjoy synthesizing information, solving problems, and taking a methodical approach to their work. They should be comfortable making decisions and working closely with colleagues and clients.
Most actuaries have a bachelor’s degree in actuarial science, mathematics, or statistics. For information about degree programs in mathematics and statistics, see the Mathematician and Statistician occupational profiles.
Some Canadian universities offer courses in actuarial science that help students prepare for professional exams.
To become a qualified actuary in Canada, candidates need related education and experience. They also must pass a series of qualifying exams and other requirements. A solid background in math is important. Courses in the following subject areas are an asset:
Students are encouraged to complete economics, corporate finance, and applied statistics course requirements and write some preliminary exams while still at university. Credit for preliminary exams may be obtained at accredited universities. This is an asset when seeking work as an actuary and counts toward the education requirement. Although most employers give actuarial students some time to study during working hours, students generally have to study on their own time as well.
The following schools offer programs or courses that are related to this occupation but are not required to enter the field.
To expand or narrow your search for programs related to this occupation, visit Post-Secondary Programs.
Completing a program does not guarantee entrance into an occupation. Before enrolling in an education program, prospective students should look into various sources for education options and employment possibilities. For example, contact associations and employers in this field.
The Canadian Institute of Actuaries (CIA) offers designations, which include Associate of the Canadian Institute of Actuaries (ACIA) and Fellow of the Canadian Institute of Actuaries (FCIA). Some of the requirements for enrolment may be completed by taking examinations offered through the Society of Actuaries or the Casualty Actuarial Society. University students who take courses at accredited universities may apply to the CIA for credit for some of the preliminary exams.
Other requirements include professional experience and continuing professional development. Candidates working toward Fellowship need to enrol as an Associate of the CIA while accruing Canadian-specific professional experience.
Source: 2021-2025 Alberta Regional Occupational Demand Outlook
Actuaries may work on a salaried or contract basis. They may work for:
There is an increasing demand for actuaries in non-traditional roles. These include compensation consulting, workers’ compensation, health care management, financial planning, investments, environmental liability, enterprise risk management, human resources, and information systems.
Experienced actuaries may advance to senior management positions.
This section shows the industries where the majority of people in this occupation work. The data is based on the 2016 Census.
In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups.
In the 2161: Mathematicians, statisticians and actuaries occupational group, 78.1% of people work in:
Employment outlook is influenced by a wide variety of factors including:
In Alberta, the 2161: Mathematicians, statisticians and actuaries occupational group is expected to have an average annual growth of 2.4% from 2021 to 2025. In addition to job openings created by employment turnover, 5 new positions are forecasted to be created within this occupational group each year.
Note
NOC groups often include several related occupations. Although there is labour market data for the larger NOC group, this occupation makes up only a part of that group. It means data for this occupation may be different than the data shown. For example, only some of the new positions to be created will be for this occupation. It also applies to other data for the NOC group such as number of people employed.
Source: 2021-2025 Alberta Regional Occupational Demand Outlook
Employment turnover is expected to increase as members of the baby boom generation retire over the next few years.
Salaries vary depending on the actuary’s qualifications, location, work experience, and type of employer.
Actuaries are part of the larger 2016 National Occupational Classification 2161: Mathematicians, statisticians and actuaries.
According to the 2021 Alberta Wage and Salary Survey, Albertans in the Mathematicians, statisticians and actuaries occupational group earned on average from $38.83 to $51.54 an hour. The overall average was $46.51 an hour. For more information, see the Mathematicians, statisticians and actuaries wage profile.
Be An Actuary website: www.beanactuary.org
Canadian Institute of Actuaries (CIA) website: www.cia-ica.ca
Casualty Actuarial Society (CAS) website: www.casact.org
Society of Actuaries (SOA) website: www.soa.org
Get information and referrals about career, education, and employment options from Alberta Supports.
Updated Mar 31, 2020. The information contained in this profile is current as of the dates shown. Salary, employment outlook, and educational program information may change without notice. It is advised that you confirm this information before making any career decisions.
