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Insurance is already part of everything you do.

Find your career in it.

Career Changers

Career Profile

ACTUARY

What do actuaries do?

Actuaries apply mathematics, statistical methods and risk theory to calculate insurance premiums. They assess the insurance company's ability to pay its claims by tracking payment statistics. They also:

  • Evaluate the risks that expose the insurance company to claims and puts a monetary value to those risks.
  • Responsible for assisting insurance company executives in managing their portfolio risk through the use of sophisticated mathematical models.
  • Analyze insurance rates for things such as cars, homes or life insurance.
  • Estimate the amount of money needed to be set-aside for claims that have not yet been paid and forecasts the potential financial impact of catastrophes.

 

Is this career for me?

The following qualifications are required for a career as an actuary. Do these statements accurately describe you?

  • A high standing undergraduate degree in actuarial sciences, math, statistics or actuarial mathematics is helpful in completing professional actuarial certifications
  • Professional status with Casualty Actuarial Society or the Society of Actuaries
  • Understanding of business administration and risk management
  • Experience in statistical analysis, finance and/or commerce
  • Specialized mathematical knowledge in calculus, statistics and probability
  • Keen analytical, project management and problem solving skills
  • Solid oral and written communication skills
  • Computer proficiency
  • Self-motivation and ambition, with an ability to work with others

How do I get there?

If you have experience in the field of mathematics or actuarial science, your first step toward a career in this field is to attain your professional qualifications. Actuaries must achieve professional status by passing a set of exams offered by the Casualty Actuarial Society and the Society of Actuaries. Once students have completed one or more recognized courses, they can begin with a Validation of Educational Experience (VEE). As criteria for obtaining the VEE, students must achieve at least a B grade or equivalent in courses approved by the Canadian Institutes of Actuaries (CIA),  Society of Actuaries (SOA) and Casualty Actuarial Society (CAS).

 

Actuary Postcard

What does the future hold?

Earning potential for this role depends on education, experience and geographic region. Much weight is given to those with specialized experience and achievement in associate and fellowship programs. Many employers offer performance-linked and successful examination bonuses.
Employment opportunities for actuaries are expected to increase. The increase will be due largely to heightened risk awareness and the possible financial consequences of large catastrophes. There is already a growing demand for professionals who are skilled at managing programs that control risk and can forecast and help organizations prepare for when a disaster strikes.
If you speak one or more foreign languages, there are also possibilities to work internationally.
New professionals are needed in the field to replace retiring workers and meet the needs of a growing population. These combined factors will create a substantial number of job opportunities.