If you have come here, it is because something in you is interested in the actuary career. In this article, we will discover what the actuary profession is, how actuary is related to Statistics, and everything that involves working as an actuary. Let's find out!
What does the actuary career study?
But first, let's start with the first. What exactly is the career of an Actuary?
Actuaries are professionals who study, propose, formulate and apply mathematical and statistical content models to provide information for planning and decision making and to solve economic and social problems involving risks. Actuaries have a great capacity for analysis that allows them to create plans for the future of companies and protect them from risk and, therefore, from suffering losses. Its role is essential for financial stability but also social stability.
If you decide to study for a Bachelor's degree in actuary, you can work in economic and financial sectors, particularly in banking, financial control, and supervision institutions, as well as statistics, demography, and management.
To give you an idea of the number of places you can work if you decide to choose a career as an Actuary, here is a list of a few examples:
- Government institutions focused on social security, health, finance, retirement, and pensions.
- Statistics, demography, and management.
- Tax administration bodies.
- Regulatory entities of financial institutions.
If you want to know more about Different Statistics Jobs in Canada apart from Actuary, you will find everything you need here.
What is the career path of an actuary?
An actuarial career could start with a Bachelor's degree in mathematics, actuarial science, statistics, or another related analytical field. When you decide to study actuary, you need to acquire sound knowledge in economics, statistics, and corporate finance, among others, to access a professional certification.
If you want to learn more about an actuary career in Canada, and all the requirements you need to excel you can go to the Canadian Institute of Actuaries.
What are some Canadian Universities offering Actuarial Studies?
In the following Canadian Universities, you will find the best undergraduate and graduate programs to study Actuary in Canada:
- University of Calgary: Bachelor of Science (BSc) in Actuarial Science; Actuarial Science MSc in Mathematics and Statistics.
- Concordia University: Actuarial Mathematics (BA, BSc); Mathematics & Statistics (MA, MSc).
- Laval University: Its programs are just available in French. However here you will find a Baccalauréat en actuariat; Maîtrise en actuariat, and Actuarial Sciences (Ph.D.).
- University of Manitoba: Actuarial Mathematics (Bachelor of Commerce and Bachelor of Science); Actuarial Mathematics (Master of Science in Management).
- University of Montreal: Its programs are just available in French. The university offers Bachelor's, Master's, and Ph.D. programs in Mathematics and Statistics.
- University of Regina: BSc, MSc, and Ph.D. in Actuarial Science.
- Simon Fraser University: MSc in Actuarial Science and a Ph.D. in Statistics and Actuarial Science.
- University of Toronto: Ph.D. in Actuarial Science and Mathematical Finance.
And there you have them. These are some of the most recognized programs in actuary in Canada. Before choosing an option, we recommend you investigate the actuarial academic and work fields as much as possible to have a clearer picture. For example, you will find other Types of Analyst Jobs using Statistics here.
How long does it take to become an actuary in Canada?
If you were asking yourself how long it takes to become an actuary in Canada, you must know that for most professionals, it takes more than seven years to become a fully qualified actuary, depending on what type of actuary you want to specialize in. Actuaries in Canada usually spend between 3 and 5 years getting a bachelor's degree without contemplating the extra preparation to pass the actuarial exams.
In Canada, you will need to pass seven exams to get an actuary job and complete them through the Associate of the Society of Actuaries (ASA) or the Associate of the Casualty Actuarial Society. Most of these exams include related topics to probability, financial mathematics, investment and financial markets, statistics and risk modeling, short-term actuarial mathematics, long-term actuarial mathematics, and predictive analysis. If you want to get more information about these examinations, do not hesitate to get more information in the Associate of the Society of Actuaries (ASA) - SOA.
What subjects are needed to become an actuary?
Something you should know is that an Actuary graduate lives with many numbers. So if you consider that you have excellent analytical skills and logical reasoning, quantitative competencies, and, above all, that you feel comfortable with analyzing a large amount of data, perhaps an actuary is the ideal career for you. Some of the subjects that are studied within this degree are:
- Statistics
- Calculus
- Algebra
- Probability
- Data Science*
- Finance
- Economics
- Business
The elective subjects will vary depending on the specialization in actuary that catches your attention the most; however, these are some of the topics you could encounter daily. Because we are here to delve a little more into the statistics used in actuary, below, you will learn everything you need to know about how both sciences are always related.
* If you are interested in knowing more about Using Statistics in Data Science go here.
How is statistics used in actuarial science?
As we have already seen, statistics is essential to studying actuary. But how are statistics and actuarial sciences related? Let's look at some examples:
- They model economic and financial processes in statistics and actuary, based on methodologies derived from algebra and calculus.
- Solve situations through statistical models for better decision-making when there is a risk involved that may affect the economy or finances of an individual or entity.
- Develop advisory and consultancy activities in statistics and actuary areas, such as corporate finance, mergers and acquisitions, capital management, and financial reporting.
- Formulate planning strategies and simulation of financial statements of entities subject to risks.
- Use and develop computational tools for the statistical analysis of linear models, time series, and demographic phenomena.
- Interpret the fundamental concepts to carry out the financial diagnosis of a company.
As you can see, statistics are essential to the actuary's responsibilities. Did you know that Statistics are also essential for Sports? Discover the wonderful Job of Sports Statistician.
See the details of this online statistics course if it meets your need.
What is the difference between an actuary and a statistician?
Perhaps now the question arises if studying actuary is the same as studying statistics. And you have to know that although both professions share many similarities, they have different career paths. Actuaries and statisticians have similar skill sets, such as computer literacy, mathematical knowledge, and statistical techniques. However, they differ in the work environment and career prospects.
Actuaries mainly work for insurance companies, and their main objective is managing risk-related data, focusing on financial losses associated with accidents, illnesses, and natural disasters, among others.
Statisticians generally work for banks, government agencies, and consulting companies, among others, because they are responsible for collecting and interpreting data sets for decision-making through statistical techniques.
How much is an actuary paid in Canada?
Would you like to know how much an Actuary makes in Canada? According to Canada Talent, the average actuary salary in Canada is $110,000 annually or $56.00 per hour. As a new graduate, entry-level positions could start at $91,000 annually, while the most experienced actuaries can make up to $186,000 annually.
As already mentioned, the average actuary salary in Canada depends on the field of work where you focus, the city where you live, and, for example, what actuarial certifications you have.
Find and take a statistician course here.
How to excel in Statistics and Actuary?
As you surely know, statistics is a science that requires a lot of effort, as well as all the exact sciences that require logical reasoning and practice. If you thought being an actuary could be part of an exciting career path, perhaps you need to listen to that intuition and be encouraged to search a little more about how you can become an expert actuary in Canada!
Don't worry if you are still hesitating about what number careers to choose. You can always set your study goals to improve your logical reasoning and the skills you need to excel in statistics, mathematics, calculus, algebra, probability, computer science, and finance, among many others. Also if you want to go into Research and statistics you will also need all these skills.
Remember that your progress and success depend only on your effort. And remember, hard work ALWAYS beats talent. And do you know what could be the best for you to accomplish your dream career? The private tuition of Superprof!
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