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L’assurance est présente dans tous les aspects de votre vie

POURQUOI N’Y FERIEZ-VOUS PAS CARRIÈRE

Post Secondary

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?

Do the following statements accurately describe you?

  • You are currently enrolled in an actuarial science, math or statistics post-secondary program
  • You have keen analytical, project management and problem-solving skills
  • You are a "numbers person," with a strong interest in specialized mathematics such as calculus, statistics and probability
  • You have solid communication skills (oral & written) and are comfortable using a variety of computer applications
  • You are self-motivated and ambitious, yet work well within a team atmosphere
If you answered yes to these statements, then a career as an actuary might be the perfect fit!

How do I get there?

Combinations of the following qualifications are necessary for gaining employment in the property and casualty insurance industry.

College/University

A high standing undergraduate degree in actuarial sciences, math, statistics or actuarial mathematics is helpful in completing professional actuarial certifications. It is also important that your course load is well-rounded with courses in business, communications, humanities and computer science

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 college courses, they can begin with a Validation of Educational Experience (VEE) exam. As criteria for writing the VEEs, 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.