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What does an
Actuary do?

Click here to view all Actuary jobs on neuvoo.ca.
Other common names for this position: Actuarial Analyst, Actuarial Assistant, Associate Actuary, Casualty Actuary, Cipher Expert, Consulting Actuary, Consulting Pension Actuary, Cryptanalyst, Cryptographer, Education Statistician, Insurance Actuary, Life Actuary, Senior Actuarial Analyst

Description

Actuaries are risk management experts who play a leadership role in financially-oriented businesses like Insurance, Banking, rating agencies, and Accounting firms. They apply several mathematical principles to understand how the financial market works and behaves, what affects it, and to devise ways to predict its changes and repercussions.


Actuaries use specialized software in order to collect, sort, process, and analyze data. They must then make accurate recommendations based on their observations and present them to the executives who hired them. Their insight must be well documented, as it will influence a company’s financial decisions and budget management, as well as their possible losses and revenues.


Actuaries may be hired in several different settings, the most common are accounting firms, private businesses and companies, government offices, and any other institution in need of financial planning and analysis. Some of these professionals, however, choose to work independently by offering consultation services to small businesses, individual clients, and companies that may not have their own Actuaries.[1]

Career Path

There's no universal way to climb up the career ladder.
Career paths often vary from one individual to another, yet some similarities usually stand out.
Hence, the typical career path for Actuary would look like the one pictured here. 563 resumes.

1

Previous Careers

  • Assistant Actuary
  • Research Analyst


2

Actuary



3

Career Opportunities

  • Actuarial Analyst
  • Business Analyst
  • Profit& Loss Analyst

Career Path

There's no universal way to climb up the career ladder.
Career paths often vary from one individual to another, yet some similarities usually stand out.
Hence, the typical career path for Actuaries would look like the one pictured here.


1

2
3

Previous Careers

  • Assistant Actuary
  • Research Analyst

Actuary


Career Opportunities

  • Actuarial Analyst
  • Business Analyst
  • Profit& Loss Analyst

Primary Responsibilities

Here’s a non-exhaustive list of common tasks Actuaries are required to complete.


  • Using mathematical and economic principles and methods to foresee future expenses and prepare for them.
  • Analyzing the financial costs of risk and uncertainty to develop and implement financial strategies aimed towards reducing risks and loss while increasing profit.
  • Drafting and designing insurance policies, as well as estimating their costs, taking into account statistical studies and demographic factors:
  • Maintaining a profit margin while offering competitive advantages and pricing to policyholders.
  • Assisting employers in designing realistic healthcare and pension plans, along with any other employee benefit plans.
  • Providing financial and economic advice to decision-makers by submitting reports and presenting their findings and recommendations.
  • Monitoring the company’s profitability and working with management to set annual targets.
  • Advising legislative bodies and other authorities on how laws that are yet to be adopted may affect businesses and global economy.
  • Liaising with colleagues and other financial experts to gain a better understanding of the issues at hand:
  • Assisting Market Research Analysts in performing field studies to evaluate the profitability of new products.

Daily Tasks

  • Collecting data for statistical analysis.
  • Documenting observations and drafting recommendations.
  • Creating and using mathematical and statistical models.
  • Developing and implementing financial strategies that reduce losses and risks while also increasing profits.
  • Designing insurance policies and employee benefit plans.
  • Submitting and explaining research findings to employers in the forms of presentations or written reports.
Salary
$113,346

The average Actuary salary is $113,346 per year or $58 per hour. This is around 3.5 times more than the Median wage of the country. Entry level positions start at $79,000 while most experienced workers make up to $159,000. These results are based on 7 salaries extracted from job descriptions.

$113,346
$159,000
$79,000
Deductions
Deductions
Gross Salary125,000.00 $
CPP- 2,479.95 $
EI- 930.60 $
Federal Tax- 23,412.52 $
Provincial Tax- 13,363.34 $
Total Tax- 40,186.41 $
Net Pay*84,813.59 $
In Ontario, Canada, if you make 125,000.00 $ a year, you will be taxed 40,186.41 $. That means that your take home pay will be 84,813.59 $ per year, or 7,067.80 $ per month. Your average tax rate is 32.15% and your marginal tax rate is 43.41%.
* Deductions are calculated based on the tables of Ontario, Canada income tax.
Required Skills and Qualifications
  • Excellent interpersonal and communication skills:
  • Communicating clearly, both in writing and verbally, in order to give presentations and advise clients on risks and profitability, simplifying technical jargon and concepts as required;
  • being able to write and present financial reports based on the collected data;
  • being effective team players, taking suggestions and recommendations from colleagues; and
  • establishing and maintaining supportive working relationships.
  • Outstanding organizational and time management skills:
  • Prioritizing and planning work activities in order to manage time efficiently while handling a high volume of work;
  • demonstrating an aspiration for continuous learning and professional development; and
  • multitasking; being able to work in a dynamic, fast-paced environment.
  • Analytical, problem-solving, and decision-making skills:
  • Effectively researching and analyzing numerical data, using a variety of software programs, including spreadsheets, statistical analysis, and database management programs, and providing reasonable recommendations;
  • being able to review data, observe patterns, and draw logical conclusions;
  • designing plans to avoid and reduce risks; and
  • being able to exercise strategical thinking and mature judgment.
  • Strong attention to detail and critical-thinking skills:
  • Analyzing data efficiently and accurately in order to provide more precise forecasts; and
  • being able to use logic and reasoning to solve complex problems.
  • Computer skills and mathematical knowledge:
  • Displaying high proficiency using computerized tools as well as specialized software for financial purposes; and
  • employing mathematical principles to calculate risks.

In order to work as an Actuary, one must obtain a bachelor’s degree in Mathematics, Actuarial Science, Statistics, or any other field that yields the necessary analytical skills and knowledge. Aspiring Actuaries must also have cumulated between 5 and 7 years of experience in a similar position.


In Canada, the actuarial profession is governed by the Canadian Institute of Actuaries (CIA). Actuaries spend the first years of their careers gaining work experience and studying for professional qualifications mandated by the CIA. The first step of the ladder towards becoming a professional Actuary is becoming an “Associate Actuary”. After that, one may qualify to earn the “Fellow” title. Associates of the CIA are authorized to append to their names the initials ACIA (Associate, Canadian Institute of Actuaries) or AICA (associé, Institut canadien des actuaires), while Fellows are authorized to append to their names the initials FCIA (Fellow, Canadian Institute of Actuaries) or FICA (Fellow, Institut canadien des actuaires).


Promotion opportunities are available and often given to Actuaries that display high levels of commitment, reliability, and professionalism. Some of the positions they can aspire to include Insurance or Financial Consultant.


Most Actuaries work during the standard office hours. They sometimes may be required to travel in order to meet and work with long distance customers and clients.

Job Offers
There are currently 42 available job offers for the Actuary position on neuvoo.ca. Below is a list of available jobs, based on Canada's most populated metropolitan areas.
References