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Actuaries analyze and work with large sets of data and information, and perform statistical analysis to ensure an insurance policy is viable and makes sense for the company financially. Therefore, one of your main roles is to help manage risk related to insurance policies. Depending on the company, you could work on home, car, travel, life, or business insurance policies. You may also work with investment policies. If you have experience in the insurance industry and have a background in data analysis and statistics, contact Randstad Canada today to explore your career options.
Actuaries work in a traditional office environment and work standard office hours. Overtime hours may be required from time to time. You will spend most of your time working on a computer and collaborating with other risk assessment and policy development professionals. You will report to a senior actuary or a project leader within your department.
Actuaries play an important role for insurance companies and are paid accordingly. The average yearly salary for an actuary in Canada is just under $70,000. Most have a starting salary of about $50,000. At the top end of the salary scale for this role, you can expect to make up to $115,000 annually. Performance bonuses and profit sharing can help boost your average annual salary. Experience is the biggest factor affecting earning power.
Actuaries work with numbers. Working with large data sets and comparing statistics related to a specific policy is the main objective of your role. Some of the tasks that are part of your role and responsibilities include the following:
Most actuary jobs are found with insurance companies. However, you may also be able to find job opportunities with pension funds, health care organizations, government agencies, financial institutions, investment companies, accounting firms, and management companies. Actuary jobs are found in cities across Canada.
Actuaries are required to have a diverse skillset. You will need to be an expert with numbers, have strong business and technology skills, and have detailed knowledge of insurance or any other industry you work in. Some key skills and abilities hiring companies look for in candidates:
Actuaries are required to have a college diploma or university degree in actuary sciences. Other related degrees such as statistics, mathematics, or business may also be acceptable. Most actuaries will receive extensive on the job training and be coached and mentored. To progress in your career, certification is required. It’s recommended to do an internship in actuary science while in school to gain experience and understanding of the role. Additional training and certification in statistics or technology related to actuary science is an asset.
Actuary jobs are forecasted to increase over the next decade. Actuaries tend to stay in the same career for the long term. The type of role you take on will depend on your level of certification and the industry in which you choose to specialize. Many actuaries in insurance move on to work in finance, risk assessment, or move up to more senior roles within the profession.
Are you an actuary? Looking to explore your career opportunities in this area? We can help you find actuary jobs in a number of industries. Contact Randstad Canada today to learn more about the actuary career opportunities available to you in your region.