Actuary
One of Canada's highest-paying and most intellectually demanding careers - mathematical risk modelling at the highest level.
Actuary Salary in Canada
Actuaries in Canada earn about $80,000 at entry level and around $200,000 in senior roles.
- Entry level: $80,000
- Senior level: $200,000
Fellow of the Casualty Actuarial Society (FCAS) or Fellow of the Society of Actuaries (FSA) designation significantly increases earnings.
Actuary wages by province
| Region | Low | Median | High | Median per year |
|---|---|---|---|---|
| Canada | $31.25/hr | $51.00/hr | $77.33/hr | about $106,000 |
| Ontario | $38.46/hr | $51.28/hr | $77.33/hr | about $107,000 |
| Quebec | $28.21/hr | $51.98/hr | $84.13/hr | about $108,000 |
| British Columbia | $34.66/hr | $50.04/hr | $75.94/hr | about $104,000 |
| Alberta | $30.36/hr | $44.82/hr | $66.79/hr | about $93,000 |
| Manitoba | $34.19/hr | $56.41/hr | $112.82/hr | about $117,000 |
| Saskatchewan | $27.96/hr | $44.89/hr | $66.61/hr | about $93,000 |
| Nova Scotia | $31.54/hr | $45.84/hr | $71.76/hr | about $95,000 |
| New Brunswick | $30.33/hr | $44.71/hr | $64.40/hr | about $93,000 |
| Newfoundland and Labrador | $31.88/hr | $40.11/hr | $53.85/hr | about $83,000 |
Source: Government of Canada Job Bank, updated November 2025. Job Bank reports actuaries together with mathematicians and statisticians (NOC 21210). Yearly figures assume a 40-hour week.
About the Career
Actuaries are consistently in demand in insurance, pension, and financial sectors.
Job Outlook
Stable demand. Actuaries are consistently in demand in insurance, pension, and financial sectors.
How to Get There
- 4-yr BSc (Actuarial Science or Mathematics) + series of professional exams
- Time to career: 4+ years post-Grade 12 (full designation takes longer)
Degrees That Lead Here
- Actuarial Science – high 80s to low 90s; strong CEMC contest performance helps at Waterloo
- Mathematics – high 80s to low 90s; CEMC contest scores are relevant at Waterloo
- Statistics – high 80s
Key Skills
- Probability & Statistics
- Financial Modelling
- Risk Assessment
- Professional Exam Discipline
- Data Analysis
Typical Employers
- Insurance companies
- Pension & benefit consultants
- Banks & investment firms
- Government & regulators
- Consulting firms
High School Roadmap
- Excel in math - this is the most math-intensive career in Canada.
- Take advanced math. Enter CEMC contests - Euclid and AMC performance matters for actuarial program admission.
- Excel in Advanced Functions and Calculus. Research actuarial exam SOA Exam 1.
- Apply to Waterloo's Actuarial Science program - the best in Canada. Strong CEMC contest scores significantly help.
Top Universities for This Path
- University of Waterloo – Waterloo, ON
- University of Toronto – Toronto, ON
- University of British Columbia – Vancouver, BC
- Concordia University – Montreal, QC
Insider Tips
- Waterloo's Actuarial Science program is arguably the best in the world - CEMC contest performance significantly boosts your application.
- Actuarial exams are written throughout your career - each passed exam increases your salary.
- The career path is long (10+ years to full Fellowship) but very financially rewarding.