How To Become An Actuary In Canada: Actuaries are professionals that play significant roles in several companies and firms today.
These experts calculate risks for insurance companies and perform several other duties.
Becoming an actuary is a good career choice because the position is in high demand and pays well.
Thus, this article will tell you how to become an actuary in Canada and some of the top schools for actuary education in Canada.
Who is an Actuary?
Actuaries are professionals who apply mathematics and statistics knowledge to decide how uncertainty can impact firms financially.
These experts possess excellent communication abilities that help them convey information to their customers.
Actuaries also assist in developing businesses and ensure that business leaders take the right steps.
They are responsible for a variety of tasks, such as evaluating company policies, identifying risk elements, and developing new policies to reduce the potential risk that a company may face.
Moreover, actuaries collaborate with other experts like statisticians to establish statistical models that can be used to assess risk.
What is Actuarial Science?
Actuarial science uses mathematical and statistical approaches to assess insurance and finance risks.
Actuarial science uses probability and statistics to define, analyze, and solve future financial events. Traditional actuarial science focuses on mortality, life tables, and compound interest.
Steps to Becoming an Actuary in Canada
To become an actuary in Canada, follow the steps below:
1. Earn an undergraduate degree:
These related fields are statistics, mathematics, business and economics, and many more.
2. Complete an internship
Although some universities add internships as part of the requirements for acquiring a degree in a field related to actuarial science, some do not.
In any case, you must understand that completing an internship in a firm that provides actuary services to a company will benefit you greatly and provide you with professional knowledge about the field.
Furthermore, after obtaining a license, you will find it easy to find work in a company of your choice.
3. Acquire a license and certifications
Once you obtain a degree, acquiring several qualifications connected to the field is the next step you must take.
Besides the exams offered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), you can also sign up with the Canadian Institute of Actuaries (CIA).
Moreover, you will only obtain the licenses you need if you pass the probability exam and the financial exam tests, which are all multiple-choice exams, and you have the liberty to decide which one you wish to take first.
Additionally, each exam lasts for at least three hours, and they require over six months of preparation.
Even though people who want to become actuaries have to pass up to 10 exams before they can get a full license, you may not have to do this based on your degree and grades.
4. Become an Associate
To become an associate, you must excel at seven different exams offered by either the Associate of the Society of Actuaries (ASA) or the Associate of the Casualty Actuarial Society.
However, while ASA exams are meant for those wanting to become life/health insurance actuaries, the Associate of the Casualty Actuarial Society exams are meant for those wanting to become property and casualty insurance actuaries.
Moreover, you need to know that the society you choose will impact the kinds of jobs that you can get, and this decision must be made ahead of the fourth exam.
To become an associate, you must also finish an online training program, take classes in person, and get validation by educational experience (VEE).
5. Become a member of a fellowship
There are several fellowships for actuaries in Canada. However, you can only be part of any of them if you pass your actuarial exams.
So, joining a fellowship will enable you to become a full-time and licensed actuary. Those who want to become fellows must take three comprehensive exams over four years.
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Best Schools to Study Actuarial Science in Canada
An actuary is a profession that is in high demand in Canada. However, obtaining a seasoned education from any actuary school will give you an edge when applying for an actuary job.
While several schools in Canada offer actuary education, here are some of the best schools to study actuary or its related degrees in Canada.
1. The University of Toronto:
The University of Toronto is one of the world’s best schools to study actuarial science.
Enrolling in a degree program via the department of physical and mathematical sciences will expose you to the knowledge of actuarial sciences.
The University of Toronto has several research centers like the Fields Institute, a globally renowned center for mathematical research.
Moreover, there are several well-equipped research labs in the school. Students in this department are exposed to a learning curriculum emphasizing theoretical and practical learning.
2. The University of Windsor:
The University of Windsor is one of the top schools to study actuarial science in Canada.
The curriculum focuses on several topics and subject areas that form a major part of the exams offered by the Society of Actuaries (SOA).
Several world-class research centers are open to actuarial students at the University of Windsor.
This school is blessed with fully-dedicated, seasoned faculty members prominent in the industry for their research efforts.
Also, the University of Windsor has several well-stocked libraries that are great places to learn and research.
3. The University of Manitoba
The University of Manitoba is one of the leading actuarial schools in Canada.
This university offers a Bachelor of Science in Actuarial Mathematics degree program that prepares students for a career as an actuary or in a related field of study.
The learning curriculum that the department employs focuses on several subject areas like mathematics, statistics, finance, and economics.
The program equips students with the skills to complete modeling and managing financial risk and unpredictable events.
4. McMaster University
The Department of Math and Statistics at McMaster University is one of the best places in Canada to obtain the knowledge needed for a career in the field of actuarial.
This department is committed to developing students with the assessment and organizational abilities required to evaluate, model, and take steps regarding the financial markets.
The Department of Math and Statistics at McMaster University coordinates several research activities yearly to solve problems in several areas like asset pricing, credit risk, and interest rate modeling.
5. University of Prince Edward Island
The University of Prince Edward Island is one of the top schools to study actuarial science in Canada.
The Bachelor of Science with a Major in Actuarial Science degree program offered by the University of Prince Edward Island prepares students to excel in the actuary professional exams.
This program also equips students with the skills they need to reach the very top of their professional careers.
The Bachelor of Science with a Major in Actuarial Science degree program is handled by experts in the industry that have completed outstanding research in the field.
6. Concordia University
The Concordia University is one of the top schools to study actuarial science in Canada.
The degree program for actuarial students offered by Concordia University prepares them for actuarial jobs in the insurance and banking industries.
This program exposes students to a comprehensive knowledge of mathematics, statistics, and probability.
Moreover, the program has a curriculum that equips students with the ability to create models for assessing and solving uncertainty-related financial challenges.
They also obtain knowledge of computer science, accounting, finance, and economics.
Frequently Asked Questions on How To Become An Actuary In Canada
Getting the necessary schooling and passing the necessary exams often takes between three and five years. However, being a fully qualified actuary may take up to ten years. More so, after five years of experience, many actuaries strive to become associates.
An actuary’s job is to gather data, examine it, and then estimate potential risks and potential rewards in order to make sound financial planning decisions. Working as an actuary requires a significant time commitment spent analyzing data.
From 2020 to 2030, the Bureau of Labor Statistics predicts that the need for actuaries will grow by 24%, which is much faster than the average profession.
Though a bachelor’s degree in actuarial science, statistics, business, or mathematics is not strictly necessary for entry into the field, it may increase your chances of being hired.
Besides the schools listed above, Simon Fraser University and the University of Waterloo are two other colleges in Canada where you can obtain seasoned actuarial education.
But to be a successful actuary, you need to be good at analyzing, weighing costs and benefits, and communicating.
Awesome one; I hope this article answered your question.
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