Thinking about becoming an actuary in Canada? If you’ve got a head for mathematics, it’s one of those careers where your skills can really pay off. Actuaries help organizations manage uncertainty, and in Canada the actuary salary that comes with the work is comfortably above average. Add in job stability, and it’s easy to see why both locals and newcomers find this career path appealing.
At Remitly, we know moving to Canada or starting afresh in a new field is a huge leap. Between settling in, building a career, and maybe sending money back home, you’ve got a lot on your plate. That’s why we’ve put together this guide so you can see exactly what actuaries earn in Canada today, what affects those salaries, and how to make the most of your career journey here.
What do actuaries do in Canada?
Before we dig into the paycheques, let’s quickly take a look at what an actuary actually does.
Actuaries are professionals who deal with risk and uncertainty. They crunch numbers, run models, and give organizations the insights they need to make smart (and safe) financial decisions.
Imagine the person who advises an insurance company how much they should charge for car insurance premiums in Toronto, or helps a pension plan manager figure out if the fund will still have money in 40 years. That’s actuarial work in action.
In Canada, most actuaries work in insurance, pensions, consulting, or government. But lately, they’re also popping up in newer fields like data science, climate risk, and tech, places where analytical skills are gold. On a typical day, you might be buried in spreadsheets one hour and explaining your findings to executives the next.
Actuary salary ranges by experience level
Actuarial salaries grow fast with increased expertise. The more exams you pass and the more experience under your belt, the quicker those numbers jump.
Entry-level actuaries (0–2 years)
Starting out as an actuary in Canada can feel like standing at the bottom of a mountain—there’s lots of climbing ahead, but the view’s worth it when you get there. Having said that, salaries begin around $60,000 CAD, which is already higher than early career jobs in many other sectors in Canada. Most new hires work as actuarial analysts, running models, checking data, and supporting senior staff.
The not-so-big secret is exams. Each one you pass could lead to a raise, and Canadian workplace culture helps you in these early days; some companies may pay their employees’ exam fees or let them set aside study days. For newcomers, this is when you lay the groundwork for your career and build your professional network.
Mid-level actuaries (3–7 years)
By now, you’ve likely passed several exams and may have earned the important ACIA designation. Salaries jump to $90,000–$120,000 CAD, depending on your specialization. You’ll likely take on more responsibility: leading projects, mentoring juniors, and presenting results.
Consulting firms often pay more but demand longer hours. Large insurers may pay slightly less but offer a steadier work-life balance.
Senior actuaries (8+ years)
If you attain Fellowship (FCIA) status, your salary is going to climb to around $150,000–200,000+ CAD with bonuses or profit-sharing. At this level, you’re shaping strategy: leading teams, advising executives, and mentoring colleagues.
At the very top, chief actuaries, partners, and directors earn $200,000–250,000+ CAD, plus bonuses and incentives. These roles demand vision, strategic thinking, and departmental management expertise. The climb isn’t fast, but the payoff is a mix of financial security, leadership, and industry respect.
Salary by province and city
Where you live in Canada can make a big difference in your actuary salary. In big cities the pay’s often higher, but so are rent and everyday costs, which eat into those gains. If you’re thinking of moving to Canada, consider researching salary expectations and potential expenses to see where the balance might be right for you.
In Toronto, mid-to-senior-level actuaries often earn around $103,000 CAD, but housing prices will test your budgeting skills. Vancouver is similar at around $109,000 CAD, but the city is hugely popular, so the housing market is one of the priciest in the country.
Calgary averages approximately $90,000 CAD, but has a lower cost of living. Many actuaries here work in energy-related risk roles, which would keep things interesting. In Montreal, it’s around $101,000 CAD, though being bilingual in French and English can boost your pay. In Ottawa, salaries are a little lower, sitting at around $77,000 CAD for entry to mid-level roles. As the demand for actuaries continues to grow, predictions indicate that salaries in Canada 2025 may see a significant increase, reflecting the evolving job market. Additionally, actuaries with specialized skills and experience in high-demand sectors can expect even more favorable compensation packages. Overall, the profession remains a robust choice for those seeking stability and career advancement in the Canadian economy.
Industry specializations
The numbers we’ve given above are just a guide; not all actuarial jobs pay the same. And it’s not just geography that matters—your industry does too, with some paying more than others.
Life and health insurance
This is the classic actuary path, and for good reason. Actuaries here design and price life insurance, disability coverage, and health plans, basically figuring out how to balance people’s needs with the company’s bottom line.
It’s not the flashiest field, but it’s steady. Canadians use private health and life coverage widely, which means demand stays strong. If you value stability, this path is a safe bet.
Property and casualty insurance
This is where things get a little more unpredictable. Think of things like car accidents, house fires, or natural disasters. Actuaries in this field often work on high-stakes problems like catastrophe modelling, which can pay especially well.
Western Canada in particular has a strong demand thanks to weather and climate-related risks. If you enjoy variety and want a career where no two days are the same, this is a field that will provide variety.
Pensions and employee benefits
Pension actuaries work with public and private employers to keep retirement plans sustainable. Public-sector roles are more stable and predictable, while consulting tends to pay more but moves faster.
It’s not as “trendy” as other areas, but with Canada’s population ageing, demand is steady. If you like long-term planning and building solid client relationships, this path can be surprisingly rewarding.
Emerging fields
Here’s where actuaries are breaking the mould. Salaries can hit $100,000–180,000 CAD in areas like data science, climate risk, and tech consulting. Actuaries who bring classic risk-modelling skills to these fast-growing spaces are in high demand.
For younger generations, this might well be the most exciting option. It mixes the stability of actuarial work with innovation in tech and sustainability, a great way to future-proof your career.
How actuary salaries compare to other finance and STEM careers
Compared to other professionals, actuaries generally do pretty well. At time of writing, accountants average around $65,000 CAD, financial analysts earn around $73,500 CAD, and data scientists earn an average of $98,000 CAD. Actuaries often match or surpass these numbers as their careers advance.
One key difference is the career path. In finance or tech, salaries can vary a lot depending on the company or role. For actuaries, exams create a more predictable journey. It’s almost like unlocking new “levels” in your career, which can be strong motivators when you’re starting out.
There’s also the job security factor. While some finance and tech jobs rise and fall with the economy, actuaries are, generally speaking, needed through good times and bad. For immigrants in Canada weighing career options, it’s reassuring to know this field combines financial stability with long-term demand.
Factors that influence actuary salaries and career growth
We’ve already mentioned industry and geography, but there are other factors that can affect whether one actuary earns more than another. Those accreditations we talked about, your preference for private- or public-sector work, and even your soft skills, for example—all this adds up when you’re competing for places.
Professional designations, education, and certifications
The actuarial exam system is famously tough, but each step pays off. Passing an exam often means an immediate raise or bonus. The ACIA designation marks mid-level expertise, while Fellowship (FCIA) unlocks senior roles and higher salaries.
Some actuaries add credentials like an MBA or Chartered Financial Analyst (CFA). These aren’t obligatory to work as an actuary, but they can really help if you’re aiming for leadership or you’re interested in hybrid finance roles.
Company size, sector, and language skills
Bigger companies, particularly multinational insurers and global consulting firms, pay more. Smaller firms or the public sector may offer slower raises but often provide better work-life balance.
And as we said earlier, in Canada language can also make a difference. In Quebec, bilingual actuaries are in especially high demand. If you’re multilingual and have the right qualifications you may, as an added bonus, find yourself very well-positioned for international assignments within Canadian companies.
Soft skills and leadership experience
Numbers matter, but people skills can make or break your career growth. Actuaries who can explain complex models in plain language, lead teams, and think strategically often advance faster. Particularly if you’re new to Canada, investing time in communication and presentation skills can smooth your transition into the Canadian workplace.
Job outlook for actuaries in Canada
Right now, though Canada is going through a period of economic uncertainty, the future still looks fairly bright for actuaries. Retirements are creating openings at senior levels, and fields like climate risk, sustainability, and data science are creating brand-new opportunities. The Canadian Institute of Actuaries forecasts steady growth, making this one of the safer bets for long-term career planning.
Immigration and career challenges for actuaries in Canada
If you’re an immigrant in Canada planning to work as an actuary, you’ve got options, and understanding how the system works can give you a head start.
Immigration pathways for aspiring actuaries
Actuaries are considered skilled professionals, which can make immigration smoother. Many newcomers qualify through Express Entry, provincial nomination programs, or employer sponsorship. These pathways not only lead to jobs but can be a pathway to permanent residency.
For globally trained actuaries, this career can be an excellent “ticket” to Canada. If you trained in the US, for example, some of your exams may be recognized by the Canadian Institute of Actuaries, allowing you to fast-track your Canadian accreditation while still meeting local requirements. That said, rules can change, so it’s wise to check the current requirements when you’re ready to make the move.
The good news is that employers often value the global perspective immigrants bring. Joining professional groups or connecting with a mentor can speed up the transition and help you feel at home in the profession.
The perks of being an actuary
A good salary is only part of the story. Actuaries in Canada often enjoy extras like health and dental coverage, employer pension contributions, paid study support, exam fee coverage, performance bonuses, professional development budgets, and flexible or hybrid work setups. Those perks can make a big difference to your quality of life.
So being an actuary in Canada pays well, offers steady career growth, and opens doors to some pretty exciting industries. We think it’s a career that’s well worth considering.
FAQs
How much do entry-level actuaries make in Canada?
Usually around $60,000 CAD, depending on the city and industry.
What’s the salary difference between ASA and FSA actuaries?
Associates (ACIA) earn around $90,000–120,000 CAD, while Fellows (FCIA) can make $140,000–200,000+ CAD.
Which Canadian city pays actuaries the most?
Toronto leads the way, with many salaries above $130,000 CAD. Calgary also pays well, with the bonus of a lower cost of living.
How does actuary salary compare to other finance professionals?
Actuaries generally earn more than accountants and financial analysts, and are on par with data scientists.
What certifications can boost an actuary’s salary?
ACIA and FCIA designations are the key ones. Extra credentials like CFA or MBA also help broaden your career options.
Is there a gender pay gap for actuaries in Canada?
Yes, though the gap is smaller than in some professions. Industry groups are working actively toward pay equity.