Are Actuaries in demand in Canada
In this article, we would provide an answer to the question ‘are actuaries in demand in Canada. Before then, it is important to know who an actuary is and what he or she does.
Who is an Actuary
An actuary is a professional who calculates financial values associated with uncertain events subject to risk, such as insurance premiums or pension contributions.
According to the Canada Job Bank, actuaries are professionals who apply mathematics, probability, statistics, and risk theory to assess potential financial impact of future events. Actuary calculates insurance and annuity premiums, reserves, and dividends.
Responsibilities Required of an Actuary
According to the Indeed.com, some of the responsibilities or duties performed by an actuary include;
- Developing and testing hypotheses about company risk factors
- Gathering data and analyzing patterns
- Assessing the likelihood of different events occurring and predicting the possible impact
- Researching common and uncommon risk factors in different industries
- Auditing company policies to determine how they influence productivity
- Brainstorming solutions for managing financial risks
- Filling out and updating risk registers for individual projects
- Justifying their predictions based on market trends and risk assessment theory
- Creating charts and tables to explain complex statistics and concepts to shareholders and company management
Where do Actuaries work in Canada
In Canada, actuaries are employed by insurance companies. Actuaries can also fill in positions in banks and investment companies. Actuaries can also work in corporate environment to create long tem strategic plans. Typical employers include; insurance companies, bank and trust companies, professional associations, science and engineering consulting firms, pension benefits companies, universities and the government.
Are Actuaries in demand in Canada
There is no doubt that Canada is a land of great employment opportunities. Especially at this time where there is a great need of more workforce in the labour market.
So, are actuaries in demand in Canada? According to the Government of Canada, this occupational group is expected to face labour shortage conditions over the period of 2022-2031 at the national level.
This simply means that the demand of actuaries in Canada is expected to be very high.
According to the Canadian Government, the demand of actuaries in Canada is expected to rise in areas including; Quebec, Saskatchewan, Ontario, and Manitoba.
Salary of Actuaries in Canada
According to Canada Job Bank, actuaries in Canada can earn as low as $30.43 per hour and as high as $46.70. On average, actuaries in Canada make up to $73.33.
- Conclusion
We have come to the end of this article on ‘are actuaries in demand in Canada?’ We would love to know your thoughts in the comment section below.