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The average actuary salary in Canada is $90,000-$150,000 per year. This guide breaks down actuary pay by credential level, industry, and experience.
Table of Contents
Actuary Salary by Province
Province
ASA/ACIA
FSA/FCIA
Chief Actuary
Ontario
$110,000
$170,000
$280,000
British Columbia
$105,000
$165,000
$270,000
Alberta
$108,000
$168,000
$275,000
Quebec
$95,000
$150,000
$250,000
Manitoba
$98,000
$155,000
$260,000
Nova Scotia
$92,000
$145,000
$245,000
Other Atlantic
$88,000
$140,000
$235,000
Salary by Credential Level
Level
Exams
Salary Range
Actuarial Analyst (0-2 exams)
0-2
$55,000-$75,000
Actuarial Analyst (3-5 exams)
3-5
$75,000-$100,000
ASA/ACIA (Associate)
7+
$100,000-$140,000
FSA/FCIA (Fellow)
10+
$140,000-$200,000
Senior/Consulting Actuary
10+
$180,000-$280,000
Chief Actuary
10+
$250,000-$400,000+
Salary by Industry
Industry
Average Salary
Life Insurance
$100,000-$170,000
P&C Insurance
$95,000-$160,000
Health Insurance
$100,000-$165,000
Pension/Retirement
$100,000-$175,000
Consulting
$95,000-$200,000
Reinsurance
$105,000-$180,000
Banking/Finance
$100,000-$170,000
Government
$90,000-$140,000
Salary by Experience
Experience
Salary Range
Entry (0-2 years)
$60,000-$80,000
Junior (2-5 years)
$80,000-$110,000
Intermediate (5-8 years)
$110,000-$150,000
Senior (8-15 years)
$150,000-$200,000
Executive (15+ years)
$200,000-$350,000+
Take-Home Pay (Ontario Example)
Gross Salary
Annual Take-Home
Monthly Net
$100,000
$72,500
$6,040
$150,000
$101,000
$8,420
$200,000
$127,000
$10,580
Exam Raises
Exam Passed
Typical Raise
Preliminary Exam
$2,500-$4,000
Exam FM/P
$3,000-$5,000
Upper-Level Exam
$4,000-$7,500
ASA Designation
$10,000-$20,000
FSA Designation
$15,000-$30,000
Exam Timeline & Support
Exam Stage
Timeline
Employer Support
Preliminary (P, FM)
Year 1-2
Books, study time
Intermediate
Year 2-4
Study time, courses
Upper-Level
Year 4-7
Study time, seminars
FSA/FCIA
Year 7-10
Full support
Most employers provide 100+ study hours, exam fees, and bonuses.
Consulting vs Insurance
Factor
Consulting
Insurance
Entry Salary
Similar
Similar
Ceiling
Higher
Lower
Work Hours
Longer
Better balance
Client Variety
High
One company
Travel
More
Less
Path to Partner
Yes
No (executive)
Is Being an Actuary a Good Career in Canada?
Pros:
Excellent pay (grows with exams)
High job security
Intellectual challenge
Clear career path
Work-life balance (post-exams)
Employer supports exams
Cons:
7-10 years of difficult exams
Work while studying
High exam stress
Can be repetitive work
Limited geographic mobility
Niche career (small field)
Written by
WealthVieu
WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.
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