Job prospects Senior Actuarial Analyst in Ontario

Explore current and future job prospects for people working as a "senior actuarial analyst" in Ontario or across Canada.

Job opportunities in Ontario

These outlooks were updated on November 29, 2023.

Prospects over the next 3 years

The employment outlook will be good for Mathematicians, statisticians and actuaries (NOC 21210) in Ontario for the 2023-2025 period.

The following factors contributed to this outlook:

• Employment growth will lead to several new positions.
• Not many positions will become available due to retirements.
• There are a small number of unemployed workers with recent experience in this occupation.

What Types of Employers Are Out There?

• A variety of industries, but leading share with insurance carriers
• Management consulting and scientific research firms
• Federal government departments

What are the Main Trends Affecting Employment?

• Significant changes in business operations, including the finance and insurance services, should improve job prospects to forecast and prevent operational risks
• Demand for actuaries usually depends on activities in employee benefit consulting firms, risk management departments in various companies, and life and property/casualty insurance companies, which overall have been performing favourably
• Investments in the province’s pharmaceutical cluster may be favourable for these professionals including biostatisticians to support research, such as in areas related to clinical trials

What Skills Do I Need to Succeed?

• In addition to other formal education, proficiency in statistical/modelling software and computer programming knowledge are often required for mathematicians, statisticians and actuaries
• The Canadian Institute of Actuaries is the self-regulating/governing body for the actuarial profession
  • The designation, Fellow of the Canadian Institute of Actuaries (FCIA) is needed to practise as an actuary in Canada

What Other Information Will I Find Helpful?

• The Society of Actuaries (SOA) or the Casualty Actuarial Society provides testing and additional courses
• The length of testing and training to achieve a Fellow designation from the Canadian Institute of Actuaries can take on average between seven to nine years, including a university education.

Here are some key facts about Mathematicians, statisticians and actuaries in Ontario:

• Approximately 6,050 people work in this occupation.
• Mathematicians, statisticians and actuaries mainly work in the following sectors:
  • Insurance Carriers and related activities (NAICS 524, 526): 36%
  • Federal government public administration (NAICS 911): 17%
  • Other professional, scientific and technical services (NAICS 5414, 5416-5419): 17%
  • Monetary Authorities - central bank and securities, commodity contracts and other intermediation and related activities (NAICS 521, 522, 523): 5%
• The distribution of full-time and part-time workers in this occupation is:
  • Full-time workers: 93% compared to 81% for all occupations
  • Part-time workers: 7% compared to 19% for all occupations
• 81% of mathematicians, statisticians and actuaries work all year, while 19% work only part of the year, compared to 63% and 37% respectively among all occupations. Those who worked only part of the year did so for an average of 47 weeks compared to 43 weeks for all occupations.
• Less than 5% of mathematicians, statisticians and actuaries are self-employed compared to an average of 15% for all occupations.
• The gender distribution of people in this occupation is:
  • Men: 52% compared to 52% for all occupations
  • Women: 48% compared to 48% for all occupations
• The educational attainment of workers in this occupation is:
  • no high school diploma: n/a
  • high school diploma or equivalent: less than 5% compared to 25% for all occupations
  • apprenticeship or trades certificate or diploma: n/a
  • college certificate or diploma or university certificate below bachelor's: less than 5% compared to 22% for all occupations
  • bachelor's degree: 52% compared to 24% for all occupations
  • university certificate, degree or diploma above bachelor level: 45% compared to 13% for all occupations

Breakdown by region

Explore job prospects in Ontario by economic region.

Source Labour Market Information | Prospects Methodology

Labour market conditions over the next 10 years

Explore current and future job prospects for people working as a "senior actuarial analyst" in Ontario or across Canada.

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