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.
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)