Studying Actuarial Science in Canada: Programs, Exams and Salaries

What does an actuary do?

Actuarial science uses mathematics, probability and statistics, among other fields, to assess future financial risks. Applications include insurance and pension plans, for example. It is an area to explore if you enjoy quantitative tools and want to apply them to uncertain situations.

If you are deciding between actuarial science, statistics and finance, look at the courses rather than just the degree title. How much emphasis is placed on actuarial subjects? How many electives remain available? The answers may help you decide whether you prefer a program geared toward actuarial qualification or a path that leaves more room for other interests.

Accreditation and recognition: what do they mean?

The expression “CAS- or SOA-accredited program” can be confusing: professional organizations have different mechanisms. The information below reflects the sources consulted on November 5, 2026; lists and conditions may change.

CAE status alone does not establish that a course qualifies for UEC credit. Similarly, university recognition does not replace the requirements for a professional designation.

For a practical check, note the exact program, your year of entry and the courses you plan to take. Compare them with the lists and conditions of the organization you are targeting for your cohort. If in doubt, confirm with the university and the professional organization before finalizing your course choices.

What exams and steps are required to earn a designation?

The CIA offers several qualification pathways. Under its Pathway 1, the route to the Associate, ACIA — AICA in French — includes a degree from an accredited program with required courses, two modules, a capstone exam after graduation, a professionalism workshop and an application for membership. It also includes student membership and an orientation module.

The Fellow of the CIA designation, or FCIA — FICA in French — requires additional steps. In this pathway, these include two modules, three specialty exams, an advanced course and work experience. The CIA specifies 36 months of experience in the last six years, including 12 months of Canadian experience in the last three years; this 12 months must, among other requirements, be earned as an ACIA and attested to by an FCIA.

The SOA and CAS offer their own designations, including ASA for the SOA and ACAS for the CAS. Each involves exams and other requirements. These summaries do not replace the full pathway: before planning your courses or registering for exams, consult the rules and transition provisions that apply to your situation.

Universities and programs

These undergraduate examples show different program structures; they are not a ranking. Credits cannot be compared mechanically: at Toronto and Concordia, the figures below refer to a program component rather than necessarily the entire degree.

At Toronto, both the Major and the Specialist require four prior university credits as well as program-specific conditions. It is therefore important to distinguish admission to the university from entry to the actuarial option and to consult the calendar that applies to your intended session.

At Laval, the option to complete a work term does not guarantee a placement. At each institution, compare the courses you plan to take with the requirements of your chosen professional pathway: do not assume that every course in a recognized program automatically qualifies for professional credit.

How should you prepare your application?

Choose two or three programs that match your interests, then look for answers to the same questions for each one:

1. Admission: Do my previous credential and mathematics courses meet the prerequisites? Is there a selection process after initial admission?
2. Program: Which courses are required, and which should I choose for the professional qualification I am considering?
3. Experience: Are work terms available, and how do they fit into the program?
4. Budget: Which fees apply to my status, and what expenses should I plan for beyond tuition?

Also check the language of instruction, language requirements, documents and deadlines with each university. A program listed in a catalogue does not, on its own, confirm that you are eligible.

What budget should you plan for?

Separate university fees, living expenses and the costs of the professional pathway. Ask for the fee schedule that applies to your status: a Canadian student and an international student should not assume that the same fees will apply to both.

For example, Université Laval’s general international undergraduate fee schedule for Fall 2026 and Winter 2027 shows a partial total of CA$14,116.48 for a 15-credit term. This is neither a full-year cost nor a personalized estimate: other fees may apply, and exemptions may be available.

To compare your options, add living expenses to the university costs and ask about fees for the modules, exams and other professional steps you are considering. Check the current amounts for your own timeline rather than assuming that a rate will remain the same throughout your program.

International students: documents and resources

For a study permit application, Immigration, Refugees and Citizenship Canada (IRCC) generally requires a letter of acceptance and, in most cases, a provincial or territorial attestation letter. In Quebec, depending on the situation, the attestation of issuance of the Quebec Acceptance Certificate (CAQ) may serve as an attestation letter. Exceptions exist; the documents required depend on the application.

Administrative minimums for funds do not replace a personal budget. For one person, IRCC lists CA$23,448 for living expenses for the first year outside Quebec when the application is submitted on or after September 1, 2026; this amount excludes tuition and transportation.

For an application submitted on or after January 1, 2026, Quebec lists CA$24,617 for one person’s basic annual needs; other costs of the stay should be considered separately. The two figures do not cover exactly the same things. Before taking any steps, review the official rules that apply to your situation.

What salaries can you expect?

Job Bank lists hourly wages in Canada of CA$31.25 at the low end, CA$51.00 at the median and CA$77.33 at the high end. The national data cover 2023–2024 and were updated on November 19, 2025.

These figures provide a general reference, not a salary promised upon graduation. The statistical category used, NOC 21210, also includes mathematicians and statisticians, so it does not isolate new actuarial science graduates or holders of a particular professional designation.

When choosing your program, weigh these figures alongside the prerequisites, courses, qualification pathway and complete budget. A degree does not guarantee a job or a professional designation.