Mathematicians, Statisticians, and Actuaries
(NOC 2161)
in All Engineering, Math, Science, and Information TechnologyMathematicians and statisticians research mathematical or statistical theories. They develop and apply mathematical or statistical techniques for solving problems in fields like science, engineering, business, and social science. Actuaries apply mathematics, statistics, probability, and risk theory to assess potential financial impacts of future events. Mathematicians, statisticians, and actuaries work for universities, governments, bank and trust companies, insurance companies, pension benefit consulting firms, professional associations, and science and engineering consulting firms.
Job Outlook
Undetermined
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Compared to: All Engineering, Math, Science, and Information Technology
This is not a large occupation in Nova Scotia so job opportunities may not be that frequent. The number employed in this occupation is expected to remain largely the same over the next few years. With a moderate percent of workers being 55 years of age and older, retirements are expected to contribute somewhat to employment opportunities over the coming years. Mathematicians, Statisticians, and Actuaries most commonly work full-time hours. Furthermore, the jobs are typically permanent positions.
Hourly Pay
$34.87
Minimum$39.56
Median$45.13
MaximumAnnual Pay
$28,274
Minimum$62,892
Median$137,058
MaximumCompared to: All Engineering, Math, Science, and Information Technology
Hourly Pay
$18.00
Minimum$34.90
Median$54.10
MaximumAnnual Pay
$13,568
Minimum$60,422
Median$107,009
MaximumAbout the job
Nature of work
Mathematicians and statisticians research mathematical or statistical theories. They develop and apply mathematical or statistical techniques for solving problems in fields like science, engineering, business, and social science. Actuaries apply mathematics, statistics, probability, and risk theory to assess potential financial impacts of future events. Mathematicians, statisticians, and actuaries work for universities, governments, bank and trust companies, insurance companies, pension benefit consulting firms, professional associations, and science and engineering consulting firms.
Job duties
Mathematicians:
- Research to add to knowledge of areas of mathematics like algebra, geometry, probability, and logic.
- Apply mathematical techniques to solve problems in fields like physical science, engineering, computer science, operations research, business, or management.
Statisticians:
- Research the mathematical basis of the science of statistics.
- Develop statistical methodology.
- Advise on the practical application of statistical methodology.
- Apply statistical theory and methods in fields like biological and agricultural science, business and economics, physical sciences and engineering, and the social sciences.
Actuaries:
- Apply mathematical models to forecast and calculate the probable future costs of insurance and pension benefits.
- Design life, health, and property insurance policies.
- Calculate premiums, contributions and benefits for insurance policies, and pension and superannuation plans.
- May help investment fund managers in portfolio asset allocation decisions and risk management. They also use these techniques to provide legal evidence on the value of future earnings.
Sample job titles
- actuary
- biometrician
- business and economics statistician
- demographer
- financial statistician
- mathematician
- opinion polling statistician
- statistical analyst
- statistician
- survey statistician
Skills
- This work demands strong mathematical and analytical skills. You should be concise, accurate, detail-oriented, and able to develop creative solutions to new problems. Good oral and written communication skills are important. You must be capable of working on your own and meeting deadlines. Computer skills are essential.
Job requirements
- Mathematicians and statisticians usually require a graduate degree in mathematics or statistics.
- Actuaries usually require post-secondary education in actuarial science, mathematics, statistics, economics, commerce or business administration.
- Actuaries are conferred fellowships through the Canadian Institute of Actuaries upon successful completion of professional examinations.
Other considerations
- Three years of work experience in the actuarial field as an actuarial assistant or in a related position. They may also be self-employed. With experience, actuaries may progress to managerial positions in consulting, insurance and finance.
By the numbers
Quick look
employed in 2016
employed full-time
self employed
median age
Compared to: All Engineering, Math, Science, and Information Technology
employed in 2016
employed full-time
self employed
median age
Where will I likely work?
Halifax
$62,881 median annual incomeNorth Shore
N/ACape Breton
N/ACompared to: All NS Occupations
Halifax
North Shore
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Finance and insurance
Professional, scientific and technical services
Public administration
Educational services
Information and cultural industries
What is the age of Employment?
25-34
45-54
35-44
15-24
55-64
65+
Compared to: All Engineering, Math, Science, and Information Technology
25-34
45-54
35-44
55-64
15-24
Top levels of education
Bachelor
$50,430 median annual incomeMaster
$82,515 median annual incomeDoctorate
N/ACollege Diploma
N/ACompared to: All Engineering, Math, Science, and Information Technology
College Diploma
$59,986 median annual incomeBachelor
$63,965 median annual incomeHigh school
$45,835 median annual incomeMaster
$65,105 median annual incomeTrade Certification
$57,773 median annual incomeEducation & training
Actuarial Science
College or University ProgramThese programs focus on the mathematical and statistical analysis of risk, and their application to insurance and other business management problems. They include courses in forecasting theory, quantitative and non-quantitative risk measurement methodologies, development of risk tables, secondary data analysis, and computer-assisted research methods.
Institutions providing this program
Business Administration and Management
College, Trades, or University ProgramThese programs prepare students to plan, organize, direct, and control the functions and processes of a firm or organization. They include courses in management theory, human resources management and behaviour, accounting and other quantitative methods, purchasing and logistics, organization and production, marketing, and business decision-making.
Institutions providing this program
Lower Sackville, NS
Halifax, NS
Wolfville, NS
Sydney, NS
Truro, NS
Various, NS
Business/Commerce
College, Trades, or University ProgramThese programs focus on the general study of business, including the processes of interchanging goods and services (buying, selling and producing), business organization, and accounting as used in profit-making and non-profit public and private institutions and agencies. They prepare students to apply business principles and techniques in various occupational settings.
Institutions providing this program
Computational and Applied Mathematics
College or University ProgramThese programs focus on applying mathematics to the theory, architecture, and design of computers, computational techniques, and algorithms. They include courses in computer theory, cybernetics, numerical analysis, algorithm development, binary structures, combinatorics, advanced statistics, and related topics.
Institutions providing this program
Economics
College or University ProgramThese programs focus on the systematic study of the production, conservation and allocation of resources in conditions of scarcity, together with the organizational frameworks related to these processes. They include courses in economic theory, microeconomics and macroeconomics, comparative economic systems, money and banking systems, international economics, quantitative analytical methods, and applications to specific industries and public policy issues.
Institutions providing this program
Wolfville, NS
Sydney, NS
Epidemiology
College or University ProgramThese programs focus on the scientific study of disease, disability, and trauma patterns within and across populations and the development of health management mechanisms to prevent and control disease outbreaks and injurious behaviours. They include courses in biostatistics, biochemistry, molecular biology, immunology, disease and injury determinants, genetic disease and disability factors, behavioural studies, health services research, environmental disease and injury factors, and population studies.
Institutions providing this program
Mathematical Statistics and Probability
University ProgramThese programs focus on the mathematical theory underlying statistical methods and their use. They include courses in probability theory, parametric and nonparametric inference, sequential analysis, multivariate analysis, Bayesian analysis, experimental design, time series analysis, resampling, robust statistics, limit theory, infinite particle systems, stochastic processes, martingales, Markov processes, and Banach spaces.
Institutions providing this program
Wolfville, NS
Mathematics
College or University ProgramThese programs focus on the analysis of quantities, magnitudes, forms, and their relationships, using symbolic logic and language. They include courses in algebra, calculus, functional analysis, geometry, number theory, logic, topology and other mathematical specializations.
Institutions providing this program
Sydney, NS
Physical Sciences
College or University ProgramThese programs focus on the major topics, concepts, processes, and interrelationships of physical phenomena as studied in any combination of physical science disciplines.
Institutions providing this program
Statistics
College or University ProgramThese programs focus on the relationships between groups of measurements, and similarities and differences, using probability theory and techniques derived from it. They include courses in the principles in probability theory, binomial distribution, regression analysis, standard deviation, stochastic processes, Monte Carlo method, Bayesian statistics, non-parametric statistics, sampling theory, and statistical techniques.
Institutions providing this program
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