Statistical & Actuarial Science

Introduction

Did you know that there are over 2 million job titles and over 900 industries in Canada? That is a lot of possible career options! Understanding the Canadian economy and the types of jobs that are available is one of the best ways to begin your career search.

Students often report feeling limited by their degree choice and worry that they may not have many viable career options. Although your degree can point you in a career direction, it will not necessarily determine the type of job you can pursue. Unlike many college programs, your undergraduate degree is not intended to train you for one specific job. Some students may feel frustrated by this, but the great news is that your degree opens up many more opportunities than you may think!

Employers today are looking for graduates with transferable skills and people who have a sense of where they fit into the world of work. Because of this, it is really important to think beyond your degree when making a career decision. You want to consider all of your interests, the skills you would like to use, what fits with your personality, and the values that you have.

Determining your career path requires a lot of research, both personal and occupational. It's almost impossible to make a career decision if you haven't invested time in both of these things. This section will get you started and will showcase some popular industries and occupational areas related to your degree.

Actuary

An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.

Actuaries mathematically evaluate the probability of events and quantify the contingent outcomes in order to minimize financial losses associated with uncertain undesirable events. Since many events, such as death, cannot be avoided, it is helpful to take measures to minimize their financial impact when they occur. These risks can affect both sides of the balance sheet, and require asset management, liability management, and valuation skills. Analytical skills, business knowledge and understanding of human behavior and the vagaries of information systems are required to design and manage programs that control risk

Sample Job Titles:

Business and Financial

This sector comprises establishments primarily engaged in financial transactions or in facilitating financial transactions. Included are:

* establishments that are primarily engaged in financial intermediation. They raise funds by taking deposits and/or issuing securities, and, in the process, incur liabilities, which they use to acquire financial assets by making loans and/or purchasing securities.

* establishments that are primarily engaged in the pooling of risk by underwriting annuities and insurance. They collect fees, build up reserves, invest those reserves and make contractual payments. Fees are based on the expected incidence of the insured risk and the expected return on investment.

Sample Job Titles:

Educational Services

The Educational Services sector comprises establishments that provide instruction and training in a wide variety of subjects. This instruction and training is provided by specialized establishments, such as schools, colleges, universities, and training centers. These establishments may be privately owned and operated for profit or not for profit, or they may be publicly owned and operated. They may also offer food and/or accommodation services to their students.

Educational services are usually delivered by teachers or instructors that explain, tell, demonstrate, supervise, and direct learning. Instruction is imparted in diverse settings, such as educational institutions, the workplace, or the home, and through diverse means, such as correspondence, television, the Internet, or other electronic and distance-learning methods.

Sample Job Titles:

Human Resources

Human resources (HR) professionals develop, implement and evaluate human resources and labour relations policies, programs and procedures and advise managers and employers on human resources matters. Human resources professionals are employed throughout the private and public sectors, or they may be self-employed.

The Human Resources Industry is increasingly important to the business world. For a long time corporations have been able to track the productivity and output of machines. Recently evaluating human capital has become an accepted concept. Various psychometric assessments have been able to place employees in more appropriate roles. The costs of employee turnover have also become a greater focus of upper level management.

Sample Job Titles:

Management Consulting

Management consulting is the practice of helping organizations to improve their performance, primarily through the analysis of existing organizational problems and development of plans for improvement. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external advice and access to the consultants' specialised expertise.

As a result of their exposure to and relationships with numerous organizations, consulting firms are also said to be aware of industry "best practices", although the transferability of such practices from one organization to another may be limited by the specific nature of situation under consideration.

Sample Job Titles:

Research

"Research" aims to generate knowledge in the hopes that it will help create or improve a product, process or service. "Development" converts research findings or other knowledge into a new or improved product, process or service.

In concrete terms, R&D brings new knowledge and processes to Canadian businesses — the new, higher value-added products, processes and services that Canada needs in order to thrive in a knowledge-intensive market. Innovative companies can offer skilled employment opportunities for Canada's knowledge workers.

Companies embarking on R&D projects need to adopt focused business strategies, obtain secure financing and undertake risk management.

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Other Industries

This section has highlighted a number of popular industries and job titles that align with your academic program; however, it was by no means an exhaustive list of all the possible options available to you with the degree you possess. Access the resources below to learn about other industries and job titles that are a fit for you.

Canadian Industries: Browse through over 900 Canadian Industries.

LinkedIn: Search through thousands of Western Alumni by degree.

National Occupational Classification (NOC): The national reference on occupations - organizes over 40,000 job titles.

Informational Interviews: Find out about jobs and career paths you never knew existed.

CareerCruising: Peruse career & further educational options (visit the "Resources" section of CareerCentral for the username & password).

Working in Canada: The leading source for labour market information in Canada.

US Occupational Outlook Handbook: Browse hundreds of occupational profiles.