An actuary is considered one of the best jobs in America that often flies under the radar. Some have said it’s the best job you never thought of. Demand for actuaries is high and it can pay six-figures a year — with no grad school required. What is required is a love of mathematics. Plus statistics, computer science, business and economics.

An actuary typically holds a position of great responsibility with insurance companies, consulting firms, investment banks, self-insurers, government regulators and government insurance programs. The Actuarial Science program at the University of Maine at Farmington is specifically designed to prepare you for a career as an actuary.

What is an actuary and what do they do?

An Actuary is someone who uses mathematics, statistics, business and economics to measure and evaluate insurance and financial risks.

For instance, an actuary will analyze all kinds of data to determine how likely it is for an 18-year-old male to get into an automobile accident, and then based on this decide what his car insurance rate should be. Actuaries also help companies establish their retirement plans, assist banks in managing their assets and liabilities, and determine how much an insurance company should charge for homeowners insurance.

Students completing the UMF Actuarial Science program will have a solid foundation in the material for the actuarial industry’s first two exams and will have completed two and a half of the industry’s three required Validation by Educational Experience (VEE) requirements.

Internships – Real-World Experience in the Actuarial Field

Here, you can participate in a number of internships, learning first-hand what it’s like to work in the Actuarial field, gaining skills and experience while making valuable industry contacts.

Here’s a short list of where our students have recently interned:

  • Summer internship with Compass Health Analytics, Portland, Maine
  • Summer internship with the Life and Health Actuaries at the Maine Bureau of Insurance, Gardiner, Maine
  • Summer internship with Actuarial Designs and Solutions, Scarborough, Maine
  • Summer internship with Unum, Portland, Maine
  • Summer internship with MMG, Presque Isle, Maine

UMF’s Actuarial Science program remains current in the industry by seeking guidance from an Actuarial Advisory Board that consists of at least five active, professional actuaries throughout Maine. It provides advice regarding curriculum, desired technological skills, and internships.

This program qualifies for a New England Regional Student Program tuition discount of nearly $5,000 for residents of Connecticut, Massachusetts, New Hampshire, Rhode Island, Vermont and Canada.