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.
A career as an Actuary is one of the best-kept secrets in the job hunting sphere. With only around 30,000 actuaries in the United States, the demand is great, the pay is generous and the work is rewarding. The U.S. Dept. of Labor anticipates the demand for Actuarial jobs will grow 26% by 2022.
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.
The UMF Actuarial Science program was named one the of the Top 20 Actuarial Programs in the U.S. by Best Value Schools.org for 2021, the only Actuarial program in Maine and all of New England to make the list. In 2019, it was named a Best Actuarial Science College in Maine by Universities.com
What is an Actuary and what do they do?
In the broadest short-form explanation, an actuary forecasts and formulates strategies to mitigate future events. But instead of a crystal ball, they use numbers to see the future. They have strong mathematical and advisory skills with a knack for tinkering with technology. They partner with companies in fields like insurance, finance and government to help them prepare for negative future events and figure out how to prepare investments, futures and rates.
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 at least two of the actuarial industry’s exams. The pass rate for actuarial exams by UMF students is well above the national average.
See UMF Actuarial Science major Dan Mickiewicz (included in this three-student video) on why he chose Farmington
Internships – Real-World Experience in the Actuarial Field
At UMF you can find out, first-hand, what it’s like to work in the Actuarial field while you learn valuable career skills and develop a strong network of professional contacts.
Here’s a short list of where our students have recently interned:
- Epic RPS Financial, Portland, Maine
- Sun Life Financial, Portland, Maine and Wellesley, MA
- Unum, Portland, Maine
- Maine Bureau of Insurance, Gardiner, Maine
- Hannaford’s Labor Productivity group, Cumberland, Maine
- Maine Dept. of Health and Human Services, Augusta, Maine
- And more
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 will prepare you to be eligible for licensure in the State of Maine. Visit the UMaine System State Authorization & Licensure page to learn more about the licensure requirements in other states and territories, in addition to the contact information needed to inquire further into the licensure requirements associated with this program.
Want to save nearly $6,000 per year in tuition? This program qualifies for a New England Regional Student tuition discount for residents of Connecticut, Massachusetts, New Hampshire, Rhode Island and Vermont. See details hereGot questions? Ask a professor in this program
Office of Admissions
University of Maine at Farmington
246 Main Street
Farmington, Maine USA 04938-1994
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