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. The Actuarial Science program at the University of Maine at Farmington is specifically designed to prepare you for a career as an Actuary.
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.
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.
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.
Save more than $5,500 per year in tuition. This University of Maine at Farmington program qualifies for the NEBHE Tuition Break.
Through the NEBHE Tuition Break program, students from Connecticut, Massachusetts, New Hampshire, Rhode Island, and Vermont receive a $5,670 tuition discount on all UMF degree programs.
What can you do with a degree in Actuarial Science?
Data comes from the U.S. Bureau of Labor Statistics and other sources. Median Salaries for positions in Maine typically fall below those of other New England states.
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:
- Unum Insurance, Portland, Maine
- Epic RPS Financial, Portland, Maine
- BerryDunn Assurance, Tax, and Consulting, Portland, Maine
- Sun Life Financial, Portland, Maine and Wellesley, MA
- Elevance Health, Indianapolis, IN
- Maine Bureau of Insurance, Gardiner, Maine
- Hannaford Supermarket Labor Productivity Group, Cumberland, Maine
- Maine Dept. of Health & Human Services, Augusta, Maine
- Maine Health Research Institute, Augusta, Maine
- And more
UMF’s Actuarial Science program remains current in the industry by seeking guidance from an Actuarial Advisory Board consisting of at least five active, professional actuaries throughout Maine. It provides advice regarding curriculum, desired technological skills, and internships.
Contact Us
Office of Admissions
University of Maine at Farmington
246 Main Street
Farmington, Maine USA 04938-1994
tel 207-778-7050
fax 207-778-8182
TYY (via Maine Relay Service) dial 711
umfadmit@maine.edu
