Actuaries are critical in several major industries: insurance, healthcare, education, finance, government, and consulting. They use mathematical tools to help companies manage risk, evaluate investment strategies, develop insurance products, analyze large data sets, and predict consumer behavior. They present quantitative information to both technical and non-technical stakeholders using mathematical writing and communication skills. The Bureau of Labor Statistics predicts a 22% increase in the number of actuarial jobs between 2024 to 2034, making it the 8th fastest-growing occupation.
Becoming an actuary requires significant training in mathematics and statistics at the undergraduate level, combined with basic coursework in finance, economics, and accounting. In addition to strong job performance, advancing in an actuarial career requires both of the following:
The Actuarial Studies Minor offers a pathway and incentive for University of Maine students to begin and advance in an actuarial career. It provides:
Required Coursework with educational objectives
Unum-UMaine Exam P Reimbursement
Thanks to a generous gift from Unum, a Fortune 500 insurance company with a branch in Portland ME, we will reimburse the cost of one attempt at Actuarial Exam P for qualifying UMaine students. Such students will also be connected with a junior actuary at Unum for mentoring. To qualify, you must have a gpa of 3.0 or higher, and have attained a grade of B or higher in STS 434.
To apply: Send a message to mathstats@maine.edu with subject Actuarial Exam Reimbursement with (1) your student id #, (2) your gpa and grade in STS 434, (3) an attached receipt for the exam, showing full amount paid and your name. We will then issue you a check for reimbursement. Only one attempt per qualifying student will be reimbursed.
Other Resources
Society of Actuaries. They have a study guide for Exam P, with sample questions.
Infinite Actuary. Their prep courses for the P and FM exams are now free!
Internship opportunities. Search in late summer / early fall. Possible companies include Unum summer internships (Portland; Application deadlines are typically September for the following summer), Sun Life Financial (Portland), Berry Dunn (health policy analysis, Bangor, Portland), Elevance Health (South Portland), Maine Employer’s Mutual Insurance Company (MEMIC) (Portland), Maine Bureau of Insurance (for the regulatory side of the industry, Gardiner).
