Employment for actuaries is projected to increase by 22% from 2024 to 2034, according to the U.S. Bureau of Labor Statistics, making it one of the fastest-growing occupations in the country.
To help prepare students for opportunities in this rapidly expanding field, the University of Maine has approved a new minor in actuarial studies within the Department of Mathematics and Statistics.
The new minor creates a pathway for students interested in entering the actuarial profession, which uses mathematics and statistical analysis to help organizations manage financial risk.
Actuaries evaluate investment strategies, develop insurance products, analyze large data sets and predict consumer behavior. The profession requires strong training in mathematics and statistics, along with coursework in accounting, finance and economics.
“Many students had been asking about actuarial careers, and we are thrilled to be able to offer this new minor as a specialized credential that will be attractive to many employers,” said Andrew Knightly, chair of the Department of Mathematics and Statistics.
The actuarial studies minor is designed to provide that interdisciplinary preparation.
“While the minor is open to all UMaine students, it was designed with our mathematics majors in mind,” Knightly said.
Students completing a bachelor’s degree in mathematics are typically prepared to take the Society of Actuaries’ Probability exam. However, many have not completed coursework in finance, economics or accounting that would prepare them for the Society of Actuaries’ Financial Mathematics credentialing exam.
“Several UMaine alumni who were math majors have gone on to successful actuarial careers in the past decade,” said Gilbert Moss, assistant professor of mathematics who oversees the new minor. “The actuarial minor program came about as a way to help UMaine students who are already qualified to enter the actuarial workforce earn a credential that explicitly signals this to future employers.”
The program also aims to support currently enrolled students and working professionals seeking the additional coursework needed to begin and advance in actuarial careers.
A partnership with the insurance company Unum, which has an office in Portland, is expected to further strengthen the program. Unum has pledged to reimburse the cost of one attempt at Actuarial Exam P — the three-hour exam that typically serves as the entry point to the profession — for qualifying UMaine students. The company will also connect participating students with junior actuaries for mentorship.
Moss said the program brings together expertise from across the university.
“The Department of Mathematics and Statistics, the Maine Business School and the School of Economics collectively have the capacity to deliver the significant mathematical and statistical training, combined with basic coursework in finance, economics and accounting, to equip students for entering and advancing in actuarial careers,” he said.
While the coursework needed for actuarial preparation was already available at UMaine, the new minor provides a formal credential that signals that preparation to employers and gives students a clearer pathway into the field.
