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Actuarial Science Degree

Bachelor of Arts with a Major in Actuarial Science
Interested in a Data Analytics Certificate?

From Math Class to Dream Job

At UMF, our Actuarial Science program gets you career-ready for one of the top jobs in America—combining math, stats, and problem-solving into a high-paying, in-demand career.

Being an actuary is one of the best careers you’ve probably never heard of. With only about 30,000 actuaries in the U.S., demand is high, the pay is great, and job growth is expected to soar. And Maine has plenty of opportunities, with a strong demand for actuarial talent right here in the state.

Actuaries use math, stats, and problem-solving to tackle real-world challenges in insurance, finance, consulting, and government. You can earn a six-figure salary (without grad school) if you love math and want a career that’s both challenging and rewarding.

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Professor helping a student working on a laptop
Professor helping a student working on a laptop

What is Actuarial Science?

What If You Could Predict the Future? You can’t know exactly what will happen. But you can use data, mathematics and statistics to understand what might happen—and help organizations prepare.

That’s what actuaries do.

Actuaries are professionals who analyze risk and uncertainty to help organizations make informed decisions. They work in insurance, finance, healthcare, government and other industries where understanding what comes next matters.

At UMF, you’ll learn how to turn numbers into insights, uncertainty into possibilities and complex problems into solutions.

See Courses and Requirements

Why Study Actuarial Science at UMF?

Maine’s Only Actuarial Science Degree

Earn Maine’s only bachelor’s degree in Actuarial Science while learning in a close-knit environment and building connections with faculty, industry professionals and employers.

Real World Experience

Gain hands-on experience through paid internships with organizations like Unum, Sun Life, Elevance Health, BerryDunn and the Maine Bureau of Insurance.

Small Class Sizes. Big Connections.

Learn in a small, personal environment where you can build meaningful relationships with faculty, connect with industry professionals and develop a professional network before you graduate.

A Direct Path to a Well-Paying Career

Prepare for a high-demand, well-paying career while earning a career-focused degree at a public university where 96% of students receive financial aid, with average aid exceeding $14,000.
Ten students pose for a classroom group photo: five sit at a desk with papers, five stand behind them in casual clothing against a light green wall.
Ten students pose for a classroom group photo: five sit at a desk with papers, five stand behind them in casual clothing against a light green wall.

What You’ll Learn

At UMF, you’ll build a foundation in mathematics, statistics, economics and finance while learning how to apply those skills to real-world problems. You’ll learn to:

  • Analyze probability and risk
  • Build and interpret statistical models
  • Work with data
  • Understand financial and economic systems
  • Use analytical thinking to solve complex problems
  • Apply quantitative skills to real-world decisions
  • Prepare for the first two professional actuarial exams through formal coursework, with some students earning up to four through additional independent study

See Courses and Requirements

Build Experience with Internships

The best way to understand actuarial science is to actually do it. UMF students have gained experience through internships with organizations including:

  • Unum Insurance
  • Sun Life Financial
  • Elevance Health
  • BerryDunn
  • Maine Bureau of Insurance
  • Hannaford
  • Maine Department of Health and Human Services

And these aren’t just opportunities to build your résumé. Actuarial internships are often well paid, giving you the chance to gain professional experience while earning money.

Two graduates in black gowns with pink hoods and tassels smiling together outdoors, one wearing a mortarboard, at a ceremonial event.

Where a Degree Can Take You

Your career path doesn’t have to be one-size-fits-all and can take you in many directions:

  • Actuary: Analyze risk and uncertainty to help organizations make financial decisions.
  • Data Analyst: Turn data into insights that help organizations solve problems.
  • Risk Analyst: Identify and evaluate financial and operational risks.
  • Financial Analyst: Use data to evaluate investments and support financial decisions.
  • Consultant: Help organizations tackle complex analytical and business challenges.
  • Underwriter: Review specific insurance or loan applications to decide if coverage is appropriate.

UMF actuarial science graduates often enter the workforce with jobs lined up and strong earning potential from the start!

A Degree That Adds Up

$141,480

Average annual wage for actuaries*

*U.S. Bureau of Labor Statistics
21%

Projected employment growth, 2021–2031*

4 Supported Exams

Prepare for four professional actuarial exams through UMF coursework and independent study.

3 Industry Course Credits

UMF is the only college in Maine offering all three industry-required VEE (Validation by Educational Experience) credits.

77%

Of UMF actuarial science students have completed at least one paid internship; 32% have completed more than one.

Higher Exam Pass Rates

UMF students outperform national averages on actuarial exams. For example, 75% of UMF students passed Exam P in Spring 2025, compared with 46% nationally.

“I developed a broad set of analytical and problem-solving skills that helped me secure internships during my junior and senior years. Those internships provided valuable real-world experience in the actuarial field and allowed me to apply concepts from the classroom to professional work. I especially remember how rewarding it was to see the connection between challenging coursework and practical applications.”
-Meagan Richard ’19
Business Intelligence leader at Maine Employers Mutual Insurance Company

UMF Actuarial News & Stories

Lobster boat on the Maine coast
From lobster fishing to gambling behaviors, UMF Data Analytics students transform complex data into real-world decisions
June 29, 2026
FARMINGTON, ME  (June 29, 2026)—What do lobster fishing and gambling behaviors have in common? They can both be transformed with the use of data analytics, an essential tool for turning complex data into real-time actionable insights and better informed decisions.
Read More
UMF names outstanding undergraduate student researchers as Spring 2023 Michael Wilson Scholars
April 19, 2023
FARMINGTON, ME  (April 19, 2023)—The University of Maine at Farmington is excited to announce the Spring 2023 Michael Wilson Scholars. This prestigious undergraduate research program provides top UMF student scholars with faculty mentorship and project funding to help them pursue the…
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UMF brings 100 Maine high school students to campus to take part in national “Modeling the Future Challenge” actuarial competition
November 04, 2022
FARMINGTON, ME  (November 4, 2022)—The University of Maine at Farmington Actuarial Science program recently brought more than 100 Maine high school students to the Farmington campus to learn about actuarial science and participate in the national 2022-2023 “Modeling the Future Challenge.”…
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UMF in the News: Farmington undergraduate students begin 12-week internships through the 2022 Maine Government Internship Program
June 15, 2022
According to an article by Turner Publishing, three University of Maine at Farmington undergraduate students are beginning 12-week Maine government internships through the 2022 Maine Government Internship Program. The Margaret Chase Smith Policy Center at the University of Maine administers…
Read More

Faculty That Move You Forward

You’ll learn from faculty with deep expertise in mathematics, statistics, and applied analytics who are committed to your success in the actuarial field.
Questions? Ask a Professor!
Lori Koban
Lori Koban

Professor of Mathematics

About Lori
Nicholas Koban
Nicholas Koban

Professor of Mathematics

About Nicholas
Paul Gies
Paul Gies

Associate Professor Mathematics

About Paul
Daniel Jackson
Daniel Jackson

Associate Professor of Mathematics

About Daniel
Allen Bailey
Allen Bailey

Associate Professor Mathematics

About Allen

Contact Us to Get Started!

Office of Admissions
246 Main Street
Farmington, Maine USA 04938-1994
umfadmit@maine.edu
207.778.7050
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