The actuarial diversity scholarship encourages diversity in the field by offering Black/African American, Hispanic, Native American, and Pacific Islander students an annual scholarship program. The grant is given to full-time undergraduate students who have demonstrated academic excellence and who wish to pursue a career in actuarial science. A minimum cumulative GPA of 3.0 is required of applicants, with a focus on actuarial or math courses. Freshmen in college must score at least 28 on the ACT or 620 on the SAT in math.
The Actuarial Diversity Scholarship was established in 1977 as a collaborative initiative by the Society of Actuaries and the Casualty Actuarial Society, and it has allowed hundreds of students from underrepresented backgrounds to pursue careers in actuarial studies. In order to fortify, expand and guarantee the survival of a varied, superior pool of actuarial candidates, this scholarship program was moved to The Actuarial Foundation in 2008.
The Actuarial Diversity Scholarship has a Foundation that, via its reimbursement and scholarship programs, secures the actuarial profession’s future. Foundation scholarship recipients are chosen by actuarial professionals who might eventually become their colleagues. Therefore, these scholarships serve as both a distinguished acknowledgment by a highly regarded profession and a way to offset the expense of study.
Regarding the Caribbean Actuarial Scholarship Recipients: For every CAS, IFoA, or SOA test passed while enrolled in the University of the West Indies Actuarial Science Program, there is a $500 bonus prize available. With pleasure, the Actuarial Foundation announces that three people have already benefited from this incentive. Get in touch with The Actuarial Foundation at Scholarships@ActFnd.org for further details.
Actuarial Diversity Scholarship
1. STEM Stars Actuarial Scholars Program
Above and above a scholarship! The Actuarial Foundation and its founding partner, the Society of Actuaries (SOA), have launched a new scholarship program called STEM Stars Actuarial Scholars Program. In addition to a $20,000 scholarship ($5,000 per year for four years) to high school graduates, the program provides a range of support services such as tutoring, mentorship, immersion experiences and exposure to internship and job shadowing possibilities.
Mentoring, a four-year annual scholarship, and more!
- Open applications: November 13, 2023
- Past due date: April 1, 2024
- Winners will be declared on May 1st, 2024
Any of the mentioned scholarship programs may be altered or discontinued by the Actuarial Foundation at any moment and without prior notification. The scholarship selection committee has complete authority in choosing the winners of each award.
The Actuarial Foundation: An Overview
The United States’ actuarial industry’s charitable organization is called the Actuarial Foundation, which is a 501(c)(3). Through its educational materials and funding program, the Foundation has supported financial literacy and lifelong math education since 1994. The Foundation’s goal is to use actuaries’ skills and resources to improve financial literacy and math education. The goal of the Foundation is to inform public seeking a stable financial future.
Simulating the Challenge of the Future
With assistance from the Institute of Competition Sciences, a pioneer in challenge-based learning initiatives, a new academic competition called the Modeling the Future Challenge (MTF) is being established. The MTF has a straightforward principle. It is a challenge for high school students to create and present their own mathematical models of how a new industry or technology may affect the future.
Submissions that are accepted by the MTF will have conclusions backed up by calculations in mathematics. Students will gain an understanding of the applications of mathematics to cutting-edge fields and technology by finishing the MTF. They will also gain greater knowledge about various math-related professional options and the highly sought-after actuarial vocations.
2. Actuarial Scholars Program for STEM Stars
Above and above a scholarship! The Actuarial Foundation and its founding partner, the Society of Actuaries (SOA), have launched a new scholarship program called STEM Stars Actuarial Scholars Program. In addition to a $20,000 scholarship ($5,000 per year for four years) to high school graduates, the program provides a range of support services, such as tutoring, mentorship, immersion experiences, and exposure to internship and job shadowing possibilities.
- Mentoring, a four-year annual scholarship, and more!
- Open applications: November 13, 2023
- Past due date: April 1, 2024
- Winners will be declared on May 1st, 2024
Eligibility
All applicants must meet the following prerequisites in order to be considered for the Actuarial Diversity Scholarship:
- Must be a member of one of the following minority groups, at least with one birth parent:
- African American or Black
- Latinx
- indigenous to North America
- Islander from the Pacific
- enrolling or being enrolled full-time as an undergraduate student in a school with U.S. accreditation.
- A minimum of 3.0 cumulative GPA (on a 4.0 scale) with a focus on actuarial or math courses
4. Freshmen in college must score at least 28 on the ACT or 620 on the SAT in math.
Scholars of Actuarial
The winning team’s selected college(s) will receive college scholarships as part of the “Actuarial Scholar Awards.”
$25,000 for first place,
$15,000 for second place,
$10,000 for third place,
$5,000 for fourth place.
Current Partners in Actuarial Diversity
- The Society of Actuaries,
- Actuarial Employers,
- Casualty Actuarial Society (CCEAD)
- Association of Black Actuaries International (IABA)
- The Foundation for Actuarial
- The American Science and Engineering Society (AISES) and the Academic Community Society for Advancement of Chicanos and Native Americans in Science (SACNAS) are potential future collaborators.
Actuarial Diversity Scholarship A wider pool of diverse (underrepresented) applicants is what businesses are seeking.
Summer Courses
Summer programs usually target rising seniors in high school, giving them knowledge about the field of actuarial science as they prepare to think about which colleges to attend. These programs’ structures vary widely, but they are all intended to provide students with important knowledge to help them decide whether or not to pursue actuarial science as a major in college.
3. Scholarships for Diversity
Diversity Scholarships from the Actuarial Foundation
- IABA
- Scholarships from the IABA Foundation
- Co-branded scholarships with IABA
- The Robert Morris University/Highmark Presidential Actuarial Scholarship is offered by Morgan State University (Morgan State, Travelers Edge) Mutual of Omaha
Scholarships (Morgan State, Robert Morris) vary from few hundred dollars to full tuition. One significant benefit of receiving a scholarship is that it may lead to a paid internship.
Additional Programs
Every summer, Penn State offers a two-week program to outstanding minority students who are interested in studying business. Actuarial science is one of several business-related topics that are introduced.
Every summer, the University of Connecticut sponsors a Probability Boot Camp for high school students who have a significant aptitude for arithmetic. Although there isn’t a specific diversity focus for this program, it is anticipated that efforts will be made to recruit from high schools with a diverse candidate pool.
High school students are invited to information sessions and shadowing opportunities at the offices of some actuarial businesses. When selecting the participating schools for these activities, diversity may be taken into account.
A few colleges are thinking about growing their diversity initiatives or starting new ones. Any of the mentioned scholarship programs may be altered or discontinued by the Actuarial Foundation at any moment and without prior notification. The scholarship selection committee has complete authority in choosing the winners of each award. Only schools with U.S. accreditation are eligible to receive scholarship funds.
Further explanation of Actuarial Diversity Scholarship
The diversity that the actuarial profession needs and deserves is lacking. The populations of Native Americans, Blacks, and Hispanics are underrepresented. Professions are fiercely competing for the best pupils. There have long been programs in place to expose minority students to the field of engineering and other more well-known vocations. Many high school students base their college and major selections on the occupations they are thinking about and have previously researched. When these exceptional students are making these choices, it is critical that they have knowledge of the actuarial profession.
A joint committee of the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), the Committee on Career Encouragement and Actuarial Diversity (CCEAD) works to advance actuarial diversity by presenting at high schools and sponsoring summer actuarial programs at colleges that are aimed at minority high school students. For minority high school students, summer actuarial science programs are offered by Illinois State University, Morgan State University, Howard University, and others. 2014 will see the launch of a program at West Chester University in Pennsylvania. The ability of students to make knowledgeable judgments regarding the actuarial profession is greatly aided by these programs.
To address the lack of diversity in the actuarial profession, the Minority Recruiting Committee founded the CCEAD more than thirty years ago. This committee’s original mandate included advancing the profession among Asian and female communities. Native Americans, Hispanics, and Black/African Americans are now the underrepresented groups. By attracting exceptional mathematical and analytical talent from the African American, Hispanic, and Native American populations, the CCEAD hopes to foster a diverse actuarial profession. The goal is to raise the overall number of members from underrepresented groups in the actuarial profession to match the population of the United States.
The majority of actuarial businesses desire a more diverse pool of applicants and have diversity initiatives in place. Increasing diversity in the actuarial profession already has the support of the academic community. This page will list the diversity initiatives that the CCEAD is aware of. It’s possible that several other colleges are thinking about starting an actuarial diversity program or already have one. It is critical that this data be gathered and disseminated among actuaries.
Where Are They now?
Native Americans made up 1% of the U.S. population, African Americans made up 13%, and Hispanics made up 16%, according to the 2010 census. African Americans made up around 2% of the actuarial profession, followed by Hispanics at 2% and Native Americans at 0.5 percent, according to a demographic census conducted by the SOA in 2005. Be aware that those who have not yet attained at least an associate level but are currently taking tests are included in these figures. These levels would be around half as high if the profession’s associate or fellow status were the only ones taken into account.
Although some good progress has been made recently and this survey is outdated, much more work has to be done. The CAS and SOA jointly support the CCEAD and give the necessary money to help them conduct their job.
The IABA’s objective is to support the growth of black actuaries as a profession and to positively impact their professional and personal success as well as their civic engagement. The IABA offers a robust network of support throughout one’s career and focuses outreach activities on college and high school students. Top students can apply for scholarships, and mentorship is also offered. The IABA Corporate Advisory Council is comprised of several of the biggest actuarial employers.
The old Committee on Actuarial Diversity (now CCEAD) was responsible for mentoring and scholarships; these responsibilities were taken up by the Actuarial Foundation. The Actuarial Foundation has overseen the expansion of these initiatives.
Two organizations that seek to improve the representation of their respective communities in STEM (science, technology, engineering, and math)-related fields of study and employment are SACNAS and AISES. The CCEAD started introducing students, educators, and professionals to the actuarial profession by attending these two organizations’ annual meetings. Future years should see a rise in efforts.
