The Actuarial Foundation, The International Association of Black Actuaries (IABA), the Organization of Latinx Actuaries (OLA), the Sexuality and Gender Alliance of Actuaries (SAGAA) and the South Asian Network of Actuaries (SANA) ensures the future of the actuarial profession through its scholarships and reimbursement programs. Recipients of Foundation scholarships are selected by representatives of the actuarial profession, who may one day be their peers. So, not only are these scholarships a means to offset the cost of education, but they also serve as a prestigious recognition by a highly rated profession.
The Actuarial Foundation extends its sincere gratitude to the following Corporate & Foundation Supporters who generously support this program.
Applications Are Now Open
The Robert D. Shapiro Memorial Scholarship Fund for Actuarial Excellence (Fund) was established in 2021 with funding from the friends and family Robert D. Shapiro in his memory. The Fund is intended to support inclusion, equity and diversity in the actuarial profession by providing an annual scholarship award for rising third and fourth-year undergraduate college students who have already made the decision to pursue an actuarial career. Eligible students must be studying in an accredited U.S. educational institution.
General Award Information:
- Award amount of $12,500.
- The scholarship will award 3 to 5 awards each year dependent upon the amount of funds available and the quality of applicants.
- Additional gifts may be added to the Fund by anyone at any time by means of annual donations, bequests, or other approved methods of contributions.
- ·Applicants must be rising third or fourth-year undergraduate college students.
- ·Applicants should feel comfortable sharing that they belong to a historically marginalized or underrepresented group.
- Winners of other TAF Scholarships are eligible to apply for the Robert D. Shapiro Scholarship.
- Third-year undergraduate college students who receive the Robert D. Shapiro Scholarship are eligible to apply again for their fourth-year of undergraduate college studies.
- Must have a minimum cumulative GPA of 3.0 (4.0 scale).
- Must have successfully completed (2) actuarial exams. (Spring exams may be used to meet the two-exam requirement).
STEM Stars Actuarial Scholars Program
The STEM Stars Actuarial Scholars Program fosters diversity within the actuarial profession by offering scholarships to aspiring college-bound students interested in pursuing a career as an actuary. The program not only provides financial support valued at $20,000 (distributed over four years at $5,000 annually) but also provides mentorship from actuaries, tutoring, immersive experiences, internship and industry opportunities, and guidance throughout their college experience.
To qualify for the STEM Stars Actuarial Scholars Program, applicants must meet the following criteria:
- Current High School Seniors or College-Bound Students: Open to individuals in their senior year of high school or those who have graduated high school within the last two years and will enter college as a freshman.
- Parental Background: At least one birth parent must belong to one of the following groups:
- Black/African American
- Middle Eastern or North African
- Native North American
- Pacific Islander
- Academic Performance: Applicants should exhibit strong academic performance, with a minimum overall GPA of 3.0, an SAT Math score of 600+, or an ACT score of 21+.
- Math Proficiency: Has a demonstrated proficiency in mathematics, including Algebra, Calculus, state tests (Proficient or Advanced), and/or completion of Advanced Placement classes. (Alternative Criteria: A "B" average or higher in other subjects may be accepted in place of exceptional math proficiency)
- Recommendation: A recommendation provided by a principal, teacher, guidance counselor, or another qualified professional is required.
- Actuarial Career Aspirations: Candidates must express a sincere intent to pursue a career in the actuarial field.
- Financial Need: Evidence of financial need will also be considered during the selection process.
Please be advised that virtual interviews may be conducted as part of the final selection process for the top 20 applicants in the program.
Scholarship Disbursement and Renewal:
The scholarship award will be distributed over multiple semesters or other academic terms within a single year. To continue receiving the scholarship in subsequent years (2, 3, and 4), students must complete all yearly program requirements, submit any requested documents, and be approved for renewal by the program leadership. All scholarship awards will be made payable to accredited educational institutions in the United States. If a recipient attends school for only a portion of the upcoming year (e.g., one semester), the scholarship amount will be adjusted accordingly.
The STEM Stars Actuarial Scholars Program owes its existence to the generous support of our Corporate Advisory Council companies and dedicated donors. These organizations are committed to empowering students in their pursuit of a career as actuaries and are enthusiastic about enhancing diversity within the actuarial profession. We invite you to explore these companies that share in your journey toward success.
This Actuarial Exam Reimbursement Award opportunity was established in memory of Elizabeth M. (Liz) Mauro to honor her dedication to becoming an actuary following several years in another profession. She began the arduous task of taking math classes and studying for actuarial exams in order to enter the profession and start her new career. In the spring of 2011, Liz passed her final exam to attain fellowship in the Casualty Actuarial Society.
The Elizabeth M. Mauro Reimbursement Award Program recognizes the limited resources available to career changers aspiring to transition into the actuarial profession after having established a previous career outside the actuarial profession. Like Liz, many individuals making this transition have limited information on study resources and must finance their own study materials and exam registration fees. Not only can this be a challenge, but it may discourage or prohibit those interested in joining the actuarial profession from doing so. We hope this reimbursement program will serve as a reminder of her commitment and her spirit of helping others achieve their goals.
Award Amount: $1,000
Reimbursement will be provided for the exam registration fees for Casualty Actuarial Society or Society of Actuaries exams taken and passed during the twenty-four months prior to application due date, and for the study materials purchased in preparation for those examinations, including online study courses.
An actuarial mentor will be provided to guide the recipients towards completing additional exams and to answer questions related to seeking employment that will lead to an actuarial career.
- Must be 25 years or older by application deadline date
- Must not have received any Actuarial Designation
- Must be legally authorized to work in the United States
- Must have passed at least one actuarial exam within the twenty-four months prior to the application due date
- Must not receive reimbursement for these exam registration fees and/or study materials from any other reimbursement program (including employee programs)
The Organization of Latino Actuaries (OLA) furthers its mission of increasing the number of Latine actuaries by awarding academic scholarships to Latines who will be attending a US college/university next school year.
Applications will be evaluated on various criteria including, but not limited to, academic performance, commitment to pursuing the actuarial profession, exam progress, work experience, and leadership experience. Finalists for both the named and general scholarships are expected to be selected by mid-June.
Named scholarships: Winners receive $5,000 and are guaranteed an actuarial internship for Summer 2025. Finalists for the named scholarship will be required to interview.
General scholarships: Winners receive awards of various amounts. The top student will receive the Cresta Scholarship, which is a $7,500 award. In Spanish, "ola" means wave, and "cresta" is the crest (top) of the wave. With this award, OLA will be recognizing top future Latine actuaries.
Note that a named scholarship recipient is eligible for the Cresta Scholarship, but the most OLA will award to an individual student is $7,500. Finalists for the general scholarship are not required to interview.
Named Scholarship Sponsors (Subject to change)
- Liberty Mutual
- New York Life
Stuart A. Robertson, FSA, MAAA (1918-2005) was a distinguished actuary who, along with Wendell Milliman, co-founded the actuarial and consulting firm Milliman & Robertson (now Milliman, Inc.). The Actuary of Tomorrow – Stuart A. Robertson Memorial Scholarship was established to honor his dedication to excellence and recognize his tremendously positive influence on the professional lives of many colleagues. The scholarship of up to $10,000 recognizes and encourages the academic achievements of undergraduate students pursuing a career in actuarial science.
- Must be a full-time student at a U.S. accredited education institution
- Must be an entering sophomore, junior, or senior (Freshman are not eligible)
- Must have a minimum cumulative GPA of 3.0 (on 4.0 scale)
- Must have successfully completed two actuarial exams
The award will be divided to cover multiple semesters or other terms comprising the academic year. All scholarship awards are made payable to the U.S. accredited educational institution. Recipients attending school for a portion of the upcoming year (e.g., one semester) will receive the corresponding portion of a full year scholarship amount. Please note that a maximum of only 2 students per college will be accepted.
The Caribbean Actuarial Scholarship was established in 2008 in memory of Basil L. and Monica G. Virtue by their son-in-law, S. Michael McLaughlin, FSA, MAAA, an actuary who graduated from UWI. The scholarship is intended to be an annual award to University of the West Indies (UWI) actuarial student(s) who demonstrate a strong record of accomplishment, leadership qualities and commitment to becoming an actuary.
• Must be an undergraduate student entering their second or third year at the University of the West Indies
• Must be enrolled in UWI’s actuarial science program
• Must hold a minimum GPA of 3.0 or equivalent
The scholarship amounts are $2,000 for students entering their second year of studies, $3,000 for students entering their third year of studies and a $1,000 floating scholarship.
There is also a $500.00 bonus award available for each Casualty Actuarial Society (CAS), Institute and Faculty of Actuaries (IFoA) or Society of Actuaries (SOA) exam passed while enrolled in the Actuarial Science Program at the University of the West Indies or within 9 months of graduating from the program.
The IABA Scholarship Program provides scholarships at the undergraduate and graduate level for Black students who are interested in pursuing actuarial careers. Many of the IABA Scholarship recipients receive internship or entry-level job offers, as a result of their scholarship award.
The scholarship program is available to students of African descent originating from the United States, Canada, the Caribbean and African nations.
- Must be a citizen or permanent resident of the United States; or a citizen or permanent resident of Canada, a citizen of any Caribbean or African nation on a United States or Canadian student visa
- Must be admitted to a college or university in the United States or Canada offering either a program in actuarial science or courses that will serve to prepare the student for an actuarial career
- Must have a GPA of at least 3.0 on a 4.0 scale
Additional Judging Criteria:
- A demonstration of interest in and a familiarity with the actuarial profession
- Proficient communication skills
- Evidence of determination and self-motivation
- Calculus and Probability courses
- Scholastic Aptitude Test (SAT) with a minimum math score of 600 or the ACT Assessment with a minimum math score of 28, or equivalent testing results for students outside of the USA
- Attempting (or already passed) an actuarial exam
Award amount: $1,500 - $5,000
Note: Any officers, board members, or IABA Scholarship Committee members, or immediate relatives or employees of officers, board members or IABA Scholarship Committee members are not eligible.