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Actuarial scholarships are available for high school and college students pursuing a degree in actuarial science or mathematics. Different scholarships have varying eligibility criteria, including academic performance and minority status. Actuaries work in various sectors, including insurance, investment, and retirement planning. Scholarships are also available for doctoral students and may be university-specific.
Actuarial scholarships are often awarded to high school and college students enrolled full-time in a science or mathematics actuarial program. Each scholarship in this field often features different eligibility criteria, such as the Actuarial Diversity Scholarship designed for Black/African-American, Hispanic, and Native American students. Other actuarial scholarships are likely to retain requirements regarding academic performance and passing professional actuarial examinations. Some awards, such as the CAS Trust Scholarship Program, are for students interested in a specific specialization in actuarial science. Still others, including the James C. Hickman Scholar Society of Actuaries, are aimed at doctoral students.
Actuaries are professionals who determine ways to manage financial risks for the public. As such, they frequently assess the likelihood of future events, develop creative ways to mitigate undesirable events, and minimize the influence of events that occur. Homeowners insurance, for example, often provides a financial safeguard if a natural disaster destroys or damages a home. Although actuaries work in different sectors of the economy, they are most likely to be found in insurance companies, investment or commercial banks and retirement planners.
An actuarial career typically requires a bachelor’s degree and passing a series of exams. To encourage students interested in these careers, actuarial scholarships are available for minority, high school and international students. Scholarships may also be available based on university attendance and geographic location. Each scholarship likely has its own eligibility requirements.
Four unique fellowships are sponsored by the Actuarial Foundation. The Actuarial Diversity Scholarship, for example, provides differentiated levels of financial assistance to high school seniors and full-time undergraduate or graduate students. Students should pursue a degree that qualifies them to work in the actuarial profession, maintain a minimum GPA of 3.0 on a 4.0 scale, and have an emphasis in math or actuarial courses. High school students must have a minimum ACT math score of 28 or SAT score of 600. Additionally, this actuarial scholarship is designated for Black/African American, Hispanic, and Native American students.
Additional actuarial fellowships available from the Actuarial Foundation include the Stuart A. Robertson and John Culver Wooddy programs. The first requires applicants to be full-time undergraduate students entering their second year of elementary, middle, or high school. Each student is required to have a 3.0 cumulative GPA on a 4.0 scale and have passed two actuarial exams. The latter is awarded each year to college students who rank in the 25th percentile of their class, have completed at least one actuarial exam, and have received a referral from a professor at their school. The Caribbean Actuarial Scholarship is for undergraduate students entering their second or third year at the University of the West Indies who are enrolled in the actuarial science program and have a minimum GPA of 3.0 or equivalent.
The Casualty Actuarial Society sponsors the CAS Trust Scholarship Program for students interested in the property/disposal actuarial profession. For eligibility purposes, students must be US or Canadian citizens or permanent resident visa holders, attend a US or Canadian college or university full-time, and have sat at least one actuarial exam. This actuarial scholarship further states that applicants must demonstrate high academic achievement with mathematical aptitude and communication skills.
Doctoral students may also be eligible for actuarial scholarships. The James C. Hickman Society of Actuaries Scholar program is designed for individuals who are enrolled full-time, have recently joined, or are currently applying to a qualified doctoral program in the United States and Canada. A qualifying doctoral program is one in actuarial science or a related field. Applicants must also possess a Fellowship-level actuarial credential or actively seek membership or membership and have passed at least two actuarial examinations.
In addition to programs sponsored by professional societies, university-specific actuarial grants may also be available. Illinois State University in the US, for example, gives automatic consideration to undergraduate students enrolled full-time in actuarial science or mathematics. Eligibility criteria include a primary GPA of at least 3.8 and a cumulative GPA of 3.7 or better. Freshmen need a composite ACT score of 3.8 or better, ACT math score of 31 or better, and high school GPA of 3.7 or better. Second-year students must also have taken at least one actuarial exam during that year, while juniors and seniors need to have passed at least one and two professional actuarial exams respectively.
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