If you’re a student belonging to a group that’s underrepresented and you’re interested in pursuing a career in actuarial science, worry no more.
There’s an initiative aimed at providing support and opportunities for underrepresented minority students called the Actuarial Diversity Scholarship.
The actuarial profession plays a crucial role in managing risk and uncertainty, particularly in the insurance and financial sectors. However, like many fields, it faces challenges in terms of diversity and inclusion.
Then, what is the Actuarial Diversity Scholarship all about? Let’s discuss extensively what the scholarship entails.
What is Actuarial Diversity Scholarship?
The Actuarial Diversity Scholarship, managed by the Actuarial Foundation, is a golden opportunity designed to promote diversity and inclusivity within the actuarial profession by providing scholarships to students from underrepresented minority groups.
These underrepresented minority groups include African American, Hispanic, Native North American and Pacific Islander students.
The Actuarial Diversity Scholarship enables students to discover their hidden talents and proffer solutions to the problems in the actuarial profession through the provision of financial aid, mentorship, tutoring, immersive experiences and access to internships and job shadowing.
The effort of the Actuarial Diversity Scholarship can be seen as they merged with the STEM Stars Program in order to make a larger impact on diversity in the actuarial profession. They’re also known as the STEM Stars Actuarial Scholars Program.
In fact, nearly five hundred students, as of four months ago from the day of writing this write-up, have received the scholarship since they merged with the Stem Stars Program and they continuously express their gratitude for the Foundation and its supporters.
Do you believe that you, too, can be one of them? Oh yes, you can! But you have to know and understand the purpose, eligibility criteria, application process and benefits of the Actuarial Diversity Scholarship before you commence your application.
Purpose Of The Scholarship
The Actuarial Diversity Scholarship serves different salient purposes:
- To Give Students Financial Support: The scholarship provides financial assistance to students pursuing a degree in actuarial science or a related field. This support helps alleviate the financial burden of education and encourages more students to consider a career in actuarial science.
- To Encourage Diversity in the Actuarial Profession: By specifically targeting underrepresented minority groups, the scholarship helps to increase the diversity of the actuarial profession. This is important because diverse teams bring a broader range of perspectives and experiences, which can lead to more innovative and effective solutions.
- To Build a Pipeline of Diverse Talent: By supporting students at the undergraduate level, the scholarship helps to build a pipeline of diverse talent into the actuarial profession. This is crucial for ensuring that the profession remains vibrant and relevant in an increasingly diverse world.
- To expose students to opportunities: The scholarship helps students in the program gain exposure to internships and job shadowing opportunities, enhancing their understanding of the actuarial profession. These exposures will not only enhance students’ understanding of the actuarial profession but also provide valuable networking opportunities and enhance their employability in the field.
Criteria to Be Eligible For the Actuarial Diversity Scholarship
As a student, you might be asking, What are the possible criteria for being one of the eligible candidates? To be eligible for the Actuarial Diversity Scholarship, you must meet the following criteria:
- You must be a member of an underrepresented minority group (They are African American, Hispanic, Native North American, Latinx, or Pacific Islander)
- You must be a full-time undergraduate student at a U.S.-accredited educational institution.
- Student classification: freshman, sophomore, junior, or senior
- Citizen categories: US Citizen, Permanent Resident, International or Other Visa Status, Undocumented.
- You must have a minimum cumulative GPA of 3.0 (on a 4.0 scale), underscoring math or actuarial courses. As part of the application process, incoming freshmen must demonstrate math proficiency through a minimum score of 28 on the ACT or 620 on the SAT.
- You must demonstrate strong math skills, encompassing Algebra, Calculus, state assessments (Proficient or Advanced), and/or successful completion of Advanced Placement courses. Alternatively, a “B” average or above in other subjects may be considered in lieu of exceptional math proficiency.
- You must have a recommendation. The recommendation might be provided by a principal, teacher, guidance counselor, or another qualified professional.
- You must have passed at least one of these actuarial exams, which are as follows:
Exam P – Probability, Exam FM – Financial Mathematics, Exam MFE – Models for Financial Economic, Exam S – Statistics and Probabilistic Model, Exam C – Construction and Evaluation of Actuarial Model, Basic Techniques for Ratemaking and Estimating Claim Liabilities, Regulation & Financial Reporting, excetera.
- You must be pursuing a degree that may lead to a career in the actuarial profession. Pursuing these degree subjects may increase your chances: actuarial science or actuarial mathematics, business or finance, economics, engineering, mathematics or statistics, risk management, science, e.g. physics and chemistry.
Application Process
Having met the eligibility conditions stated above. What then is the process of applying? The application process for the Actuarial Diversity Scholarship typically includes the following steps:
- Submit Application: Students must complete and submit an application form, along with any required supporting documents, such as transcripts and letters of recommendation.
- Review Process: Applications are reviewed by a selection committee, which evaluates each applicant based on criteria such as academic performance, actuarial exam progress, and leadership potential.
- Interview: Some applicants may be selected for an interview as part of the selection process. This allows the committee to learn more about the applicant’s background, interests, and career goals.
- Award Notification: Successful applicants are notified of their scholarship award, which typically covers tuition and fees for the upcoming academic year.
- Acceptance and Enrollment: Upon receiving the scholarship award, students must formally accept the scholarship and enroll in the designated program or institution.
- Participation in Program Activities: Scholarship recipients are expected to actively participate in program activities, which may include mentoring sessions, networking events and professional development workshops.
- Maintaining Eligibility: To continue receiving the scholarship, students must maintain a certain level of academic performance and progress toward their actuarial exams.
- Graduation and Career Placement: Upon graduation, scholarship recipients are encouraged to pursue a career in the actuarial profession. Some programs may also offer career placement assistance to help recipients secure job opportunities.
Benefits of the Scholarship
The Actuarial Diversity Scholarship offers several benefits to recipients:
1. Financial Support
The scholarship provides financial assistance to help cover the costs of education, including tuition, fees, and books.
2. Professional Development
Recipients may have the opportunity to participate in professional development activities, such as internships, mentorship programs, and networking events, which can help prepare them for a successful career in actuarial science.
3. Recognition
Being awarded the Actuarial Diversity Scholarship is a prestigious honor that can enhance a reputation within the actuarial profession.
4. Community Engagement
Scholarship recipients may have the opportunity to engage with other scholars and professionals in the actuarial field, building valuable connections and relationships.
5. Time-saving
The Actuarial Diversity Scholarship will alleviate the time constraints of studying, providing recipients with relief from this burden. This additional time to concentrate on schoolwork will result in improved grades and enable students to graduate on schedule.
6. Resume boost
Money should not be the sole driving factor when completing scholarship applications. The conditions stated under the subheading “Criteria to be an Eligible Candidate” indicate your competence and academic prowess to prospective employers. Even after completing your studies, listing these scholarships on your resume can boost your attractiveness to potential employers.
7. Mentorship
The Actuarial Diversity Scholarship offers personalized mentoring from experienced professionals in the actuarial field. This mentorship provides recipients with valuable guidance and advice, and access to mentors.
8. Promoting diversity and inclusion
The STEM Stars Actuarial Scholars Program contributes to the overall goal of promoting diversity within the actuarial profession. By providing academic support and nurturing the talents of minority actuarial students, the program helps create a more diverse and inclusive profession.
9. Equal Opportunities
The Actuarial Diversity Scholarship provides equal opportunities for underrepresented students to excel in the field. This initiative aims to level the playing field and ensure that all students have a fair chance to succeed in actuarial studies.
10. Expert Access
Through the scholarship, students gain access to valuable insights and advice from industry experts. This exposure allows students to learn from professionals in the field, expanding their knowledge and understanding of actuarial studies.
11. Expert Guidance
Through the scholarship, students gain access to valuable insights and advice from industry experts. This exposure allows students to learn from professionals in the field, expanding their knowledge and understanding of actuarial studies.
Conclusion
The Actuarial Diversity Scholarship is a valuable initiative that helps to promote diversity and inclusion within the actuarial profession.
By providing financial support and opportunities for underrepresented minority students, the scholarship helps to build a more diverse and vibrant actuarial community. This not only benefits individual students but also strengthens the profession as a whole by bringing in a broader range of perspectives and talents.
