The Actuarial Foundation
/OVERVIEW: The Actuarial Foundation does not run a grantmaking program per se but supports math education with free resources for teachers and students, college scholarships, contests and disaster relief.
IP TAKE: This funder’s grants are modest and its scope is narrow: its educational support is targeted toward math instruction, and its scholarships are only available to students who are interested in a career as an actuary. It has no geographic restrictions and invests in math students across the United States for which it provides direct links to award and scholarship opportunities, along with deadlines.
PROFILE: The Actuarial Foundation was established in 2004 as a joint effort of several actuarial organizations in the United States. It aims to “enhance math education and financial literacy through the talents and resources of actuaries.” This foundation is based in Schaumburg, Illinois and runs several scholarship and awards programs and student contests. It also provides free resources for teachers on its website. The Actuarial Foundation’s philanthropy consists of monetary awards for excellence in the field of actuary science, several college scholarships and free on-line math and personal finance resources for teachers.
Grants for STEM K-12 Education
The Actuarial Foundation primarily offers free educational resources for students and teachers of math. These resources include Math Academy, which features “hands-on activities and a fun learning environment” to enhance classroom math instruction; Expect the Unexpected with Math, which uses “story lines that students find interesting to show them the fun and relevance of math”; Building Your Future, a four-part financial literacy program that “helps students easily grasp the essentials of personal finance”; and the Math Motivators Tutoring Program, that aims to “close the achievement gap” by pairing underserved high school students with “professionals and college students majoring in actuarial science, mathematics, math education, or other majors.” The Actuarial Foundation also funds several prize challenges, such as the Modeling the Future Challenge, which asks students to “develop and present their own mathematical models of how a new technology or industry might change the future,” and the Hardest Math Problem, in partnership with Scholastic, which challenges students of all grades to solve a complex word problem.
Grants for STEM Higher Education
The Actuarial Foundation’s Scholarship program aims to “ensure the future of the actuarial profession” through a range of scholarships and reimbursement programs:
The Actuarial Diversity Scholarship: an award of $1,000 to $4,000 for students of Black, Hispanic, Native American, or Pacific Islander descent who intend to pursue a career as an actuary.
Actuary of Tomorrow – Stuart A. Robinson Memorial Scholarship: an award of up to $9,000 to recognize the academic achievement of any undergraduate student pursuing a career in actuarial science.
Caribbean Actuarial Scholarship: an award of $1,000 to $3,000 for any student at the University of the West Indies who demonstrates “a strong record of accomplishment, leadership qualities and commitment to becoming an actuary.” The prize also includes a $500 bonus for each CAS, IFoA, or SOA exam the student may pass while enrolled.
Curtis E. Huntington Memorial Scholarship: a $2,000 award for any student at an accredited U.S. institution who has passed at least one actuarial exam and been nominated by a professor.
The STEM Stars Actuarial Scholars Program identifies promising students from underrepresented backgrounds who have an interest in actuarial studies. Recipients receive $20,000 scholarships upon the completion of high school. Scholarships are disbursed in $5,000 increments over the four years of undergraduate study.
Elizabeth M. Mauro Reimbursement Program: an award of up to $1,000 for mature students intending to transition to an actuarial career from another profession; the scholarship is intended to reimburse the recipient for registration fees and study materials for the Casualty Actuarial Society or Society of Actuaries examinations.
Grants for Humanitarian Relief
While disaster relief is not a stated priority, in 2018 the foundation’s Rebuild Math Classrooms initiative raised money to help schools affected by Hurricanes Irma and Maria in Florida to refurbish and resupply math classrooms.
Important Grant Details:
The Actuarial Foundation’s prizes and awards generally range from $1,000 to $20,000. Applicants should carefully review the requirements for the foundation’s various prizes, as requirements vary. Some prizes may require nomination by an instructor or actuarial professional.
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