Many actuarial scholarships for actuary students can be found if you look in the right places. These little known actuarial science awards are certainly unknown scholarships simply because students don’t really know anything about acturial science at all, and would not even consider it as a field of study because of it’s educational obscurity.
This can be a very exciting field of study and once a student has their degree in hand, finding a job should be all but assured. In fact a 2010 study published by the job search website ‘CareerCast’ has ranked an actuary as the #1 job in the United States!
Actuarial scholarships are offered to help those that wish to pursue a degree to help them assess risk. We may not think about risk assessment in our daily lives very much, but it is all around us. For example, when you drive your car there is a risk assessment about your chances of being involved in an accident. These calculations help to determine your vehicle insurance premium, your home owner’s insurance premium, and in some instances if you get hired or not based on the risk of what your performance will be like.
Actuarial science combines a number of interrelated subjects, which include probability, mathematics, statistics, finance, economics, financial economics, and computer programming. If this all sounds good to you then you may have discovered your college field of study.
The concepts involved with analytical risk are very complex, and yet they are so important in today’s business plan. That is why promoting the study through actuarial funding is so important. When someone does have an interest, they shouldn’t be held back from such an education due to the cost.
If you are interested in this area of study, the good news is that you will have less competition than you would for many other types of scholarships. It’s just not a sought after educational field of study, but it should be for those who are interested once they discover about it.
Actuarial Diversity Scholarships
This is an annual actuary scholarship awarded to African American or Hispanic applicants. The funds can be used either for undergraduate or graduate work in an accredited actuary program. The amount of money that the winner will receive depends on their level of education at the time of the award:
- High school senior ready for first year of college $1,000
- College freshman applying for second year of college $2,000
- College junior applying for senior year of college $3,000
The number of actuary scholarships offered annually depends on the funding available for the program. These actuarial scholarships have been offered since 1977 and continue to get plenty of private donations to secure them. Applications are due by January 31st annually. Winners are notified by the end of May and the funds allocated for classes starting that fall.
IABA Foundation Actuarial Scholarship
IABA stands for International Association of Black Actuaries. They offer actuary scholarships to black individuals in an effort to further increase the number of them involved in this particular field of study. Applications are due by May 31st annually to be considered. Applicants must have a GPA of 3.00 or higher. SAT scores must be 600 or higher with ACT score of 28 or higher on the math portion.
Applications must have successfully passed an accredited actuarial exam. They must be able to demonstrate that they are proficient in communication skills as well as being self-motivated. A personal statement that documents such facts along with two letters of recommendation is required.
The amount of each award can range from $500 to $4,000. The funds are need based so the applicant will have to provide documentation to verify financial need. This actuarial scholarship can be renewed for up to 4 years. For a renewal to be approved, the student must show an ongoing GPA of 3.0 or higher, involvement in the school, and satisfactory behavior at the accredited college.
The number of actuary scholarships offered annually depends on funds available and the needs of those that are primary candidates. Some winners may be offered an additional stipend for living expenses if they have significant financial need.
Mutual of Omaha Actuary Scholarships
There is a scholarship offered from the Mutual of Omaha for actuary students. Up to 10 recipients can each get an award of $2,000 to use for their college education. Winners will also be a guest of honor at the annual Martin Luther King Jr. Recognition Luncheon. One winner will receive an award of $5,000 and also be a guest at the luncheon. The date and location of the event are announced each year.
Applications are due by April 1st annually. Winners will be notified by June 15th. Funds will be sent directly to the college of choice for the recipients. All schools must be fully accredited to be eligible.
Unknown scholarships are in the field of actuary science, this is for sure. Apply to them if this field of study interest you. You will have less scholarship competition.
Any of these actuary scholarships can help you to embark into a great program and to have a wonderful career assessing risk management, but there are many others then the ones mentioned above. Getting the money you need to pay for college through such educational programs with actuarial science scholarships can start your way onto a fascinating and rewarding career path.