Educational Institution Grant (ASA/FSA Grants) Information
To recognize the added value professional actuarial qualifications offers to actuarial teaching and research, the SOA Educational Institution grant provides financial support for the promotion and development of educational and research programs in actuarial science.
Full-time academic member, Full-time faculty, Full-time faculty (CAE). For more information view the definitions of eligibility .
The institution must appear on the Universities and Colleges with Actuarial Programs (UCAP) list1 at the time the ASA or FSA designation is earned, or within one (1) year from the date designation is earned, and must continue on the list through the time of application.
Verification of Eligibility Letter
Prior to disbursement of any grant funding, an original, signed document must be submitted (in addition to the application) verifying that the applicant was a full-time member of the regular faculty of the academic institution when ASA or FSA designation was attained and continues in such a capacity in a university or college actuarial program through the time of the application.
To be considered valid, Verification of Eligibility letter must be:
- Written on university or college stationery/letterhead
- Signed by a school official
- Mailed, along with the SOA Educational Institution Grant application, to:
- Society of Actuaries
- ATTN: Academic Administrator
- 475 N. Martingale Road, Ste. 600
- Schaumburg, IL 60173
Membership status must be attained through the SOA Education system. An SOA designation granted on the basis of recognition of attainment of designation from another actuarial organization does not qualify. The SOA does not recognize visiting faculty, adjuncts or graduate students as members of the regular faculty.
Applications for institution grants must be received within three (3) years of the date the faculty member attains ASA or FSA designation, as indicated on the ASA or FSA diploma.
Guidelines For Use of SOA Educational Institution Grant
Examples of the type of use of grant funds that the SOA supports include, but are not limited to:
- Financial support for students studying actuarial science and/or conducting actuarial research
- Purchase of books and journals to enhance the collection of actuarial literature available to actuarial science students and faculty at the institution
- Promotional materials for an academic actuarial science program
- Purchase of computer hardware and software that will directly benefit actuarial science students and faculty
- Payment of actuarial examination fees
- Financial support for actuarial science students and faculty to attend actuarial research conferences
- Financial support for students to attend SOA professional development seminars
The SOA will not pay for overhead expenditures in excess of 10% of direct costs, as defined in a typical government-funded grant.
1UCAP list includes Centers of Actuarial Excellence (CAE).