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The SOA and CAS Increase Their Support to IABA Programs

Schaumburg, IL (December 20, 2019) – In an effort to cultivate a more diverse profession and membership for their organizations, the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), through their Joint Committee for Inclusion, Equity and Diversity Charter (JCIED) have made a commitment to significantly increase their funding and support of the International Association of Black Actuaries (IABA) for the next three years (2019-2021).

An empirical research study conducted earlier this year found that participants of IABA’s scholarship and Boot Camp programs had an increased success rate in passing actuarial exams and obtaining an internship or entry-level position in the actuarial field. The Boot Camp is an intensive four-day soft-skills training workshop. The success of these programs, along with research conducted in 2018 that identified barriers to entry to the actuarial profession for minority groups, were key factors in motivating the CAS and SOA to increase their support of IABA.

The JCIED advises and oversees inclusion and diversity strategies for the actuarial profession for both the SOA and CAS. The joint venture invests in resources and programs to achieve the greatest effect on inclusion and diversity for SOA and CAS members, candidates and potential future members. The JCIED also identifies best practices to build a successful diversity and inclusion program for the actuarial profession in consultation with diversity and inclusion experts from a broad range of backgrounds including employers and other professional associations.

The increased support from the SOA and CAS will help IABA fund scholarship programs, boot camps and exam reimbursements, with the goal to position diverse candidates to succeed in existing, expanded, and new roles.

IABA’s members include Fellows, Associates and students of the SOA, CAS and other actuarial organizations. Individuals and organizations can learn more about IABA programs and how to support them through the IABA website, www.blackactuaries.org.

About the SOA

With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 31,000 actuaries as members. Through research and education, the SOA's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk. www.soa.org

About the CAS

The Casualty Actuarial Society (CAS) is a leading international organization for credentialing and professional education, with nearly 9,000 members. CAS credentials demonstrate the expertise to identify, analyze and advise on the potential financial impact of risk and uncertainty. Professionals educated by the Casualty Actuarial Society empower business and government to make well-informed strategic, financial and operational decisions. www.casact.org