The SOA and the CAS Expand the Diversity Exam Reimbursement Program for Actuarial Candidates
The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) are excited to announce the expansion of the Diversity Exam Reimbursement Program for actuarial candidates. This program now offers qualified candidates exam reimbursements and study material stipends for two additional credentialing requirements, beyond Exams P and FM, as outlined below. The expansion was approved by both the SOA and CAS Boards of Directors and is part of the continued efforts of the Joint CAS/SOA Committee on Inclusion, Equity and Diversity (JCIED) to increase its support of underrepresented actuarial candidates.
The lack of financial support has proven to be a barrier to entry into the profession and is often cited as a top reason that underrepresented candidates stop pursuing actuarial credentials. In 2018, more than half of these lapsed candidates indicated that financial support for exam fees was insufficient to meet their needs, and nearly two-thirds stopped pursuing an actuarial career due to the cost of exams. The expansion of the Diversity Exam Reimbursement Program intends to help break down the financial barrier.
Notable changes to the program include:
- Expansion of the program to include the following groups that are underrepresented in the actuarial profession: Black, Hispanic/Latinx, and Native North Americans. Applicants must be either a Canada or U.S. citizen, asylum seeker, or have a permanent resident or educational visa AND be a member of an underrepresented group above.
- In addition to reimbursing previously covered Exams P and FM, reimbursements will now be administered for Exams IFM, LTAM, and MAS-I.
- If you were close to passing, with a score of 4 or 5, and part of an underrepresented group, you are now eligible to be reimbursed and receive a one-time study material stipend.
- Candidates now have up to one year to apply for reimbursement, beginning January 1, 2021 for Exams P, FM, IFM, and LTAM, and the Fall of 2020 for MAS-I.
Please note that the Diversity Exam Reimbursement Program applies to persons who have not been reimbursed from any other source (including an employer or university).
The fully expanded program is effective beginning with exams taken in 2021 and will continue to be managed through the Be An Actuary website. The CAS began offering reimbursements to qualified candidates that sat for MAS-I in the Fall of 2020. The SOA is offering reimbursements for LTAM beginning with the Spring 2021 sitting.
The expanded program was developed with input from members of the International Association of Black Actuaries and the Organization of Latino Actuaries, the latter of which had pioneered a similar program for its student members.
To learn more about the criteria of the program and to apply, please visit the reimbursement page on BeAnActuary.org or send any questions to the program administrators, Margaret Kerr, at MKerr@casact.org or Beth Gall, at Bgall@soa.org.