Applications Are No Longer Accepted for the Diversity Exam Reimbursement Program
The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) announce a new jointly-sponsored exam reimbursement program. The new Actuarial Exam Support Program, based on qualifications of need, is available to candidates as of May 1, 2024.
The program is an expanded version of the current in-force Needs-Based Exam Reimbursement program and aims to extend support to a broader range of candidates, ensuring equitable access to actuarial education and opportunities. This change reflects a commitment to inclusivity, expands eligibility criteria to address various forms of need, including provisions for students and career-changers. Additionally, the program considers exam scores of four and above, broadening the scope of support of the prior Needs-Based program. Candidates can still apply for reimbursement to the current Needs-Based Exam Reimbursement Program through the end of April. The SOA and CAS recognize that every candidate’s journey is unique and are committed to helping candidates overcome financial obstacles that create barriers of entry to the actuarial profession. For more information on the new program, eligibility criteria, and application details, please visit BeAnActuary.org starting May 1.
Who is eligible for the reimbursement?
Individuals from underrepresented groups: African American, Black, Hispanic/Latinx, and Native North Americans or Indigenous, including U.S. Pacific Islanders. Applicants must be either a Canada or U.S. resident, an asylum seeker, or have a permanent resident or educational visa.
Why underrepresented groups?
The diversity exam reimbursement program is a long-standing career encouragement initiative efforts under the Be An Actuary campaign. It arose from the need for increased support historically underrepresented populations within the actuarial profession – African American, Black, Hispanic/Latinx, and Native North Americans or Indigenous. As of 2020, those groups are less than 5% of our total actuaries’ population combined.
In 2017, the SOA and CAS conducted in-depth research on the lack of diversity in the profession. The study identified financial struggles as one of the barriers that disproportionately affected underrepresented candidates. The study recommended that exam resources be expanded for these groups.
I have a mixed-race background; would I be eligible?
Yes, if you have African American, Black, Hispanic/Latinx, and Native North Americans or Indigenous, including U.S. Pacific Islanders, as part of your background. A good guideline to consider is if you would indicate one of those groups on an official government/university form or application.
I received a score of 4 on my December 2020 exam, can I get reimbursed?
Sorry, no. Only exams with scores of 4 or 5 taken after January 1, 2021 are eligible.
I passed my January 2021 exam; can I still get a study material stipend for my next exam?
Yes, please indicate your interest in receiving the stipend, and what material provider you will be using, on your application.
I’m a Pacific Islander, would I qualify?
Yes, we encourage you to participate in this program.
I live in a U.S. territory, would I qualify?
Yes – as long as you are African American, Black, Hispanic/Latinx, Native North Americans or an Indigenous, including U.S. Pacific Islanders.
I’m not part of an under-represented group, but still have difficulty paying for exams, what resources are available for me?
Please visit the Needs Based Exam Reimbursement page to check your eligibility. Additionally, there are multiple scholarships available for a student interested in becoming an actuary. Many universities and colleges also have resources, including summer programs, for students of all backgrounds.
I am fully-employed, but my employer does not provide exam reimbursement, can I apply?
Yes, you would be eligible if your employer does not pay for any actuarial exams.