Recommendations for Starting a High School Summer Actuarial Program

CAS/SOA Committee on Actuarial Diversity

Overview of the CAS/SOA Committee on Actuarial Diversity

Since 1977, the mission of the Committee has been to support education and provide monetary assistance to qualified Diversity students (African Americans, Hispanics and Native North Americans) to pursue an actuarial career. In 1983, our Committee began supporting university-sponsored summer programs for Diversity high school juniors. We have also begun participating in career fairs and conferences that target Diversity groups, high school juniors and seniors as well as collegians. We are funded by donations from actuarial employers as well as individual contributors.

The Committee and Summer Actuarial Programs

Recently, the Committee decided to renew its efforts to sponsor summer actuarial programs. We want to work with college and university actuarial science departments to encourage the development and continuation of summer actuarial programs. To aid in this effort, the Committee provides financial assistance to those programs that submit proposals and meet our qualifications.

Objectives of Summer Actuarial Programs

A successful summer actuarial program should meet the following objectives:

• Increase awareness of the actuarial profession in the Diversity community.



• Provide high school students with an understanding of the skills required to enter the profession.



• Increase awareness of the actuarial exam process.



• Bring students into contact with actuarial professionals.



• Introduce students to the varied work done by actuarial professionals.



• Provide a recruiting opportunity to college or university math/actuarial programs.



• Increase the number of minorities entering the actuarial profession.

Best Practices of Summer Actuarial Programs

While no program is expected to include each of the following best practices, we feel that each practice contributes to a program's ability to meet the previously specified objectives.

• Dedicate programs to minority groups. Note that the Committee has supported Diversity participants in non-minority summer actuarial programs.



• Target, as participants, high school students completing their junior year.



• Provide recreational activities for the participants.



• Provide feedback mechanisms for the participants to evaluate the summer actuarial program.



• Have actuarial professionals representing different areas of practice speak to participants.



• Introduce participants to actuarial work through hands-on projects and/or case studies.



• Have participants use computers and related business software to complete projects.



• Have participants prepare research papers on topics related to the actuarial profession.



• Have local actuarial employers host the program participants on site.



• Provide workshops for participants to discuss leadership, SAT preparation and other skills a successful college student should possess.



• Have participants take college-level mathematics and/or economics courses to introduce them to collegiate expectations of actuarial science students. College credit may be given for these students.

The Committee can provide contacts and resources for implementing these best practices.

Sample Budget for Summer Actuarial Programs

Program costs depend on a number of factors including the duration of the program, the number of students participating, and provisions for housing. A sample budget is shown below.

Administration includes insurance, postage, educational supplies, printing and other miscellaneous program costs.

Funding Options

Summer actuarial programs receive funding from a variety of sources. The college or university hosting the program, local actuarial employers and the Committee may all provide some level of funding.

The Committee requires all programs requesting funding to prepare a detailed proposal. Startup funding for programs may be higher in the first year than in subsequent years. Long-term funding for new and continuing programs is subject to the availability of funds, the number of programs seeking funding, the extent to which the program meets the Committee's qualifications and the effectiveness of the program. The Committee has established specific criteria for measuring effectiveness.

Applications will be accepted in the spring of 2005 to fund the 2005 summer program.

The Committee has funded programs at a level of approximately $225 per student per week (approximately 23 percent of the sample budget above).

The Committee and its Summer Actuarial Program Partners

Listed below are summer actuarial programs that have received funding from the Committee. The variety of funding levels reflects differences in program size, duration, and nature.

Contacts

The Committee believes that summer actuarial programs are an effective means of attracting Diversity students to the actuarial profession. We are committed to helping those colleges and universities interested in establishing a summer program that will draw Diversity students into the profession.

For more information on how to apply for financial assistance for a summer program, please contact: