Society of Actuaries Launches Diversity Extension of University-Earned Credit Program

Schaumburg, IL, Apr. 13, 2022 – The Society of Actuaries (SOA) Board of Directors is pleased to announce the creation of a Diversity Extension of the new University-Earned Credit (UEC) program. One of the SOA’s key strategic initiatives is to engage diverse communities to address key societal issues and to work to build a more diverse actuarial profession. The UEC Diversity Extension will begin investing in efforts to achieve greater diversity within the actuarial profession.

The UEC Diversity Extension program will identify and support these university partners in providing the education and rigorous examinations through which their students may earn credit from some SOA preliminary examinations, beginning with the Financial Mathematics (FM) exam. The SOA will use several indicators to identify universities to participate in this program, including their status as Historically Black Colleges and Universities (HBCU’s), Hispanic Serving Institutions (HSI’s), and the universities’ student demographic and geographic characteristics.

Support for these partners will include financial assistance for strengthening their actuarial science programs, including instructor fees, textbooks, study materials, exam fees and other needs that may be present. The program’s support will be flexible to address the needs of the participating university.

The SOA appreciates the efforts of The University of Texas at El Paso and Morgan State University, two universities currently serving predominantly underrepresented populations, who worked with the SOA to design this program. The UEC program is beginning now with a small cohort of participating schools, and the SOA intends to grow this effort in the future as it is an important component to encourage the diversity of the candidate pipeline.

“We aim to foster a more diverse and inclusive profession by focusing on specific, meaningful efforts to address the real barriers to entry,” said SOA President, Jennifer Gillespie, FSA, MAAA. “This is an investment in strengthening actuarial science programs at universities that serve predominantly underrepresented communities and giving their students the opportunity to participate in a piece of the UEC program is one practical step we can take. It’s not enough, of course, and not all we will do, but we think it’s a significant move forward. Achieving meaningful change will take time and the combined efforts of many in the profession.”

For more information, contact us at membercomms@soa.org. For updates on the program and other DEI efforts, visit soa.org/programs/diversity-inclusion.