University of Wisconsin-Madison and Society of Actuaries Announce Advancing Actuarial Opportunities Pilot

New Online Pilot Program Expands Accessibility to Underrepresented Students Pursuing Actuarial Careers

August 26, 2024, Madison, WI and Chicago, IL – The Wisconsin School of Business at the University of Wisconsin-Madison (UW-Madison) and the Society of Actuaries (SOA) today announced the University-Earned Credit (UEC) Advancing Actuarial Opportunities (AAO) pilot program to expand accessibility to underrepresented students to pursue an actuarial career. Students from partner universities will have the opportunity to enroll in UEC-qualifying online UW-Madison actuarial science courses. For UEC-approved courses, enrolled students will have the opportunity to earn SOA exam credit through the UEC program on the same basis as UW-Madison students.

This pilot program builds upon the SOA’s existing outreach to students in underrepresented groups by making the benefits of UEC more widely available. It also builds upon the SOA’s University-Earned Credit Diversity Extension (UEC DE) program that partners with select colleges and universities serving high concentrations of students underrepresented in the profession.

“Through this new pilot partnership with UW-Madison, we’re creating an opportunity for more students to participate in UEC qualifying courses and earn credit toward SOA exams,” said Greg Heidrich, SOA Chief Executive Officer. “The SOA is committed to helping students from underrepresented communities move successfully into the actuarial profession and this is one of several approaches we’re testing. If the pilot program is successful, it will offer a promising path toward expanding access to UEC credits for more students, regardless of where their university is located.”

The program is focused on schools serving underrepresented student demographics that also do not have access to equivalent actuarial science programming, activities, and career guidance at their university. The initial partner universities working with UW-Madison for this pilot program include Howard University in Washington, D.C., Morgan State University in Baltimore, MD, North Carolina A&T State University in Greensboro, NC, Prairie View A&M University in Prairie View, TX, and Fisk University in Nashville, TN.

“Our ultimate goal with the UEC Advancing Actuarial Opportunities pilot is to expand the awareness and likelihood of entering the actuarial profession to students who do not currently have access to actuarial courses and to provide them the same education and opportunities that our students receive,” said Margie Rosenberg, PhD, FSA (Professor) and Paul Johnson, PhD, ASA (Teaching Professor), Wisconsin School of Business. “We are hoping to expand the number of universities participating in the UEC Advancing Actuarial Opportunities program once the pilot is completed.”

The pilot program will include access to courses aligning with three SOA exams — Financial Mathematics (FM), Fundamentals of Actuarial Mathematics (FAM) and Statistics for Risk Modeling (SRM). These courses and exams are geared towards students pursuing the Associate of the Society of Actuaries (ASA) designation.

“The broadening of the UEC program by the SOA with the UW-Madison/HBCU pilot program is an important first step in addressing the equity concerns of not just the UEC program but also the actuarial profession,” said Dwayne Husbands, FSA, CFA, MAAA, International Association of Black Actuaries (IABA) President. “We hope this pilot program is just the beginning of many more innovative solutions that will enhance diversity and ensure equitable opportunities for all aspiring actuaries. IABA remains committed to innovation that expands access to Black actuaries.”

The SOA seeks to increase representation in the actuarial profession and make the SOA designations relevant and sustainable for the long term to employers, members and candidates. The UEC program was developed to improve the candidate experience, create a more efficient pathway, and attract students to the profession. Learn more about the SOA’s UEC program.

About the Society of Actuaries

With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 33,000 actuaries as members. Through research and education, the SOA's mission is to advance actuarial knowledge and enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. Visit soa.org.

About the Wisconsin School of Business

The Wisconsin School of Business (WSB) at the University of Wisconsin–Madison is a world-renowned institution with a longstanding tradition of academic and research excellence. As one of the first five business schools in the nation, WSB has been trusted to lead for more than 100 years. With a future-focused strategy and values-driven approach, WSB educates the next generation of business leaders through its precollege, undergraduate, master’s, MBA, PhD, and professional development programs. Visit business.wisc.edu for more information.