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Institutional Grants
Initiatives
- 2A. One–time grants to educational institutions of $7,500 (U.S.) at the time a full–time faculty member attains* FSA status
- 2B. One–time grants to educational institutions of $5,000 (U.S.) at the time a full–time faculty member attains* ASA status
Guidelines
Institutional Eligibility: Full–time faculty member, as defined above, at the educational institution attains* ASA or FSA status
Use of Grant: At the discretion of the institution for the promotion and development of education and research programs in actuarial science
Administration:
- Use of grant application that includes information regarding employment, intended use of funds, and institutional officer to whom grant should be sent
- Information about grant program distributed to new ASAs and FSAs
- Grant paid by Finance Department after approval by chairperson of SOA committee responsible for academic relations; include letter indicating intended use of funds; copy of letter to individual attaining designation
Financial: Costs of this initiative are allocated to the E&E budget on the basis that such grants would directly enhance the education of actuarial students.
Decision–Making Authority: Chairperson of SOA Education and Research Section Council has authority to approve the grant application; chairperson may delegate that responsibility
Time Limits: Applications for institution grants must be received within three years of the date the faculty member attains FSA or ASA status as indicated on the FSA or ASA diploma.
* Through the SOA Education and Examination system or in accordance with SOA Policy 120:
On rare occasions, an applicant from another country where universities are used to accredit actuaries can apply for Associate status. Upon passing either the Course 3 or 4 examination within two years of application, an individual's application for admission as an Associate may be approved by the Board where:
- the individual has obtained the highest possible actuarial qualifications within his or her own country;
- the system for actuarial qualification in that country is solely through the university education system as opposed to proctored exams, and
- the individual has had seven years experience, with at least two years experience in North America
Attainment of a designation awarded on any other basis (e.g., recognition of attainment of the professional designation of another actuarial organization, or special action of the Board of Directors) does not qualify.
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