Casualty Actuarial Society

Support For Minority Recruiting

Support For Minority Recruiting
February 2002

History
The Casualty Actuarial Society and the Society of Actuaries jointly sponsor a Minority Recruiting Program to encourage qualified minority students to enter the actuarial profession. Since 1977, the mission of the Joint Committee on Minority Recruiting has been to support education and provide monetary assistance to groups that are under-represented in the actuarial profession. Currently we are supporting African-Americans, Hispanics and Native North Americans. Monetary assistance is provided in the forms of student scholarships and summer program funding.

Encouraging statistics show that the percentage of African-American adults with a bachelor's degree increased from 7.9% in 1980 to 16.6% in 2000. Similarly, the percentage of Hispanic adults with a bachelor's degree has increased from 7.9% in 1980 to 10.6% in 2000. However, although these numbers have increased, the percentages are still lower than the percentage of all U.S. adults with a bachelor's degree (25.6%) (U.S. Census Bureau, December 2000).

In a related report, statistics show that among Hispanics, 44.5% of 18-19 year olds are enrolled in school, while 22.6% of 20-21 year olds are enrolled in school. Likewise, among African-Americans, 57% of 18-19 year olds are enrolled in school, while 40.4% of 20-21 year olds are enrolled in school (U.S. Bureau of Census, August 2000). The high cost of education, which is increasing at an average of 6% annually, can make college ambitions seem out of reach and burdensome for qualified candidates. The statistics showing that the number of minority students enrolled in school sharply declines during the college years underscores the crucial need for this program.

How Funds Are Used
In the 24 years since its inception, the Minority Recruiting Program has endeavored to respond to the changing educational environment. Because this includes recognizing the need to reach those with the potential to become actuaries at an early age, we have expanded our program to support university-sponsored summer programs for high school students. We have also increased our participation in career fairs and conferences that target high school juniors and seniors as well as minority groups. The attached activity report describes the initiatives of the Minority Recruiting Committee in greater detail.

How You Can Help
Thanks to the generosity of donors, contributions to the minority recruiting fund have doubled over the past ten years. Your donation, whether as a company or individual, can help assure the continuation of a diverse and high quality pool of actuarial candidates.

Individual and companies alike participate in the minority recruiting program. Individuals are encouraged to support the program at a level consistent with their means, and companies are urged to contribute at least $50 for each Fellow and Associate on their staffs. Please review the activity report and download the form for your donation. Make your check payable to "CAS/SOA--Minority Recruiting Program" and send it to the following address:

Casualty Actuarial Society/Society of Actuaries
P.O. Box 95668
Chicago, IL 60694

Included are the Committee's 2001 activity report, a donor form, a list of contributors who donated from August 1, 2000 to December 31, 2001, and a listing of the 2001 scholarship recipients.

If you have any question, please feel free to contact Susan Nelson at 847-706-3509. Thank you for your support.

Sincerely,

Robert F. Conger
President, Casualty Actuarial Society

W. James MacGinnitie
President, Society of Actuaries