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Casualty Actuarial Society and Society of Actuaries Introduce Needs-Based Exam Reimbursement Pilot Program for Actuarial Candidates

May 19, 2022 - The Casualty Actuarial Society (CAS) and Society of Actuaries (SOA) are excited to announce a Needs-Based Exam Reimbursement Pilot Program. The registration fees for preliminary exams can be a barrier to entry to the actuarial profession, and this new program provides assistance to actuarial candidates who demonstrate financial need, aiding them in  their actuarial journey.

The Needs-Based Exam Reimbursement pilot program will cover a study material stipend and reimbursement for passed exams P, FM, IFM, LTAM and MAS-I, for students living in the U.S. and Canada who meet one of the following criteria:

  • Previously received a Pell Grant.
  • Have income level that falls below the living wage requirement based on location and family members per household, as shown in the MIT Living Wage Calculator. For students living with guardians, or claimed on the guardians’ taxes, the guardian income should be used in the calculator.
  • Qualify for the Supplemental Nutrition Assistance Program (SNAP) or other state programs known as Food Stamps, Food Assistance or Food Supplement Program in the U.S., and provincial social assistance in Canada.

Students who have received reimbursement or a stipend through the Diversity Reimbursement Program will NOT be eligible for the Needs-Based Reimbursement Program. If you are an African American, Black, Hispanic/Latinx, or Native North American or Indigenous resident, and are either a Canadian or U.S. citizen, asylum seeker, or have a permanent resident or educational visa in Canada or the U.S.  (from those above groups) please apply to the Diversity Reimbursement program instead. The CAS and the SOA will also continue to offer the Diversity Exam Reimbursement program to aid in attracting candidates from underrepresented backgrounds to consider the profession, regardless of their financial need. Visit the Diversity Reimbursement Program FAQ to learn more about this program.

Needs-Based Reimbursement funds are limited to those living in Canada or the U.S. and are distributed once a month and capped quarterly. Only exams from January 2022 and onward are eligible for a needs-based reimbursement at this time. To learn more about the criteria of the Needs-Based Reimbursement Program, visit the reimbursement page on BeAnActuary.org. Send any questions to the program administrators, Marta Jimenez-Lutter at mjimenez-lutter@soa.org or Margaret Kerr at MKerr@casact.org.


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About the Casualty Actuarial Society
The Casualty Actuarial Society (CAS) is a leading international organization for credentialing and professional education. Founded in 1914, the CAS is the world’s only actuarial organization focused exclusively on property and casualty risks and serves over 9,000 members worldwide. Professionals educated by the Casualty Actuarial Society empower business and government to make well-informed strategic, financial, and operational decisions.

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 32,000 actuaries as members. Through research and education, the SOA’s mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA’s vision is for actuaries to be the leading professionals in the measurement and management of risk.

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