Society of Actuaries Names Morgan State University to its University-Earned Credit Diversity Extension Program
SOA Program to Offer Students Exam Credit While Pursuing Actuarial Studies
Schaumburg, IL, May 24, 2023 – The Society of Actuaries (SOA) announces that Morgan State University, a Historically Black College and University (HBCU), is the first to be approved for the SOA’s University-Earned Credit Diversity Extension (UEC DE) program. This program is designed to encourage diversity in the candidate pipeline, as the SOA works with diverse communities in preparing actuaries to become business leaders who create responsible risk solutions.
Through the SOA’s UEC DE program, university students can be become eligible for SOA Exam Financial Mathematics (FM) credit if they pass the designated UEC course at their school. Exam FM assesses candidates’ understanding of fundamental financial math concepts and applying them to calculate values for cash flow streams with reserving, pricing, valuation, and related topics.
SOA President and Chair John Robinson, FSA, MAAA, FCA, stated, “This is an important moment working with Morgan State University’s Actuarial Science staff, as part of our ongoing efforts to support and expand diversity within the actuarial profession. We want to encourage diverse perspectives and this program with Morgan State University provides a new option for the university’s students pursuing an actuarial career.”
The UEC DE program is an SOA partnership with select colleges and universities serving high concentrations of students underrepresented in the profession, with a focus on providing opportunities for African American, Black, Hispanic/Latino, and Native North Americans and Indigenous students. The program uses the course/exam evaluation structure created for the UEC program to ensure education and assessment standards are met.
“With this UEC DE program, we hope to increase the number of diverse candidates entering the actuarial profession, showing our university students that this career is within reach,” said Candice Marshall, Director, Actuarial Science Program, Morgan State University.
The SOA’s support for UEC DE universities includes both educational and financial assistance. Education support includes consultation with SOA staff to bring about a fuller understanding of the actuarial career and opportunities for students, marketing materials, FM course curriculum and syllabi guidance, the facilitation of mentor connections and university partnership, and guidance on Validation by Educational Experience (VEE), a process for validating candidate knowledge of topics not tested by SOA exams. Financial support is provided in the form of a regularly offered stipend which can be used for expenses such as instructor fees, textbooks, study materials, student exam fees and other needs that may be present. UEC DE students meeting diversity eligibility requirements who become eligible for UEC credit are eligible for a UEC fee waiver.
Morgan State University has been on the SOA’s list of Universities & Colleges with Actuarial Programs (UCAP) for the last several years, and the SOA is pleased to add the UEC DE distinction to commemorate this achievement. The SOA anticipates other universities serving diverse communities will join Morgan State University as approved UEC DE programs.
“Morgan State University is an inclusive community, and we originated an actuarial science exam preparation certificate program to provide access to underrepresented talent across the country,” said Tim Luedtke, FSA, MAA, CFA, Chief Actuarial Faculty Scholar, Actuarial Science Program, Morgan State University. “Our actuarial students offer distinct, diverse perspectives on insurance product development and pricing to address income inequality in the communities where they live and potentially work.”
For more information, contact us at UEC@soa.org. For updates on the program and other DEI efforts, visit soa.org/programs/diversity-inclusion.
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 enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. Visit www.soa.org/.