Sponsors wanted for actuarial scholarship fund

A FUND, set up in support of the most gifted and highest performing actuarial students in Greater China and South-East Asia, is seeking stakeholders to contribute as partners and investors.

Launched early this year, the IFoA Foundation China & South-East Asia (CSEA) Scholarship Fund 2021 aims to benefit 1,000 students over the next 10 years, across both accredited and non-accredited universities, taking into consideration not just academic performance, but also financial need.

In order to meet this aim, the IFoA Foundation – the charitable arm of the United Kingdom-based Institute and Faculty of Actuaries (IFoA) – needs to raise a minimum of £140,000 (RM781,494), in addition to over £610,000 (RM3.4mil) it has amassed to date.

Part-financed by Dr Patrick Poon, a philanthropist and actuary who has come forward to support the profession in this geographical region, the initial fundraising target of £500,000 (RM2.79mil) was exceeded in the third quarter this year – due to an overwhelming response from the region’s actuarial community backing this initiative.

Those eligible for the CSEA Fund are students from universities offering at least four IFoA accredited subjects (with 17 university partners across China, Singapore, Malaysia and Thailand); students who are honest and financially worthy, with high academic ability; students who join the IFoA as student members when they are nominated by the universities, and who are committed to continuing their actuarial career with the IFoA; and students who don’t qualify for the above but who are worthy, capable students on the route to becoming an IFoA fellow (from both accredited and non-accredited universities), in need of financial aid.

A portion of the spend will also be available for awareness activities in universities and schools to help raise the profile of the IFoA and the actuarial profession, according to a press release dated Nov 10.

The IFoA Foundation was launched in August 2020 in pursuit of its “Actuaries Supporting Others” mission for positive societal impact.

The CSEA Fund links directly to the IFoA Foundation’s objective of supporting its community of tomorrow’s actuaries, with the larger aim of addressing future challenges and critical global issues.

Partners and supporters are acknowledged globally, with donation levels that correspond to different “Philanthropist” titles.

For details, visit https://www.actuaries.org.uk/about-us/ifoa-foundation, or email [e-mail].