Awards and Scholarships for Actuarial Science Majors

There are a variety of honors, awards and scholarships available to current actuarial science students from the department, the university and the general actuarial community. The program also has a newly established alumni award.

The Actuarial Science Program thanks its generous corporate sponsors and alumni donors for their continued support of awards, scholarships and reimbursement programs.

Actuarial Exam Fee Reimbursement Program
Thanks to the generous sponsorships from State Farm Insurance Companies and alumni donations, we are proud to offer a reimbursement program rewarding our students who pass any ASA- or ACAS-level exam. The reimbursement program is open to all actuarial science majors, graduate students in the MS actuarial science program as well as PhD students with an actuarial science concentration. To qualify for reimbursement you must have passed the exam while a U of I student, and you must be in an actuarial science program at the U of I when you apply for reimbursement. If you have questions, email

Download a copy of the Actuarial Exam Fee Reimbursement form.

Milliman Mentorship Program | Students of Color
Made possible through a generous partnership with Milliman, recipients are paired with a practicing actuary at Milliman that will serve as a mentor as the students prepare for a career in the actuarial science field. Recipients are also offered financial aid in order to help cover the costs of studying for and taking their first actuarial exam. This program is currently targeted towards students of color, early in their college career, who may be interested in a STEM-oriented career. Learn more about the Milliman Mentorship Program.

Current Award Recipients

  • Carlos Bautista, Senior, Actuarial Science
  • Jonathan Garcia, Junior, Actuarial Science


Actuarial Science Alumni Scholarship
This scholarship is made possible through the generous support of alumni and friends of the department and are given to honor students for their demonstrated interest and achievements in pursuing their own passions and who have gone above and beyond to inspire greater aspiration in fellow students.
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Axis Risk Management Academy Actuarial Science Scholarship
The Axis RMA Actuarial Science Scholarship is awarded by the University of Illinois Office of Risk Management and Insurance Research with funding from the AXIS Reinsurance Company. It is awarded for academic merit to undergraduate students who are majoring in actuarial science and are Illinois residents.
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Bradley M. and Karen A. Smith Scholarship
The Bradley M. and Karen A. Smith Scholarship was created in 2012 by the late President of the Society of Actuaries, Bradley Smith, and his wife, Karen Smith. This scholarship is used to provide undergraduate scholarships to students in the U of I Department of Mathematics who are studying actuarial science.
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CNA Foundation Scholarships
To recognize the excellence of our students, CNA Foundation generously established a scholarship program for actuarial science majors in junior or senior years with strong commitment to the completion of professional actuarial exams.
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DW Simpson Actuarial Scholarship
DW Simpson generously supports our outstanding students. The DW Simpson Actuarial Scholarship is provided to one rising senior who has both a strong GPA and has passed actuarial exams.
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Milliman Actuarial Science Scholarship
This scholarship is made possible by the generous support of Milliman and is awarded to students with exceptional balance of academic success and extracurricular activities.
Award recipients

Most Outstanding Major Award in Actuarial Science
The department recognizes outstanding undergraduate actuarial science majors by awarding this prize annually for exceptional academic work and extracurricular activities.
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Northwestern Mutual Scholarships
Created through generous support from Northwestern Mutual, the scholarships are offered to students who have a 3.0 GPA or greater, are an actuarial science major, and who are freshmen, sophomores, or juniors.
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State Farm Actuarial Science Prize
Thanks to the generous sponsorship from State Farm, we provide ten awards every year to outstanding actuarial science undergraduate and graduate students.
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Willis Towers Watson Award
Thanks to a generous gift from Willis Towers Watson, the awards have been established to be given to actuarial science students with most actuarial professional exams passed.
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State Farm Actuarial Science Prize
Thanks to the generous sponsorship from State Farm, we provide ten awards every year to outstanding actuarial science undergraduate and graduate students.
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State Farm Mathematics Doctoral Scholarship
The State Farm Mathematics Doctoral Scholarship is funded by State Farm Insurance Companies. Eligible graduate students should be doing well academically and working on mathematics with a relationship to the broad interdisciplinary area of actuarial science and financial mathematics.
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Actuarial Science Alumni of the Year Award    
This award is given to alumni who majored in actuarial science and have made outstanding contributions in a variety of ways including exceptional accomplishment in the actuarial profession or in non-traditional areas of actuarial practice, exceptional service in local, state or national affairs, and exceptional service in support of the advancement and continued excellence of the Illinois Actuarial Science Program.
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Scholarships from actuarial community

We strongly encourage and support our excellent students to compete for national and international scholarships.

The Actuarial Foundation Scholarships

Casualty Actuarial Society

International Association of Black Actuaries Scholarship
Intended for black students with interests in pursuing an actuarial career.

The Society of Actuaries Hickman Scholarship Program
Intended for PhD candidates with research interests in actuarial science and intention to pursue academic careers in the United States or Canada.

Organization of Latino Actuaries (OLA) Academic Scholarships
OLA Academic Scholarships are open to all Latino students who are U.S. citizens, permanent residents, or DACA. While there are no GPA or major/minor requirements for most OLA programs, students should demonstrate interest and/or commitment to pursue the actuarial profession. No letters of recommendation are required to apply.