Awards & Scholarships

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 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 UIUC student, and you must be in an actuarial science program at UIUC when you apply for reimbursement. If you have questions, email

Learn more about the exam reimbursement program and how to submit your request here.

Milliman Mentorship Program
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 at students early in their college career, who may be interested in a STEM-oriented career. Because Milliman is committed to promoting a high degree of diversity and inclusion within the actuarial field, diverse candidates are encouraged to apply.


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 great aspiration in fellow students.
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Actuarial Science Club Scholarship
The Actuarial Science Club Scholarship, generously funded by the University of Illinois Urbana-Champaign Actuarial Science Club, celebrates the success of outstanding members who demonstrate consistent involvement in the club, high academic achievement, and strong interest in pursuing a career in the actuarial field.
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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 to recognize undergraduate actuarial science students in the UIUC Department of Mathematics.
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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 a 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 Foundation Scholarship
Created through generous support from Northwestern Mutual, this scholarship is 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, this award was established to recognize actuarial science students who have succeeded in passing several actuarial professional exams.
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Zekai Li Scholarship
The Zekai Li Scholarship was established to recognize actuarial science students at UIUC for their academic excellence and command of Mandarin Chinese or another language other than English.
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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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Esther Portnoy Actuarial Science Scholarship
The Esther Portnoy Actuarial Science Scholarship, created in 2021-22, is awarded to graduate students with a strong academic record, demonstrated leadership and strong communication skills.
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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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Outside scholarships from the actuarial community

The following scholarships are not managed by the university. We strongly encourage and support our excellent students to compete for these national and international scholarships.

The Actuarial Foundation Scholarships

Casualty Actuarial Society

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.

International Association of Black Actuaries Scholarship
IABA provides scholarships at the undergraduate and graduate level to qualified Black students who are interested in pursuing an actuarial career. Scholarships are awarded on the basis of individual merit. The amount of the award typically ranges from $1,500 – $5,000/year and is based on full-time status during the upcoming school year.

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.

Sexuality and Gender Alliance of Actuaries (SAGAA) Scholarship
SAGAA (Sexuality and Gender Alliance of Actuaries) furthers its mission by awarding scholarships to LGBTQ+ actuarial students attending a US, Canadian, or West Indies college or university. Applications will be evaluated on various criteria including, but not limited to: academic performance, commitment to pursuing the actuarial profession, exam progress, work experience, and leadership experience.