General Insurance Article - One thousand actuarial student scholarships over 10 years

The IFoA Foundation, the independent charitable arm of the Institute and Faculty of Actuaries, is expanding its scholarship programme in China and South-East Asia (CSEA). This follows a successful campaign led by Tan Suee Chieh, the IFoA’s Immediate Past President and Founding Patron of the IFoA Foundation.

 The programme was already a major initiative targeting £500k with £350k seed money being generously donated by Dr Patrick Sun Cheong Poon. We have been delighted to raise over £260k within the last quarter alone and have increased the fundraising target to £750k. This additional funding enables us increase the programme’s reach and help support students who might otherwise not have access to an actuarial career.

 The CSEA scholarship programme aims to reach 1,000 students over the next ten years, providing an opportunity to help educate and support the next generation of actuaries. In addition to the scholarship funding, the Foundation will promote greater awareness of actuarial science in colleges and schools, especially targeting less developed CSEA regions.

 Eligible students must be citizens or permanent residents in China and South-East Asia. They must be actively pursuing relevant degrees or masters’ programmes in the region at either IFoA accredited or non-accredited universities, and be working towards a career as an actuary. Students will also need to provide evidence of academic excellence and demonstrate how financial support will benefit their career goals.

 Tan Suee Chieh said: “It was an emotional and heart-warming exercise. Everyone was connected to the Foundation’s mission of “Actuaries supporting others” and felt a sense of commitment to the IFoA, the actuarial profession and the region. I am extremely touched and grateful for their goodwill, as these donations were given in the best spirit. I would like to thank especially Patrick Poon, Stuart Leckie and Garth Jones for their exceptional generosity.”

 Kartina Tahir Thomson, Chair of the IFoA Foundation, said, “We have been overwhelmed by the response from the actuarial community in China and South-East Asia. These generous philanthropists have set a great example to the profession, taking on a real responsibility to support the next generation of actuaries and giving back at a time when many students are finding it difficult to fund their studies. Thank you to all those who have given their support, we are immensely grateful.”

 A governance committee comprised of Kartina Tahir Thomson, Tan Suee Chieh and Grahame Stott, Chairman of the IFoA Management Board, will oversee the disbursement of the fund.

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