The Standard and UT Dallas Tackle Actuarial Talent Gap With New Scholarship

PORTLAND, Ore. – April 08, 2026 – In a strategic move to address a growing talent shortage in a critical financial sector, Standard Insurance Company (The Standard) has announced a new partnership with the University of Texas at Dallas. The collaboration establishes a scholarship program designed to foster the next generation of actuaries by removing financial barriers and providing direct industry experience.

The initiative, named The Standard Scholarship for Actuarial Science at UT Dallas, will provide a renewable four-year award of up to $5,000 annually to a student pursuing a career in the field. Crucially, the program extends beyond financial aid, guaranteeing the recipient a paid internship at The Standard. This dual approach of funding and experience aims to create a more accessible and robust pipeline into a profession that is foundational to the insurance industry and increasingly vital across the global economy.

The Growing Demand for Risk Experts

The timing of this partnership is no coincidence. The actuarial profession, which uses sophisticated mathematical and statistical models to assess risk, is facing unprecedented demand. The U.S. Bureau of Labor Statistics projects a staggering 22% growth in employment for actuaries over the next decade, far outpacing the average for all occupations. This surge translates to roughly 2,400 job openings each year.

This demand is fueled by an increasingly complex global landscape, evolving regulations, and a looming demographic shift within the insurance industry itself. Experts predict that nearly half of the current insurance workforce could retire within the next 15 years, potentially leaving over 400,000 positions vacant. Compounding this issue is a recognized talent gap among mid-career actuaries, creating a deficit in mentorship and leadership.

With a median annual wage of over $125,000, the profession is lucrative, yet it struggles to attract and retain enough qualified professionals to meet demand. The competition from burgeoning fields like data science and technology, which often appeal to the same pool of quantitative talent, has intensified the challenge. The Standard’s initiative is a direct response to this market reality, an investment designed to cultivate talent from the ground up.

“The Standard Scholarship for Actuarial Science at UT Dallas is an important investment in the future,” said Lauren Canfield, executive vice president, chief corporate actuary and chief risk officer at The Standard. “It reinforces our company values, supports our recruiting efforts and helps energize and strengthen our actuarial community.”

Breaking Down Barriers to a High-Stakes Career

Historically, the path to becoming a credentialed actuary has been fraught with barriers that extend beyond university tuition. The profession is unique in its reliance on a rigorous series of professional exams that students and aspiring actuaries must pass to advance. The costs associated with these exams are substantial.

Fees for a single preliminary exam can run several hundred dollars, with advanced exams costing over $1,300. This does not include the cost of essential study materials, which can easily exceed $1,500 per exam. When combined with the average undergraduate tuition at a doctoral university, these expenses can create a formidable financial wall, particularly for students from lower-income backgrounds.

This financial gatekeeping has contributed to a lack of diversity in the profession. Recent data shows that the field of actuarial analysis is predominantly White (67.4%) and male (61.1%). The Standard’s partnership with UT Dallas, a university renowned for its diversity, is poised to directly address this imbalance. UT Dallas boasts a student body where over 70% identify as students of color and 25% receive Federal Pell Grant aid, an indicator of economic need.

By placing this scholarship at a university with a diverse population and a top-tier actuarial program—recognized as a Society of Actuaries (SOA) Center of Actuarial Excellence—the program is strategically positioned to open doors for underrepresented talent. The combination of a $5,000 scholarship and a paid internship provides a powerful tool to offset exam costs, reduce student debt, and offer the real-world experience that is often the deciding factor in securing a job after graduation.

A Model for Strategic Corporate Partnership

This collaboration exemplifies a modern, strategic approach to corporate philanthropy, one where business objectives and societal needs are mutually reinforcing. For The Standard, the benefits are clear: it gains early access to a pool of bright, motivated, and increasingly diverse talent, directly strengthening its workforce for the future. The program not only serves as a powerful recruiting tool but also enhances the company's reputation as an employer of choice and a responsible corporate citizen.

The University of Texas at Dallas also reaps significant rewards. The partnership enhances the prestige of its already distinguished actuarial science program, which prepares students for seven preliminary actuarial exams. It provides a tangible, high-impact outcome for its students, reinforcing the university's commitment to career readiness and social mobility.

“We are deeply grateful to The Standard for this investment in our students and the future of the actuarial profession,” said Dr. Dean Hyndman, dean of the School of Natural Sciences and Mathematics at UT Dallas. “This scholarship program will help talented students overcome financial barriers while gaining the rigorous preparation and real-world experience needed to succeed as actuaries. Partnerships like this expand access to our nationally recognized actuarial science program and empower the next generation of risk and data professionals.”

Ultimately, this initiative serves as a compelling model for how public-private partnerships can effectively address systemic challenges. By investing directly in education and creating structured pathways to employment, The Standard and UT Dallas are not just filling jobs; they are building careers, fostering diversity, and ensuring the long-term health of a profession that is essential to navigating an uncertain world.