2023 Programs Impact:
103 Scholarships = $690,718
14 Course Development Grants = $245,652
16 General Grants = $375,529
32 Internship Grants = $227,757
22 Risk Manager on Campus Grants = $61,808
2022 Programs Impact:
99 Scholarships = $650,077
7 Course Development Grants = $141,380
13 General Grants = $331,250
27 Internship Grants = $197,508
13 Risk Manager on Campus Grants = $37,168
Spencer is committed to supporting students throughout their educational journey as they study to pursue careers in Risk Management and Insurance. Spencer awards Undergraduate, Graduate, and Ph.D. scholarships to students studying at institutions in the United States and Canada, as well as Part-Time Graduate scholarships to risk and insurance professionals continuing their education.
In 2023, Spencer awarded 103 scholarships totaling $690,718 to undergraduate, graduate, and Ph.D. students. Our highest number of scholarship recipients and dollars awarded in the Foundation’s history!
Since 1980, Spencer has invested over $9.5 million in the Scholarship program, with awards to over 1,500 students. More than 85% of Spencer Scholarship recipients remain in the industry to this day.
Spencer’s Course Development Grant Program supports the development and implementation of both Introductory Risk Management and Insurance Courses - for universities that have not previously offered any such instruction – as well as Advanced Courses and curriculum development – for universities looking to add additional RMI course offerings. Through our Course Development funding, Spencer is keenly focused on bringing new Risk Management and Insurance curricula to Minority Serving Institutions (MSIs) to broaden the base of students who are exposed to the profession.
In 2023, Spencer awarded 14 Course Development Grants, totaling $245,652!
Since 2014, Spencer has invested over $1 million in developing risk management and insurance (RMI) courses at over 40 colleges and universities, exposing thousands of students to the RMI industry.
Spencer’s General Grants program supports student-centered initiatives at universities and industry organizations that fall into the following two critical branches:
Provide experiential learning opportunities for Risk Management and Insurance students
Attract new talent to the industry.
Initiatives supported by Spencer include student attendance at industry conferences and symposia; high school outreach programs; programs dedicated to advancing diversity, equity, and inclusion in risk management/insurance education; and a variety of other unique proposals that aim to expand the talent pipeline.
In 2023, Spencer awarded 16 grants to universities and RMI industry organizations, totaling $375,529.
Since 2010, Spencer has awarded over $3 million in General Grants to support student-centered experiential learning opportunities at universities and industry orgs.
Through Spencer’s Internship Grant program, students gain hands-on experience in the risk management field via a real-world business setting where they can quickly apply what they know, respond to new experiences, and begin to develop contacts in the industry. Spencer provides internship grants of up to $7,500 to Risk Managers to hire interns in the risk management function of their organizations. Employers apply for grants from Spencer, and students then apply directly with the companies for the newly created internship opportunities.
In 2023, Spencer awarded internship grants to 32 companies with Risk Management functions, totaling $227,757.
Since 1999, Spencer has awarded over $2.7 million in Internship Grants to over 500 recipients.
Spencer’s Risk Manager on Campus (RMOC) program provides funding for universities to bring a practicing Risk Manager on campus to present and engage with students about the risk management profession and insurance industry. The program serves to both provide a real-world perspective to students attending robust RMI programs as well as expose students to the industry at universities with few or no RMI classes. The RMOC Program has received positive feedback from both universities and Risk Managers as an enriching educational experience for students and a rewarding opportunity for Risk Managers to give back to the profession.
In 2023, Spencer awarded 22 RMOC grants totaling $61,808.
Since 1997, Spencer has awarded over 400 RMOC Grants to Universities across the United States and Canada, totaling $1.4 million.
The Risk Management Challenge is an international competition for undergraduate students that spans over six months. The competition requires teams comprising of 3-4 students to develop and present a comprehensive risk management program based on a company's case study. The solutions provided by the teams are evaluated, and the top eight teams are invited to present their strategies at the annual RIMS RISKWORLD Conference.
In 2023, 24 university teams from the United States, Canada, China, and India participated in the competition. 8 of the universities were first-time applicants, and 5 of the teams were from Minority Serving Institutions (MSIs).
We thank RIMS (the Risk Management Society) and FM Global for their continued collaboration and support for this program.