Funding the future of tomorrow’s rmi leaders!
The Spencer Educational Foundation was established in 1979 and remains the leading organization that funds the education of the future leaders of risk management and insurance.
Since its inception, Spencer has awarded more than $11 million in scholarships and over $11 million in grants to universities and other professional institutions. These programs have impacted over 135,000 students across the United States and Canada!
SPENCER PROGRAMS
Click the links below to learn about our programs that support students, colleges, universities, Risk Managers, and other RMI non-profit organizations.
Scholarships
Spencer is dedicated to promoting innovation in the field of risk and insurance by providing financial assistance to talented students. The scholarship program supports students pursuing studies in risk management, insurance, actuarial science, and related fields in the United States and Canada. Spencer Scholarships are awarded to the most promising students who exhibit exceptional academic and professional potential.
Since 1980, Spencer has invested over $11 million in the Scholarship program, with awards to over 1,700 students. More than 85% of Spencer Scholarship recipients remain in the industry to this day.
Course Development Grants
Spencer Course Development Grants support the creation and expansion of Risk Management and Insurance (RMI) courses and programs at universities and colleges in the United States and Canada in efforts to expose more students to the industry and grow a diverse talent pipeline.
Spencer is keenly focused on bringing new RMI curricula to college and university partners to expand the number of students introduced to the profession.
Since 2014, Spencer has invested over $1.6 million in developing risk management and insurance courses at close to 70 colleges and universities, exposing approximately 19,000 students to the RMI industry.
General Grants
Spencer General Grants aim to support initiatives that promote experiential learning opportunities and attract more individuals to the risk management and insurance industry.
Some examples of such initiatives include student attendance at industry conferences and symposia, outreach programs for high school students, engagements dedicated to advancing inclusion in RMI education, and other unique programs that aim to strengthen the talent pipeline.
Since 2010, Spencer has awarded over $4.5 million in General Grants to support over 225 student-centered experiential learning initiatives at universities and RMI non-profit orgs.
Risk Manager on Campus Grants
Spencer RMOC Grants enable universities to invite a practicing Risk Manager to visit the campus and engage with students about the RMI industry. The grant covers the Risk Manager's travel, housing, and other incidental expenses incurred during their visit. The university arranges various events (classroom visits, panel discussions, lectures, luncheons, receptions, etc.) for students to interact and learn from the visiting Risk Manager.
Since 1997, Spencer has awarded over 510 RMOC Grants totaling over $1.7 million to universities & colleges across the United States and Canada.
Internship Grants
Spencer Internship Grants offer $7,500 to Risk Managers who wish to hire interns within the risk management function of their companies.
These interns will learn about the field in a real-world business setting where they can apply their knowledge quickly, respond to new experiences, and begin to develop contacts in the RMI industry.
Risk Managers apply for grants from Spencer, and interested students can then apply directly with the companies for the newly-created risk management internship opportunities.
Since 1999, Spencer has awarded over $2.9 million to create over 570 risk management internships.
Risk Management Challenge
The Spencer-RIMS Student Risk Management Challenge is an international student competition in which students showcase their research skills and apply their risk management knowledge to a real-life scenario.
The competition requires university/college teams comprising of four students to develop and present a comprehensive risk management report based on a case study.
A judging committee evaluates the teams' solutions, and the top eight teams are invited to present their strategies at the annual RIMS RISKWORLD Conference.
Since 2023, Spencer has awarded over $160,000 in RM Challenge travel stipends and awards to over 70 recipients.
PROGRAM IMPACT
Since 1979, Spencer has impacted over 135,000 students!
Review the video playlist below to see how our programs have positively impacted students over the years.
ANNUAL REPORTS
In 2024, Spencer empowered future risk management and insurance professionals by awarding over $1.83 million in scholarships, internships, program grants, and other crucial initiatives.
This investment included a record-breaking 105 Scholarships, 31 Internship Grants, 26 Risk Manager on Campus Grants, 24 General Grants, 14 Course Development Grants, and 40 Risk Management Challenge stipends and awards.
Our commitment to Diversity, Equity, and Inclusion (DE&I) also thrived, with over $330,000 dedicated to fostering a diverse and inclusive future for the industry.