2024 Programs Impact:
105 Scholarships = $717,500
14 Course Development Grants = $276,287
24 General Grants = $356,979
31 Internship Grants = $229,976
26 Risk Manager on Campus Grants = $106,846
40 rm challenge travel stipends & awards = $140,854
2023 Programs Impact:
103 Scholarships = $690,718
14 CD Grants = $245,652
16 General Grants = $375,529
32 Internship Grants = $227,757
22 RMOC Grants = $61,808
2022 Programs Impact:
99 Scholarships = $650,077
7 CD Grants = $141,380
13 General Grants = $331,250
27 Internship Grants = $197,508
13 RMOC 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 2024, Spencer awarded 105 scholarships totaling $717,500 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 $10.2 million in the Scholarship program, with awards to over 1,600 students. More than 85% of Spencer Scholarship recipients remain in the industry to this day.
Spencer Course Development Grants support the creation and expansion of Risk Management and Insurance 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. 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 2024, Spencer awarded 14 Course Development Grants, totaling $276,287!
Since 2014, Spencer has invested over $1.3 million in developing risk management and insurance (RMI) courses at over 50 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 2024, Spencer awarded 24 grants to universities and RMI non-profit organizations, totaling $356,979.
Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI industry non-profit orgs.
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 2024, Spencer awarded 26 RMOC grants totaling $106,846.
Since 1997, Spencer has awarded over $1.4 million in RMOC Grants to over 440 universities & colleges across the United States and Canada.
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 2024, Spencer awarded internship grants to 31 companies with Risk Management functions, totaling $229,976.
Since 1999, Spencer has awarded over $2.9 million to create over 570 risk management internships.
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.
In 2024, Spencer enabled the top 8 teams (40 individuals) to travel to RISKWORLD and awarded cash prizes to the top 3 teams (12 students), totaling $140,854.
Since 2023, Spencer has awarded over $160,000 in RM Challenge travel stipends and awards to over 70 recipients. We thank FM and RIMS (the Risk Management Society) for their support for this program.