How to apply for funding

There are three types of funding available:

• For member-led research (typically Working Parties and Member Interest Groups)
• For targeted research (typically university-led or multi-disciplinary)
• Via the Memorial Education Research Fund.

Member-led research (Working Parties)

Working parties are vital to the future development of actuarial thought, with projects often generating future initiatives or CPD opportunities.

A budget of £50,000 is available to boost member-led research. Here are some examples of the ways we can help:

• Fund a researcher for a short period (e.g. three-six months) to undertake some data collection or analysis, a survey of current practice or of existing material, or to synthesise the existing research already undertaken by the working party. If this option is being considered, there can sometimes be cost efficient ways of funding such a researcher such as an industrial maths knowledge transfer internship
• Fund some additional administrative help such as organising meetings, writing up notes or organising events
• Fund travel to meetings for academics or retired members who might not otherwise be able to take a full part in the research
• Fund a survey of relevant thought-leaders, members of the public, or other organisations. 

How do I apply?

Applications for funding should be made via the Practices Manager and should have the support of the relevant practice area executive committee or member interest group committee. Applications received will be considered by a research advisory panel and a decision communicated within eight weeks of receipt.

Your proposal should include:

• your working party's aims, terms of reference and any work undertaken to date
• a detailed timetable of the planned work
• detailed costings for the funding you are requesting
• anticipated benefits arising from the funding you are requesting including how it satisfies the criteria below
• how you plan to disseminate the findings e.g. as a sessional meeting paper, for presentation and discussion at an open forum event, as a conference session etc.

We give preference to proposals where:

• it is clear that the additional funding will have a material impact on the project (perhaps with a longer time horizon)
• the project will provide thought leadership material/opportunities
• there is closeness of fit of the research's aims, objectives and planned outputs with the Profession's strategy
• the plans for dissemination show clearly how members will benefit from the additional funding.

Please note: any intellectual property gained by any externally commissioned research will remain with the Profession

For further information please contact Maria Lyons

Targeted research

Targeted research (of the type likely to be completed by universities or multi-disciplinary groups) arises from the Profession identifying topics on which bids are sought. A Call is issued and a research advisory panel established to oversee the application process and, once a contract has been awarded, to monitor progress against agreed deadlines. You can find information on current and previous projects on our Calls and current projects page.

Management board agreed these themes:

• Identifying needs
• Sustaining and building research communities
• Building external links
• Making research accessible through improved communication
• Breaking down barriers between silos

Memorial Education and Research Fund

This fund is an amalgamation of various endowments and other grants.

The aims of this fund are to:

• promote, for educational purposes, research in actuarial science and related subjects, and the publication of the results
• advance education in actuarial science and related subjects
• award exhibitions, scholarships or grants for the purpose of obtaining professional training.

For further information including how to apply for funding please contact Maria Lyons.