The graduate tier of the Spencer Educational Foundation's risk management, insurance and actuarial science programme. Full-time master's students receive $10,000 and part-time master's students up to $10,000, both on a 3 February deadline; Ph.D. candidates and Pre-Instructors of Practice receive $10,000 on a 1 March deadline. Students must be enrolled at an accredited institution in the United States or Canada and physically studying in North America, with minimum credit loads of 9-12 for full-time master's study and 3-6 for part-time. The Pre-Instructor of Practice track is unusual in funding the pipeline of future risk management faculty rather than only students entering industry.