A merit-based award for undergraduates in the United States and Canada seeking a career in risk management, insurance or actuarial science, with preferred majors and minors spanning risk management and insurance, actuarial science, business, finance and information technology. The standard award is $7,500, with a limited number of $5,000 awards for freshmen and sophomores and $10,000 awards for top-ranked applicants. Applicants must be enrolled at an accredited college or university in the US or Canada at a minimum of 12 credits and physically studying in North America. All undergraduate applicants are automatically considered for the Foundation's many named scholarships, which carry regional, demographic or institutional preferences. Spencer awarded a record $1 million to 125 students across 47 universities in 2026.