Securing a Bermuda Foundation for Insurance Studies scholarship takes far more than good grades. Each year, between 700 and 775 applications compete for approximately 16 awards.
Competition is fierce because the scholarships offer much more than financial support. Mentoring, networking opportunities, internships and career guidance are all part of the package.
BFIS administrative specialist Bonnie Exell, who has a decades’ long career in academic advising, shared that many students underestimate what’s needed to submit a strong application.
“Some applicants treat the scholarship application process like a sprint instead of a marathon,” she said. “My strong recommendation is for students planning to apply for scholarships to spend a couple hours a week on it, ideally starting during the summer before they plan to apply.”
Students should start building their résumé from the first year of high school by committing themselves to their studies while also developing leadership skills, volunteering, gaining work experience and taking part in extracurricular activities.
Strong grades remain important, but they are only part of what scholarship selectors are looking for.
While most BFIS scholarships require a minimum grade-point average of 3.0, and a small number require 3.5, successful applicants typically offer much more than academic success.
Leadership, volunteer service, relevant work experience and extracurricular activities all help candidates stand out, whether through sport, music, student government, community service or part-time employment.
“The strongest applicants have proven academic track records, can articulate their goals in writing and in the interview, and can speak about the industry and why it interests them,” Ms Exell said.
She added that students who take part in job shadowing or internship opportunities often set themselves apart as these experiences demonstrate a commitment to a future insurance career.
A strong personal statement can also make a lasting impression.
“Our essay focuses on having the applicants share their stories of what drew them to a career in insurance,” Ms Exell said. “Through the essay, applicants can convey what excites them about this path, and what skills they think they can bring. This is key.”
Ms Exell said many students are surprised by the range of careers available.
“One of the most common misconceptions we encounter is that the industry is not an interesting place to work,” she said. “However, when we describe the wide variety of work that takes place each day — from responding to global catastrophes to developing innovative risk solutions — students are often surprised by how dynamic and impactful the industry is.”
Another common misconception is that a business degree is required.
“We frequently meet university students studying geography, engineering, climate science and mathematics who are unsure whether there is a pathway for them into the (re)insurance sector. In reality, the industry values a broad range of academic backgrounds and relies on diverse expertise to solve complex challenges,” Ms Exell said.
Interview preparation is another area where many students can improve.
Applicants should be ready to confidently talk about themselves, what they are studying, activities outside the classroom and any personal interests. Ms Exell also recommends coming to the interview with an understanding of BFIS’ mission and programmes. This conveys respect, genuine interest and thorough preparation.
Letters of recommendation should reinforce the rest of the application rather than simply repeat it.
“The best letters of recommendation support the applicant’s overall story by speaking to their character, work ethic, leadership, academic ability and potential,” Ms Exell said. “The most useful letters are specific rather than generic.”
She recommends giving referees at least two weeks’ notice and providing them with an up-to-date résumé, transcript and details of academic achievements, volunteer work and extracurricular activities as well as the scholarship criteria, so they have the time and information needed to write a meaningful reference.
For students worried that setbacks or less-than-perfect grades will impede their chances, Ms Exell said resilience matters.
“What sets successful scholarship recipients apart is their ability to learn from those challenges, overcome them through resilience, persistence and determination, and clearly articulate how those experiences have shaped their personal growth and future aspirations.”
Her final advice is straightforward: take the time to submit the strongest application possible, find an accountability partner to help keep the process on track, and ask someone else to review the application before pressing submit.
