Coast Guard Academy Improvement Act This bill concerns matters related to the U.S. Coast Guard Academy. Among other things, the bill establishes a commission to assess the level of cultural competence within the academy; mandates a recruitment and retention plan for the academy; provides statutory authority for a minority outreach team program to recruit minority students to the academy; requires the Coast Guard to select half of each academy class from a pool of applicants with congressional nominations; and provides statutory authority for and expands the College Student Pre-Commissioning Initiative, which allows certain undergraduate students to enlist and receive a guaranteed commission as an officer in the Coast Guard.