Building an Exam Review Environment with Mathematica

Bruce Jones and ACTEX Publications

Students of actuarial science have a new weapon in their arsenal, and practicing actuaries now have an easy way to experience Mathematica's potential as a modeling and presentation tool.

This is possible because Wolfram Research and ACTEX Publications recently completed development of an interactive, computer-based reference on actuarial models and the modeling process for use by members and test-takers of the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). The SOA is an educational, research, and professional membership organization for actuaries who primarily practice in pension, employee benefits, investments, and life and health insurance in the United States and Canada. The CAS is a professional organization with the purpose of advancing the body of knowledge of actuarial science applied to property, casualty, and similar risk exposures.

"After seeing work my colleagues had done in communicating ideas using Mathematica and having used Mathematica myself for actuarial modeling, it became clear to me that the actuarial profession could make effective use of Mathematica as an educational tool." Professor Bruce Jones, Richter Chair of Actuarial Science, University of Western Ontario

The study guide was written by Professor Bruce Jones, a Fellow of the Society of Actuaries who occupies the Richter Chair of Actuarial Science at the University of Western Ontario in London, Ontario. "After seeing work my colleagues had done in communicating ideas using Mathematica and having used Mathematica myself for actuarial modeling, it became clear to me that the actuarial profession could make effective use of Mathematica as an educational tool," said Jones, who originated the idea. "The actuarial education system relies heavily on self-study. However, many of the important ideas in modeling are difficult to appreciate without hands-on exposure to them. This interactive product allows one to achieve this in a self-study setting." The guide links the computational power of a custom Mathematica kernel to prepared examples and study materials through a specialized user interface.

ACTEX is a publisher of many of the professional and exam-preparation materials used by the societies' members and test-takers. This reference, an interactive CD-ROM complete with examples and study guide, is primarily for actuarial students preparing for the Course 3 and 4 Examinations, which are coadministered by the SOA and the CAS. Practicing actuaries interested in the advantages and limitations of various models will also find the software useful.

This collaboration gives the SOA, the CAS, and their members access to an integrated technical computing system in a straightforward way via a customized interface, so that they may be exposed to the utility and flexibility of Mathematica as a professional tool.