Organizations: Operations, Information and Decisions Department, The Wharton School, University of Pennsylvania, Philadelphia, 19104, PA, USA · Heinz College of Information Systems and Public Policy, Carnegie Mellon University, Pittsburgh, 15213, PA, USA · Department of Computer and Information Science, University of Pennsylvania, Philadelphia, 19104, PA, USA · Technology and Operations Management Unit, Harvard Business School, Harvard University, Boston, 02163, MA, USA
Large language models (LLMs) are improving rapidly as reflected in benchmark scores, yet these AI benchmarks largely test capabilities such as factual recall, narrow question answering, mathematical problem-solving, and coding and agentic tool-use. What remains poorly measured is AI progress on the analytical knowledge work white-collar professionals perform daily, including synthesizing complex information, exercising judgment under uncertainty and incomplete information, applying strategic and adversarial thinking in multi-stakeholder settings, weighing trade-offs, and producing defensible, structured analyses. This gap is even more pronounced for subjective components of such work, where success can be challenging to define. The "case method" form of education practiced by top business schools provides a natural foundation for addressing this measurement gap, and we construct BusinessCaseBench, a benchmark spanning hundreds of questions drawn from business cases across eighteen disciplines, each paired with a grading rubric derived from the expert-written instructor case solution. On BusinessCaseBench, frontier AI models already score highly against instructor rubrics, and capability within one model family improves substantially over two years. These results provide strong evidence that AI performance on this class of work is already high and rapidly improving, with implications for business schools, where case pedagogy trains undergraduates and MBAs in this kind of analytical reasoning, and for entry-level professional roles, where such skills have historically anchored early-career work.
Running a business is a challenging form of intelligent work. Operators must infer opportunities from partial signals, commit capital under uncertainty, adapt to delayed outcomes in a changing market, and satisfy regulatory obligations before trading legally. Frontier LLM agents can increasingly complete complex workflows, yet business-related capabilities are rarely evaluated in existing agent benchmarks. We introduce \textbf{Business Arena}, a controlled environment where an AI agent runs a cross-border shop, buying from suppliers and selling to buyers over a long horizon. We ground the arena in real Alibaba.com sourcing data and market conditions calibrated from authoritative sources. Delayed and coupled consequences make individual business decisions difficult to judge, but their combined outcome is measurable through profit. Because profit alone cannot explain why an agent succeeds or fails, we compare agents with human-designed strategies to estimate available opportunity, use skill-level metrics to reveal underlying strengths and weaknesses, and trace realized gains and losses to the actions that produced them. We use mechanism ablations to establish that strong results reflect genuine business intelligence rather than neglect or simulator-specific shortcuts. We evaluate 15 frontier models and find a ninefold difference in mean final net worth. Even the best model falls behind human-designed strategies, indicating that business operation remains challenging for LLM agents. Skill-level analysis reveals operating styles, from margin-focused premium sellers to high-turnover wholesalers and customer-service specialists, while action-level attribution identifies the sourcing, pricing, and recovery decisions that create or destroy value. Together, Business Arena takes a first step toward a realistic and trustworthy testbed for evaluating end-to-end business agents.
Large Language Models (LLMs) have shown strong potential in financial reasoning, but existing benchmarks often evaluate domain knowledge, numerical reasoning, long-context understanding, and tool use in separate settings. This limits their ability to assess realistic professional workflows that require auditable, context-grounded, and tool-executable decisions. We introduce \textbf{INS-ActBench}, a comprehensive benchmark for evaluating professional actuarial capability in LLMs. INS-ActBench contains 12,050 Q&A pairs from public exams and sample questions released by 16 actuarial associations. It covers three subsets: \textbf{INS-Act-Know} for standardized actuarial knowledge, \textbf{INS-Act-Case} for long-context insurance case reasoning, and \textbf{INS-Act-Practice} for spreadsheet and R-code tasks with verifiable numerical outputs. Experiments on nine representative LLMs and human actuarial experts reveal a clear capability boundary: frontier LLMs perform strongly on standardized knowledge, but remain much weaker in case reasoning, tool-based workflows, and jurisdiction-sensitive practice. INS-ActBench provides a reproducible foundation for developing actuarial LLMs toward reliable professional assistance. The code is available at https://github.com/FDU-INS/INS-ActBench.
AI agents are increasingly deployed for professional investment research, yet no benchmark captures the complexity of the full investor workflow. Existing benchmarks mainly target financial data extraction, a narrow slice that current models have largely saturated, while reference-based metrics and generic LLM-as-a-judge scoring fall short on the open-ended, long-form answers that real analyst queries demand. We introduce FrontierFinance, a fully open benchmark of 220 expert-crafted queries and 11,543 source-attributed rubrics spanning six crucial use cases across the full investor workflow. FrontierFinance is both broader and harder than existing public finance benchmarks. Evaluating frontier models and agent systems under a common harness restricted to publicly available data, we find that the tool harness, not the model alone, strongly shapes quality and efficiency; that Samaya's in-house system leads at 56.0%, ahead of the strongest frontier model (Claude Fable 5, 49.2%) at roughly 2.2x lower cost; and that the best open-weight model (Kimi K3, 46.4%) nearly matches the best proprietary model at 4.5x lower cost. Screening & Discovery and Sector, Industry & Macro remain the hardest use cases across all systems, where even the best systems reach only 33% and 39%. We make the dataset and grading code publicly available.
Yuhao Zhang, O. Ozan Koyluoglu, Thejas Venkatesh +4