INS-ActBench: A Comprehensive Benchmark for Assessing Professional Actuarial Capability of Large Language Models

We present ActuBench, a multi-agent LLM pipeline for the automated generation and evaluation of advanced actuarial assessment items aligned with the International Actuarial Association (IAA) Education Syllabus. The pipeline separates four LLM roles by adapter: one agent drafts items, one constructs distractors, a third independently verifies both stages and drives bounded one-shot repair loops, and a cost-optimized auxiliary agent handles Wikipedia-note summarization and topic labelling. The items, per-model responses and complete leaderboard are published as a browsable web interface at https://actubench.de/en/, allowing readers and practitioners to inspect individual items without a repository checkout. We evaluate 50 language models from eight providers on two complementary benchmarks -- 100 empirically hardest multiple-choice items and 100 open-ended items scored by an LLM judge -- and report three headline findings. First, multi-agent verification is load-bearing: the independent verifier flags a majority of drafted items on first pass, most of which the one-shot repair loop resolves. Second, locally-hosted open-weights inference sits on the cost-performance Pareto front: a Gemma~4 model running on consumer hardware and a Cerebras-hosted 120B open-weights model dominate the near-zero-cost region, with the latter within one item of the top of the leaderboard. Third, MCQ and LLM-as-Judge rankings differ meaningfully: the MCQ scaffold inflates the performance ceiling, and Judge-mode evaluation is needed to discriminate at the frontier.

Large language models (LLMs) are increasingly being applied to financial analysis, reporting, investment decision support, risk management, compliance, and professional training. However, robust evaluation of their domain competence in finance remains incomplete. Widely used open benchmarks such as FinQA, ConvFinQA, and TAT-QA have played an important role in advancing financial question answering and numerical reasoning, but they focus primarily on question answering over financial reports and do not provide an explicit hierarchy of professional difficulty. Broader resources, including FinanceBench, PIXIU, FinBen, and FLaME, expand the coverage of financial tasks, yet the problem of evaluating the transition from foundational knowledge to expert-level financial reasoning remains open. In this work, we present FINESSE-Bench, a suite of eight specialized benchmarks comprising 3,993 questions for hierarchical evaluation of financial competencies in LLMs. FINESSE-Bench combines exam-oriented datasets inspired by professional certifications (CFA-like Levels 1-3, CMT-like Level 2, and CFTe-like Level 1), applied trading task collections, and a Russian-language olympiad benchmark. This design enables evaluation of domain breadth, performance degradation as difficulty increases, the ability to solve computational tasks, and model behavior in specialized financial domains. We also describe a unified evaluation protocol covering multiple-choice questions, numerical answers, and short open-ended responses, together with an automated scoring scheme for freeform answers based on the LLM-as-judge paradigm. FINESSE-Bench is intended both as a complement to existing open financial benchmarks and as a tool for more substantive evaluation of professionally relevant financial competencies in large language models.

Do Large Language Models (LLMs) possess genuine structural reasoning, or merely rely on surface-level pattern matching? The financial domain, demanding numerical precision and multi-step logic over long contexts, is an ideal testbed. Existing benchmarks fail to capture real-world industrial complexity, predominantly relying on multiple-choice questions or single-hop QA over cropped tables while ignoring intricate cross-statement dynamics and temporal de-cumulation. To bridge this gap, we introduce FinIndices, a large-scale benchmark evaluating data-processing fidelity over uncropped financial statements (up to 32K tokens). Utilizing an automated synthesis pipeline with adversarial traps, FinIndices encompasses Single-Index computation and Table-Index tabulation to test complex domain, temporal, and caliber reasoning. Our evaluation reveals two severe LLM vulnerabilities. First, a "Knowledge Bottleneck": despite memorizing formulas during pre-training, models demonstrate fragile pattern matching. Removing explicit formula hints causes performance to collapse (e.g., Gemini-3.1-Pro drops from 70.70% to 38.22% on table tasks), exposing fatal flaws in temporal de-cumulation and stock-flow caliber mismatch. Second, a "Structural Bottleneck": the intense cognitive load of generating multi-metric, multi-period tables actively drains reasoning capacity. Under structural pressure, LLMs that flawlessly execute isolated derivations regress to shallow heuristics, such as fetching incorrect adjacent columns or substituting deep accounting adjustments with lazy literal arithmetic. Finally, Supervised Fine-Tuning (SFT) yields substantial zero-hint gains (+8.54% Single, +3.82% Table), validating that structured logic can be partially restored via data-centric alignment.