Enhance Your Understanding of Complex Actuarial Topics

Have you ever struggled with an actuarial topic whilst studying your for your exams? Sometimes it helps to get an additional perspective.

Richard Feynman, developed a famous study method for students to learn through the act of teaching. To use the technique, students choose a topic and then explain it in their own words as if teaching a child.

This prompt facilitates that process by asking ChatGPT to do the same. You can try to explain the topic as if you are teaching a child. Then run the prompt and compare your explanation to see if it could be improved.

You can run this multiple times asking ChatGPT to explain the topic to individuals at different ages. The very act of reading through the various responses should really help your understanding of the topic.

In the example below I am an actuarial student wanting to have a better understanding of the topic of interest rate immunization.

Caveat: Always remember ChatGPT is not always 100% correct. It is prone to ‘hallucinations‘ and hence you should keep this in mind when reading responses and fact check things if necessary.

Let’s see it in action…

The Prompt

The Output

Here’s the generic prompt so you can copy & paste it, and try it yourself:

Act as the world’s best finance educator. Explain [insert topic] like I’m [insert age]. Include discussions on [insert subtopics you want to cover] in your explanation.