Get your hands dirty with real-world data analysis!
Teams of one to five high school students conduct an actuarial research project in which they make recommendations to companies, organizations, government agencies, or other groups based on their own mathematical models, real-world data analysis, and risk management. Teams passing Phase One are connected with actuarial mentors to help refine their project proposals. The top research teams from Phase Two are then brought to the national MTFC Symposium to present their work for a shot at being one of four teams who share a scholarship award of $60,000!
Student teams are given a scenario description, data-set, and series of up to 30 questions to evaluate the team’s expertise in five areas:
- Statistics and Probability Fundamentals
- Projecting Trends
- Modeling Data
- Analyzing Risks
- Making critical thinking recommendations
Teams must complete two requirements to pass the Scenario Phase: (1) score well enough on the scenario questions, and (2) submit a Project Proposal identifying a topic and problem statement for your project. Teams passing the Scenario Phase will be recognized as Modeling the Future Challenge Semi-Finalists and move on to the Project Phase of the Challenge where you will conduct your own actuarial research project. As part of the Semi-Finalist award package, teams will be matched with an actuary mentor who will guide you through the critical steps of the “Actuarial Process” used to complete your project report.
If you’ve made it this far, congratulations on being selected as a Semi-Finalist!
Once your team has qualified, you will be entered into the main Project Phase of the Challenge. Each qualified team is matched with an actuarial mentor to provide high-level guidance on their project. Mentors meet virtually with teams twice during the project period.
To complete your project, you will work through four high-level steps:
- Problem Identification
- Data Identification
- Mathematical Modeling
- Risk Analysis
Teams selected as finalists will have additional time to update their project report and to prepare a live presentation for the Modeling the Future Challenge Symposium. At the Symposium you will meet other like-minded students, mix with professional actuaries, explore the exciting host city, and compete for the final MTFC scholarship awards!
During the COVID-19 pandemic, the Symposium will be virtual.