IAMINSTITUTE OF APPLIED MATHEMATICS


Actuarial Sciences Program

Introduction

Actuarial Science is a discipline, which employs mathematics and statistics in modelling of the financial impacts of risk and uncertainty in various sectors and in designing solutions for risk management.It is a discipline that applies mathematical and statistical methods to assess risk in insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience.

An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use probability, mathematics, statistics, finance, economics, financial economics and computer programming to study uncertain future events, especially those of concern to insurance and pension programs. They evaluate the likelihood of those events, design creative ways to reduce the likelihood and decrease the impact of adverse events that actually do occur. For being an actuary, it is needed to pass actuarial exams. Actuarial exams are a series of professional level examinations which must be passed in order to be admitted into a actuarial society and for passing these examinations a well knowledge in this area is required.

The insurance industry cannot function without actuaries. Actuaries calculate their costs and determine the premiums for policyholders. Private corporations also needs actuaries that they should rely on risk evaluations toframe their strategic management decisions. Moreover; actuaries could be employed as consultants to help companies design pension and benefit plans, evaluate assets and liabilities, and reduce the risk factors companies exposed to. In addition, actuaries can alsa work for government by helping manage its programs and overseeing public companies to ensure compliance for regulatory laws. Also actuaries could work for; universities, banks and investment firms, public accounting firms, labor unions and rating bureaus.

Actuarial Science is a newly emerging field of science with full of potential for career growth and plenty of promises for high profile career opportunities. Actuarial Science is already considered as one of the top five potential job fields according to categories such as; work environment, employment outlook, job security, growth oppotunity, and salary in USA. In Turkey, there is a high demand to produce knowledge for actuarial analysis and to have well-educated actuaries to deal with modelling real life data problem of actuarial sciences.

Objectives

The objectives of this program:
  • To educate our graduates so that they can make significant contributions to the financial security of individuals through the ability to identify, quantify, assess and manage risk uncertainty,
  • To provide students with the knowledge and skills necessary for comprehending and applying actuarial techniques,
  • To produce theoretically sound and practical research, which contributes to the advancement of actuarial science and practice,
  • To conduct research in practical applications of actuarial, insurance, risk management and risk analysis.

Organisation

The Actuarial Sciences Program offers with thesis and non-thesis options:

M.Sc. Thesis option consists of nine courses, a seminar course and a Master's Thesis.

M.Sc. Non-Thesis option consists of twelve courses, a seminar course and a Term Project. Among these twelve courses, nine of them are must courses and three of them are electives.

See the curriculums of each program.

Admission

University graduates of any discipline who are willing to acquire expertise in Actuarial Sciences are natural candidates for the program Admission procedure will be implemented according to the Rules and Regulations concerning Graduate Studies of Middle East Technical University. The selection will be done by considering the success of the student in the field she/he has graduated, the result of the ALES examination (Graduate Education Examination), English Proficiency and the results of written examination and/or interview to be given by the Institute of Applied Mathematics. A letter explaining the goals of the candidate and at least three recommendation letters are also required for the admission.

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Related (Affiliated) Faculty Members

LastnameFirstnameOfficePhone (W)Email
1Başbuğ ErkanBerna BurçakSTAT1392961bberna [@] metu.edu.trview
2BatmazİnciSTAT1355325ibatmaz [@] metu.edu.trview
3İlkÖzlemSTAT1345326oilk [@] metu.edu.trview
4KestelSevtapS2215614skestel [@] metu.edu.trview
5SezerAli DevinS2045665devin [@] metu.edu.trview
6TankFatih +90 312 212 67 20 / 1506Fatih.Tank [@] ankara.edu.trview
7WeberGerhard-WilhelmS2255652gweber [@] metu.edu.trview
8YozgatlıgilCeylanSTAT1362963ceylan [@] metu.edu.trview