Financial Mathematics Program


The last decades witnessed the projection of sophisticated mathematical techniques to the center of the finance industry. In the 80's the main investment banks hired mathematicians, physicists and engineers to become financial engineers. Gradually, the main skills defining this professional category are being clarified and today many universities all over the world are designing programs to develop modeling and mathematical expertise in financial applications.

In our country, the financial sector has enjoyed unparalleled expansion in the last decades and more and more sophisticated financial instruments are expected to be introduced into the sector in the forthcoming ones. Already there are serious attempts to integrate derivative securities and markets into the Turkish financial system. These developments will lead to a demand for talented people trained in the field of financial mathematics.

The Institute of Applied Mathematics is responding to this new trend in the Turkish finance industry by developing an interdisciplinary program that will introduce students to models and mathematical techniques used in option pricing, pricing of other complex financial products, and to some aspects of financial econometrics. The program combines the strengths of the departments of Mathematics, Business Administration, Economics, Statistics and Industrial Engineering of the Middle East Technical University.

One of the fields connected to Financial Mathematics is Actuarial Sciences. By analyzing uncertainty of real life events, actuaries create and apply programs aimed at managing risks. The option of “Financial Mathematics in Life and Pension Insurance” focuses on life contingencies.


The objectives of this program:
  • To provide students with the knowledge and skills necessary for comprehending and applying existing techniques of Financial Mathematics and Life Insurance,
  • To cultivate their ability in creating new, innovative techniques,
  • To analyze and manage financial markets,
  • To conduct research in risk modeling and management, interest rate models, pricing and hedging portfolio optimization.


Master of Science Degrees in Financial Mathematics (thesis and non-thesis options).

Doctor of Philosophy (Ph.D.) in Financial Mathematics (thesis option).

See the curriculums of each program.


The admission procedure of these programs will be implemented according to the “Academic Rules and Regulations Concerning Graduate Studies of METU”. However, some programs might have additional admission requirements. University graduates of any discipline willing to acquire expertise in financial mathematics are natural candidates for these programs. These programs are also open to graduates working in financial and insurance industries. In general, the applicants will be evaluated based on their success in their graduation fields, their ALES/GRE (Graduate Education Examination) scores, English Proficiency, and the result of a possible examination/interview given by the Institute.

The program is equally suitable for students who have just finished their undergraduate education or for practitioners in financial industry holding a Bachelor degree. Applicants must have a strong academic background showing good analytical skills. The applicants are expected to have working knowledge of calculus (including partial differentiation, Taylor series, Riemann-Stieltjes integrals), linear algebra (systems of equations, determinants, diagonalization of symmetric matrices, eigenvalues, etc.), elementary theory of ordinary and partial differential equations, in addition to some basic knowledge of computer programming. Course work or job experience in probability is also recommended. A promising student lacking prerequisites may be admitted but required to take the summer Mathematics Preparatory Course (MPC) before beginning the program.

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Phone numbers like "XXXX" must be dialed as "+90-312-210-XXXX" outside of METU campus!

Related (Affiliated) Faculty Members

LastnameFirstnameOfficePhone (W)Email
1DanışoğluSeza 2035seza [@] ba.metu.edu.trview
2DüzgünHafize ŞebnemMN1382668duzgun [@] metu.edu.trview
3GaygısızEsma 2043esma [@] metu.edu.trview
4GünerNurayFEAS-B/H-1133075nguner [@] ba.metu.edu.trview
5HayfaviAzizeS2195613azizeh [@] metu.edu.trview
6SerinYasemin 2283serin [@] metu.edu.trview
7SezerAli DevinS2045665devin [@] metu.edu.trview
8TemoçinBüşra Zeynep-5601 view
9UğurÖmürS2245617ougur [@] metu.edu.trview
10WeberGerhard-WilhelmS2255652gweber [@] metu.edu.trview
11YıldırakKasırgaS221+90 312 297 61 60kasirga [@] hacettepe.edu.trview
12YılmazBilgiS2055609ybilgi [@] metu.edu.trview
13Yolcu-OkurYelizS2175695yyolcu [@] metu.edu.trview