Introduction (Actuarial Sciences)

Actuarial Science is a discipline, which employs mathematics and statistics in modelling the financial impacts of risk and uncertainty in various sectors and in designing solutions for risk management. Actuaries are professionals who are qualified in this field through education and experience. 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. The insurance industry cannot function without actuaries. Actuaries measure the risk, estimate the costs and determine the premiums for policyholders. Private corporations also need actuaries that they should rely on risk evaluations to frame their strategic management decisions. Moreover; actuaries could be employed as professionals to design pension and benefit plans, evaluate assets and liabilities, and reduce the risk factors companies exposed to. 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 work environment, employment outlook, job security, growth opportunity, and salary in the 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.