About Program
Actuarial science emerging with the first applications of life insurances deals with the unpredictable events depending on the randomness and the financial impacts of these events which affects people's life such as birth, death, illness, disability, retirement and affects the personal estate such as fire, accident, earthquake, flood and theft. Actuary is a scientific discipline that requires a very strong mathematical and statistical background, and that includes the full range of calculation and estimation methods for pricing and risk analysis related to insurance, long-term investments and pensions. Expert actuarial scientists trained in modeling, strategy development are needed because of Turkey's frequent exposure to natural disasters, especially earthquakes, creating a financial bridge between east and west with the growing economy, increasing population and having a young population. Thus, the need for Actuarial Sciences program has led it to be among the fundamental and applied sciences, and has necessitated its development and education.
Goals
To train actuarial scientists who have comprehensive knowledge of risk, investment, finance and demography and insurance techniques in banking and insurance sector; who have competence to apply statistical theory and techniques; who analyze the risk of events that affect people's life and property; who create security programs to mitigate the financial impact of these events by estimating its probability; who manage the financial consequences of the uncertainty; who find effective solutions on risk analysis, measurement and pricing; who solve problems related to risk management by using mathematical and statistical methods; who propose models to minimize the risks and determine the right strategy; who create investment strategies; who contribute to the economic growth of the countries where they work by increasing investment profitability and creating employment opportunities.
Summary of Program Outcomes
Gains the ability to identify, analyze, model actuarial problems and to produce problem-specific solutions by using advanced theoretical and practical knowledge in actuary and statistics. Applies actuarial concepts to the problems related to financial security planning, such as pension funding, pricing, reserving for life and accident insurance, etc. Utilizing the latest software tools used by the insurance industry, performs statistical/actuarial analysis of insurance data, and makes predictions for the future.