Program Overview

Introduction to Actuarial Sciences

Actuarial Science is a discipline that 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 events, design creative ways to reduce the likelihood, and decrease the impact of adverse events that actually do occur.

Objectives

The objectives of this program are:

• To educate 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 sciences and practice
• To conduct research in practical applications of actuarial, insurance, risk management, and risk analysis

Degrees Offered

• MSc with Thesis in Actuarial Sciences
• MSc without Thesis in Actuarial Sciences

Admission

University graduates of any discipline who are willing to acquire expertise in Actuarial Sciences are natural candidates for the program. The 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 they have 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 two recommendation letters are also required for admission.

Program Details

Actuarial Science is a newly emerging field of science with full potential for career growth and plenty of promises for high-profile career opportunities. Actuarial Science is already considered one of the top five potential job fields according to categories such as 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 problems of actuarial sciences.