The Actuary Sciences Program, which will be jointly run by the Eastern Mediterranean University (EMU) Faculty of Arts and Sciences, Mathematics Department and Faculty of Business and Economics, Department of Banking and Finance, will start its academic life in the Fall Semester of the 2018-2019 Academic Year. The program which is the only English language Actuary Sciences program in Turkey and Cyprus aims to train qualified professionals for the sector. A meeting between the Turkish Republic of Northern Cyprus (TRNC) Association of Insurance and Reinsurance Companies Executive Board and EMU regarding the program that will contribute to the development of the private sector was attended by EMU Faculty of Arts and Sciences Dean Prof. Dr. Mehmet Ali Özarslan, Business and Economics Faculty Dean Prof. Dr. Eralp Bektaş, Mathematics Department Chair Prof. Dr. Nazım Mahmudov and Banking and Finance Department Chair Assoc. Prof. Dr. Nesrin Özataç. The meeting took place at the Association of Insurance and Reinsurance Companies headquarters in Nicosia.
Favorable Opinions of Sector Representatives
Association of Insurance and Reinsurance Companies’ Chairman of the Executive Board Ülker Fahri stated that they are very happy about the foundation of the new program highlighting that they are always ready to carry out sectoral collaborations. During the meeting sectoral representatives also gave favorable opinions about the foundation of the program. There is a serious demand for actuaries from the 34 insurance companies in the sector. State institutions are also expected to hire program graduates. Wages of actuaries can reach up to 40 thousand TL per month. The Actuary Sciences Program approved by the Higher Education Planning, Accreditation and Coordination Council as well as The Council of Higher Education will proceed with private sector collaborations.
Would you Like to Become an Actuary?
The science of Actuary is regarded as a scientific discipline with an increasing emphasis on the risky economic conditions of today's world, although the foundations are based on the 1870s. In this area of science, risk assessment is made in many areas of the economy, especially in the fields of insurance and finance, by using mathematical and statistical methods as well as dealing with finance.
“Actuaries” mainly use statistics to predict non-specific events such as accidents, premature deaths and natural disasters. Actuaries are professionals who can evaluate financial risks, offer solutions, and examine the long-term outcomes of each solution. The actuary does not only evaluate financial uncertainties in the present but also in the future. Proposals for strategic decisions are made by making forward projections.
5th Place Amongst 10 Most Popular Jobs
EMU Faculty of Arts & Sciences Dean Prof. Dr. Mehmet Ali Özarslan and Faculty of Business and Economics Dean Prof. Dr. Eralp Bektaş provided information about the new program which will be launched at the beginning of the upcoming term and stated that Actuary profession is in the first five among the top ten professions in terms of money, prestige and job satisfaction in the United States of America (USA) and Europe. Özarslan and Bektaş also emphasized that it is in the highest Occupational Security in 2017 according to News & World Report in USA, ranked 23rd place among the first 26 jobs (97.070 US dollars as average annual income).
According to the Bureau of Labor Statistics, Prof. Dr. Özarslan and Prof. Dr. Bektas stated that the employment rate of actuaries is foreseen to grow by 22% between the years of 2016-2026 and according to the “Actuarial Regulations" in Turkey, they underlined that every insurance company that operates under the area of life needs to employ an actuary registered to Actuary Registry.