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EMU to Launch Actuary Sciences Program

EMU to Launch Actuary Sciences Program

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 Fall Semester of the 2018-2019 Academic Year. The four-year program which will offer undergraduate study opportunities in the medium of English will start admitting new students via EMU Entrance and Scholarship Exam to be held on 31st May 2018.

Would you Like to Become an Actuary?

Actuarial Sciences Program is carried out, upon the approval of the Turkish Higher Education Council (YÖK) only at Eastern Mediterranean University at the Turkish Republic of Northern Cyprus and two universities in the Republic of Turkey. The program, which will be offered in EMU for the first time, will provide high quality study opportunities with the expert faculty working under the Department of Mathematics.

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.

Ready with its Expert Faculty and Opportunities

It is highlighted that Actuary Sciences program will be offered by 13 Professors (5 Mathematics, 3 Computer, 5 Banking and Finance), 5 Associate Professors (2 Mathematics, 3 Banking and Finance) and 12 Assistant Professors (10 Mathematics, 2 Banking and Finance). It is also emphasized that the program is ready to welcome the new students with modern classrooms, 3 computer laboratories, a trade laboratory, a research laboratory, the main library and a departmental library.