Actuarial science is the discipline that applies mathematical, statistical methods and financial concepts to assess risks in particular in insurance, finance and other industries and professions. Essentially ‘actuaries’ use statistics to predict uncertain events, such as, accidents, premature death and natural disasters. It is a joint program running together with Mathematics Department and Department of Banking and Finance, which provides highly qualified education with international academic staff, expert in their fields.
Why Actuarial Science ?
- Actuary occupation takes its place among the first five occupations in top ten in terms of money, prestige and job satisfaction in the USA and in Europe.
- In U.S. News & World Report’s 2017 ranking of 26 Jobs with the Most Job Security, actuaries (with a median annual salary of $97,070) came in at No. 23.
- According to the Bureau of Labor Statistics, employment of actuaries is projected to grow 22 percent from 2016 to 2026, much faster than the average for all occupations.
- The first Actuarial program in TRNC.
- The first Actuarial Science Program in Turkey, in the medium of English language.
- According to the “Actuarial Regulations” in Turkey, every insurance company operating in the life branch has to operate an actuary registered with Actuarial Registry.
The program is conducted by a well equipped academic staff including:
- 13 professors (5 in mathematics, 3 in computer sciences, 5 in banking and finance)
- 5 associate professors (2 in mathematics, 3 in banking and finance)
- 12 assistant professors (10 in mathematics, 2 in banking and finance)
- 3 computer laboratories : 25 client computers in each serving to our students for their practices on different subjects.
- Trade master lab: a platform to monitor and experience financial transactions
- Research laboratory: It is equipped with three powerful i7 systems and one Linux system. The systems enable the use of the latest versions of program packages such as Matlab, Maple, Mathematica, Visual Studio, SPSS, Minitab, Eviews, Fortran, R and R studio etc.