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BS: Actuarial Science - Banking and Finance Double Major

Double Major

The aim of this by-law is to determine the principles of an educational program of getting another undergraduate diploma from the same department or another department in EMU for students who have successful academic performance in their registered undergraduate programs.

In this by-law; “First Major Program” refers to the undergraduate program of a student’s registered department.

“Second Major Program” means the undergraduate program of the second department that students want to get the second undergraduate diploma in addition to the first diploma.

“Double-major Program” refers to the educational program formed as a combination of the first and the second major programs, giving students the chance of receiving the first and the second major program diplomas at the same time.

Courses to be taken by a Actuarial Science Student from Finance and Banking Curriculum

 Course Code Course Name Credit FINA102 Introduction to Banking and Finance 3 MGMT 211 Business Communication 3 ECON 201 Intermediate Microeconomics 3 ACCT202 Principles of Accounting II 3 BANK 201 Commercial Bank Management 3 FINA 262 Financial Data Analysis 3 ECON 202 Intermediate Macroeconomics 3 BANK 303 International Banking 3 FINA 362 Applied Financial Statistics 3 FINA 306 Corporate Finance 3 BANK 401 Marketing of Financial Services 3 BANK 408 Asset and Liability Management 3 BANK 404 Credit Analysis & Lending 3 Total Credit 39

Contact

Tel: +90 392 630 1227
Fax: +90 392 365 0416
E-mail: math@emu.edu.tr
Web: https://math.emu.edu.tr

* You can contact the department and / or faculty for detailed information about elective courses.

Semester 1

Calculus - I (MATH151)

Credit: 4 | Lecture Hour (hrs/week): 4 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
Limits and continuity. Derivatives. Rules of differentiation. Higher order derivatives. Chain rule. Related rates. Rolle's and the mean value theorem. Critical Points. Asymptotes. Curve sketching. Integrals. Fundamental Theorem. Techniques of integration. Definite integrals. Application to geometry and science. Indeterminate forms. L'Hospital's Rule. Improper integrals. Infinite series. Geometric series. Power series. Taylor series and binomial series.

Introduction to Economics - I (ECON101)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Elementary microeconomics. The economic problem. Supply and demand. Elasticity. Marginal analysis of consumers' and firms' behavior. The theory of profit maximization. Analysis of markets. Pricing in competitive and non-competitive markets

Introduction to Business - I (MGMT101)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Fundamentals of Computer Science - I (COMP183)

Credit: 4 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 2 | ECTS: -
Organization of a digital computer. Number systems. Algorithmic approach to problem solving. Flowcharting. Concepts of structured programming. Programming in at least one of the programming languages. Data types, constants and variable declarations. Expressions. Input/output statements. Control structures, loops, arrays.

Credit: 3 | Lecture Hour (hrs/week): 5 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
ENGL 181 is a first-semester freshman academic English course. It is designed to help students improve the level of their English to B1+ level, as specified in the Common European Framework of Reference for Languages. The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.

Communication in English - I (ENGL191)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
ENGL191 is a first-semester freshman academic English course. It is designed to help students improve the level of their English to B1+ level, as specified in the Common European Framework of Reference for Languages. The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.

Atatürk İlkeleri ve İnkilap Tarihi (HIST280)

Credit: 2 | Lecture Hour (hrs/week): 2 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Turkish as a Second Language (TUSL181)

Credit: 2 | Lecture Hour (hrs/week): 2 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Semester 2

Calculus - II (MATH152)

Credit: 4 | Lecture Hour (hrs/week): 4 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Vectors in R3. Lines and Planes. Functions of several variables. Limit and continuity. Partial differentiation. Chain rule. Tangent plane. Critical Points. Global and local extrema. Lagrange multipliers. Directional derivative. Gradient, Divergence and Curl. Multiple integrals with applications. Triple integrals with applications. Triple integral in cylindrical and spherical coordinates. Line and surface integrals. Independence of path. Green's Theorem. Conservative vector fields. Divergence Theorem. Stokes' Theorem.

Linear Algebra (MATH106)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Systems of linear equations: elementary row operations, echelon forms, Gaussian elimination method. Matrices: elementary matrices, invertible matrices, symmetric matrices, quadratic forms and Law of Inertia. Determinants: adjoint and inverse matrices, Cramer's rule. Vector spaces: linear independence, basis and dimensions, Euclidean spaces. Linear mappings: matrix representations, changes of bases. Inner product spaces: Cauchy-Schwarz inequality, Gram-Schmidt orthogonalization. Eigenvalues and eigenvectors: characteristic polynomials, Cayley-Hamilton Theorem, Diagonalization, basic ideas of Jordan forms.

Introduction to Economics - II (ECON102)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): 1 | ECTS: -
Elementary macroeconomics. Determination of national income. The role of government. The banking system. Problems of inflation, unemployment and growth.

Principles Of Insurance And Actuary (ACTS102)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
The Concept of is insurance, participants, branches, basic principles, insurance premium, importance and functions of insurance and law of large numbers are the basic topics.

Credit: 3 | Lecture Hour (hrs/week): 5 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
ENGL182 is a second-semester freshman academic English course. It is designed to help students improve the level of their English to B2 level, as specified in the Common European Framework of Reference for Languages (CEFR). The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.

Communication in English - II (ENGL192)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
ENGL192 is a second-semester freshman academic English course. It is designed to help students improve the level of their English to B2 level, as specified in the Common European Framework of Reference for Languages. The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.

Semester 3

Ordinary Differential Equations (MATH203)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Ordinary differential equations of the first order; separation of variables, exact equations, integrating factors, linear and homogeneous equations. Special first order equations; Bernoulli, Riccati, Clairaut equations. Homogeneous higher order equations with constant coefficients. Nonhomogeneous linear equations; variation of parameters, operator method. Power series solution of differential equations. Laplace transforms. Systems of linear differential equations.

Principles of Accounting - I (ACCT201)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Basic concepts of accounting. Fundamentals of bookkeeping. Recording transactions in journal and ledger books. Principles underlying the balance sheet and income statement. Preparation of financial statements. Income measurement.

Statistics - I (STAT201)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
The course familiarizes students with the basic concepts and techniques in statistics. The course will focus on descriptive statistics and a brief introduction to inferential statistics. Scope of statistics, descriptive and inductive statistics, measures of central tendency and measures of dispersion. Probability, sampling, estimation

Principles Of Life Insurance (ACTS201)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
The concept of risk, types of life insurance, mortality tables, reinsurance and dividend policy applications, group life insurance.

Principles of Management (MGMT201)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
Analyzes the role of the manager in organizations. Topics include: culture and ethics; decision making; planning; organizing; human resources; motivation; and controlling.

Semester 4

Actuarial Mathematics (ACTS202)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
Simple and compound interest, discounting, premium calculations with mortality tables, probability of mortality, life insurance benefit.

Financial Mathematics (MATH222)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
Measurement of interest; solution of interest problems; types of annuities; present value; accumulated value; general annuities; yield rates; amortization schedules and sinking funds.

Insurance Accounting (ACTS204)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
The accounting principles and regulations, financial statements, GAAP principles and applications, premium generation and cancellation, co-insurance accounting and reinsurance accounting are the topics that will be covered in the course.

Probability and Statistical Methods (MATH322)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Introduction to probability and statistics. Operations on sets. Counting problems. Conditional probability and total probability formula, Bayes' theorem. Introduction to random variables, density and distribution functions. Expectation, variance and covariance. Basic distributions. Joint density and distribution function. Descriptive statistics. Estimation of parameters, maximum likelihood estimator. Hypothesis testing.

University Elective - I (UE01)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Semester 5

Statistics (MATH324)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Population and sample, central limit theorem, sampling distributions of mean and variance, estimation of parameters, properties of estimators, maximum likelihood estimator, point and interval estimation concerning mean, point and interval estimation concerning variance, hypothesis testing, type I and type II errors, power of test, curve fitting, linear regression, multiple linear regression, analysis of variance.

Insurance Law (ACTS205)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
The source of insurance, insurance contracts, types of insurance and branches, laws and regulations of insurance participants , general conditions are presented.

Financial Management (FINA301)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: 6
Introduction to financial management, time value of money; corporate investment appraisal; capital structure decisions; the cost of capital; short-term and long-term financing; dividend policy and working capital management. It also includes, net present value and other investment criteria.

Non Life Insurance (ACTS305)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
The course deals with insurance concept generally. Different branches as well as occupations in insurance and current issues such as catastrophe losses, moral and ethical problems and risk management problems are given.

Insurance Software Applications (COMP301)

Credit: 3 | Lecture Hour (hrs/week): 2 | Lab (hrs/week): - | Tutorial (hrs/week): 2 | ECTS: -
This course covers selected applications on data from insurance applications by using R and/or EVIEWS software.

University Elective - II (UE02)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Semester 6

Stochastic Analysis (MATH326)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
Discrete-time models: Martingale and arbitrage opportunities, financial markets and option pricing, Optimal stopping problem and American options: Stopping time, decomposition of super-martingales, application to the American option, Continuous-time processes and stochastic differential equations: General comments, Brownian motion, continuous-time martingales, stochastic integral and Ito calculus, stochastic differential equations. The Black-Scholes model: Description of the model, the Girsanov theorem, pricing and hedging of options in the Black-Scholes model, American options in the Black-Scholes model, Option pricing and partial differential equations: European option pricing and diffusions, solving parabolic equations numerically, American options, Interest rate models: Modelling principles, some classical models, Asset models with jumps: Poisson process, dynamics of risky assets, Simulation and algorithms for financial models.

Regression Analysis (MATH348)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
Concept of regression, Regression data and kinds of data, Simple linear regression analysis, Assumptions, Confidence intervals and tests of hypotheses, Concept of correlation, Multiple linear regression analysis, Assumptions, Confidence intervals and tests of hypothesis, Concept of correlation, Dummy variables, Residuals and outliers, Heteroscedasticity, Correlated errors/autocorrelation, Nonmorality, Multicollinearity, Choice of the best model, Computer applications

International Finance (FINA308)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: 6
This course studies the global financial environment. It mainly examines the international monetary system, exchange rate regimes occurred in the past starting with gold standard, and then fixed and fluctuating exchange rates; contemporary exchange rate regimes, exchange rate determination, international financial markets and transactions in foreign exchange markets in which banks and bankers are more likely to encounter in their usual operations. Major areas covered include globalization process of financial environment, exchange rate determination, balance of payment, foreign currency derivatives and other hedging activities against foreign exchange risks through international financial instruments.

Money and Banking (FINA302)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
This course presents the students underlying economic explanations for why the financial system is organized as it is and to teach them functions of the financial system in the economy. It focuses on the role of interest rates, financial markets and institutions.

Investments (FINA325)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): 1 | ECTS: 6
The main objective of the course is to give students an introductory understanding of capital markets and financial instruments. We will focus on three modules, which are equity markets, fixed income markets, and derivative markets (options and futures). The course covers the following major topics: elements of Investments, fixed-income securities and security analysis.

University Elecitive - III (UE03)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Internship (BANK400)

Credit: - | Lecture Hour (hrs/week): - | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
Students are required to complete a 4 week (20 working days) internship at a financial institution, as approved by the Chair of the Department.

Semester 7

Risk Theory (ACTS401)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
Economics of insurance, general premium principles, risk theory, utility theory and individual risk models for the short term, ruin theory and distribution theory are covered in the course.

Reinsurance (ACTS302)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
The historical development of reinsurance, reinsurance agreements, main principles of reinsurance are covered in the course. The course also studies the insurance applications regarding with the excess of loss, pro-rate quota and indemnities.

Data Mining (COMP411)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
Data, Exploration, Classification, Advanced issues on Classification, Algorithm selection, Model evaluation and presentation, Decision trees, Association Rules, Clustering, Anomaly detection, Curve fitting, Web Mining, Softwares

Area Elective I (AE01)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Area Elective II (AE02)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Semester 8

Portfolio Management (FINA416)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): 1 | ECTS: 6
The main objective of the course is to give students an introductory understanding of modern portfolio management and its implications for investment management and the pricing of assets. The course covers the following major topics: portfolio theory, efficient diversification, pricing models, mutual funds and investment Companies.

Financial Modeling (FINA462)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
The aim of this course is to improve students’ financial modeling skills by constructing spreadsheet models.

Area Elective III (AE03)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Behavioral Finance (FINA418)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: 6

Area Elective IV (AE04)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -