• Information on the Program

The last decades witnessed a strong insertion of refined mathematical techniques into the center of the financial industry. In the 1980's, the main investment banks started to employ mathematicians, physicists and engineers to become "financial engineers". Gradually, the main skills defining this professional category became clarified and, in our present time, many universities in all over the world are designing and updating programs in order to convey, enhance and implement high mathematical expertise about modeling, valuing and optimizing in financial applications.

In Turkey, the financial sector has enjoyed an unparalleled expansion during the last decades; more and more, powerful and efficient financial instruments are expected to enter the financial sector in the forthcoming years. Already there have been serious attempts to integrate derivative securities and markets into our domestic financial system. The worldwide financial crises which occurred in 2008, underlined the need for intensified mathematical research and education efforts on a new financial market analytics, on early-warning and decision-making systems in the presence of high stochastic uncertainty. All these developments will lead to a further demand for talented and enthusiastic young people who are trained in the field of Financial Mathematics.

The Institute of Applied Mathematics (IAM), ever since it was established in 2002, has been responding to this emerging trend in the Turkish finance industry and economy, by developing and maintaining an interdisciplinary program that is introducing students to stochastic models and mathematical techniques used in option pricing, pricing of other complex financial products, portfolio optimization and control, and to financial decision aiding in the sectors of energy and environment. The Financial Mathematics program at IAM combines the strengths of the Departments of Mathematics, Business Administration, Economics, Statistics, Physics and Industrial Engineering of Middle East Technical University, and it closely collaborates with Centers of Excellence worldwide.

One of the fields connected to Financial Mathematics is Actuarial Sciences and its academic program at IAM. By analyzing uncertainty of real-life events, actuaries create and apply mathematical tools which aim at detecting, modeling and overcoming of risks.

• Admission Criteria and Degree Awarded

Admission criteria are available on the related graduate school webpage. 

http://iam.metu.edu.tr/application-and-admission

• Recognition of Prior Learning

Requirements and regulations for counting courses are specified in Middle East Technical University Rules and Regulations Governing Graduate Studies, article 18 that was published in Official Paper on 21.09.2016.

ARTICLE 18 – (1) Substitution of the courses taken by students from another institution of higher education for courses in the graduate program they are currently enrolled in is made by the concerned GSAB by the recommendation of the concerned GSD.

(2) Course substitution is made in accordance with the current curriculum.

(3) The number of the exempted courses after course substitution cannot exceed 50% of the course load of the concerned graduate program.

(4) Except for the graduate courses taken with NI status, courses taken previously in another diploma program that the student has completed and/or courses taken simultaneously from two different graduate programs cannot be substituted in both programs. 

(5) The principles and provisions concerning course substitution are specified by the concerned GSAB.

• Educational Objectives of the Program

https://egitim.metu.edu.tr/en/peo/financial-math-thesis-ms

• Program Outputs

https://egitim.metu.edu.tr/en/po/financial-math-thesis-ms

• TYYC Adaptation Matrix

• Assessment and Evaluation

Assessment methods used in each course is specified using ODTUSYllabus program by course instructor at the beginning of each semester. Regulations for course grading are specified in Middle East Technical University Rules and Regulations Governing Graduate Studies, article 23 that was published in Official Paper on 21.09.2016.

ARTICLE 23- (1) Students are assigned a letter grade for each course at the end of the semester they are registered.

(2) This letter grade is at the discretion of the instructor offering the course.

(3) In determining the letter grade, the students’ mid-term and final examination grades, their success in their studies within the semester and their attendance during course and practical work are taken into consideration.

(4) The coefficients of the letter grades and the score intervals used in the calculation of Grade Point Average are indicated below:  

a)

b) The grade NA (not attended) is assigned by the instructor to students for one of the reasons stated below and is processed as FF in the calculation of Grade Point Average.

1) Not having fulfilled the requirements regarding attendance to theoretical and practicum hours specified in the course schedule.

2) Not being eligible to take the final exam due to not fulfilling the requirements regarding the course practices specified in the course schedule.  

3) Not having taken any of the midterm exam(s) or the final exam.

(5) Grades which are not included in the Grade Point Average are as follows:

a) The grade S (satisfactory) is assigned to students who are successful in non-credit courses and/or thesis work.

b) The grade U (unsatisfactory) is assigned to students who are not successful in non-credit courses and/or thesis work.

c) The grade P (progressing) is assigned to students who are successfully carrying on their non-credit courses and/or thesis work.

d) The grade EX (exempt) is assigned to students who have been exempted from certain courses in the curriculum. Principles regarding exemptions are determined by the Senate.

e) The grade I (incomplete) is assigned to students who are not able to complete the course requirements by the end of the semester or the summer school for a reason found valid by the course instructor. The grade “I” must be converted to a letter grade within a week from the last day of grade submissions for the semester or summer school. In special cases, however, this period may be extended latest until the date registrations start for the following semester, when it must be converted to a letter grade. These special procedures are conducted by recommendation of the chair of the GSD offering the course and the approval of the concerned GSAB.

f) In case of failure to convert the grade “I” to a letter grade within the required period, the grade “I” will be automatically converted to the grade “FF” or “U”. The dates concerning the letter grade “I” are indicated in the academic calendar. 

• Graduation Requirements

Requirements and regulations for counting courses are specified in Middle East Technical University Rules and Regulations Governing Graduate Studies, article 28 that was published in Official Paper on 21.09.2016.

ARTICLE 28 – (1) The following requirements must be fulfilled in order to be eligible for graduation from a graduate program:

a) The success requirements indicated in the concerned provisions of this Regulation should have been fulfilled.

b) The final registered semester must be spent at METU, with the exception of international joint graduate degree programs conducted in collaboration with contracted universities abroad.

(2) The date of graduation from graduate programs is determined as follows:

a) In Master’s programs with a thesis, the graduation date is the date on which a signed copy of the the thesis is submitted to the concerned graduate school by examining committee.

b) In non-thesis Master’s programs, the graduation date is the announcement date of the letter grades for the concerned semester or Summer School as indicated in the academic calendar. For those who graduate as a result of the correction of an erroneous grade and/or the conversion of the grade “I” to a letter grade, the graduation date is the date on which the letter grade is finalized.

c) In doctoral programs, the graduation date is the date on which a signed copy of the the thesis is submitted to the concerned graduate school by examining committee.

• Employment Opportunities

Students who have completed the graduate program can work in various public institutions and organizations and in private sector on their related subject area.  

• Program Director

https://iam.metu.edu.tr/