The Rules For Being an Actuary

The rules for being an actuary are prescribed by the Turkish Treasury. Candidates must meet the following basic requirements: • a BSc degree, • be a fit-and-proper person as defined by regulations (this includes having a clean criminal record, and not having been bankrupted), • three years practical work experience ın the actuarial field, either in the actuarial department of the public sector, a private company or a university for three years (this requirement is not necessary for a trainee or assistant actuary), • completion of the actuarial examinations set by the Treasury. Actuaries must pass all four levels of the examinations set by the Treasury. Assistant actuaries can become an actuary if they satisfy the above requirements and pass the third level examinations. The content of the examinations is determined by the Undersecretariat of the Treasury, on advice from the Examinations Committee. The first level examinations cover the following areas: Basic Insurance and Economics, Mathematics, Statistics and Probability, Financial Mathematics; the second level examinations cover Accounting and Financial Reporting, Insurance Mathematics (life and non-life), Risk Analysis and Actuarial Modeling, Financial Theory and Applications; the third level examinations cover Finance, Investment and Risk Management, Non-life Insurance, Life Insurance, Health Insurance, Pension Systems; and the fourth level examinations cover Turkish Insurance Applications and Regulatory Framework (for actuaries qualified overseas), and any Specialist Examinations the Treasury deems appropriate. Candidates who satisfy the educational and fit-and-proper persons requirements can become a trainee actuary on completion of the first level examinations, and an assistant actuary on completion of the second level examinations. The three years’ work experience requirement does not apply for trainee and assistant actuaries. The first level examinations must be successful completed before examinations from the second level can be sat. An assistant actuary who successfully completes the third level examinations and the work experience requirement can be an actuary. Those in possession of an actuarial qualification from any internationally accepted examinations or procedure are exempt from the first, second and third level examinations. However, they must pass the fourth level of examinations and satisfy all of the other requirements for being an actuary. Foreign candidates also have to reach the minimum standard in the Turkish proficiency examination set by TÖMER (Ankara University Turkish and Foreign Languages Research Centre) or any similar examination which the Treasury deems to be equivalent.

The Actuarial Society (Turkey) is the Associate Member of International Actuarial Association.