Page 14 - Turkinsurance Digital Magazine

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Can you inform us about the number of actuaries working Of course, it is not that easy to reflect that knowledge and ex-
in Turkey? What are the conditions of becoming eligible to perience into real life: Making estimations for the future based
being an actuary? on models supported by serious analyses is extremely challeng-
ing under an intense time pressure, generally with unsatisfactory
data, and in a highly uncertain environment in parallel with the
Registration number of the latest actuary listed in the records of
the Undersecretariat of Treasury is 135. In addition to a bach- rapid changes of legislation, economic framework and political
elor’s degree from a university, one needs to pass a three-phase agenda. This does not only require numeric skills but also a seri-
examination and have acquired a certain level of experience. Of ous amount of intellectual accumulation of knowledge. An actu-
course, as a natural requirement of our business, one should not ary that can achieve this instantly becomes a significant resource
have been found guilty of major crimes such as embezzlement for their company and for the insurance sector. Comprehensive
and bribery. Honesty and justice is an indispensable part of our knowledge of all business processes, a deeper and better report-
jobs. ing skill than many professional reporters, and more important-
ly, a chance to see the connections and relations between the in-
What are the specific phases awaiting people who wish to puts and outputs of all the different departments make actuaries
a significant part of the decision making process for companies
become actuaries? Can you give us some tips about the that are wise enough to take advantage of those skills.
challenges and important points of this profession?
Are there any operational, educational or practical differ-
First, one should complete a 3-stage examination consisting ences between the actuarial practices around the world and
of 13 different tests. Our society has become a full member of Turkey?
IAA by proving that these tests comply with the international
minimum training standards. Therefore, going through such an
examination system is actually an indicator that the candidate As I have mentioned earlier, our current examination system
has a significant amount of know-how concerning this profes- complies with IAA standards. We are also organizing several
sion. Apart from the exams, a professional experience of 3 years events to improve the areas that are said to be insufficient, such
is necessary. This ensures that a person listed in the registry of as ethics and professionalism. Although there are some steps re-
actuaries complies with certain standards in terms of knowledge quired to be taken for continuous training, we can say that our
and experience. training standards are in parallel with the rest of the world.
Unfortunately, we still have a long way to go in terms of prac-