Everything You Need to Know About Studying Financial Engineering in Turkey
Introduction to Financial Engineering
Financial engineering major combines engineering and financial concepts to develop and analyze financial instruments, design mathematical models for managing financial risks, and make investment decisions.
Understanding Financial Engineering
Financial engineering is an interdisciplinary field that merges mathematics, finance, and economics to create innovative financial products and services that meet specific needs of investors and companies.
Advanced analytical models and quantitative tools are used to understand the financial behavior of assets and design effective investment strategies.
Financial engineering focuses on risk and return analysis, effective risk management, and creating new investment opportunities.
Types of Financial Engineering
– Derivative Engineering
– Securities Engineering
– Credit Engineering
– Risk Management Engineering
– Islamic Finance Engineering
– FinTech Engineering
Financial Engineering Strategies
– Risk Management: This strategy aims to identify, assess, and analyze various types of financial risks such as market risk, credit risk, and operational risk, and develop tools and techniques to reduce or hedge these risks.
– Asset Pricing: This strategy is used to determine the fair value of financial assets such as stocks, bonds, and futures using various analytical models that consider factors affecting asset value such as risks, expected returns, and market conditions.
– Portfolio Management: This strategy aims to build an investment portfolio that aligns with investors’ goals and risk tolerance by diversifying investments and selecting appropriate financial assets.
– Financial Product Structuring: This strategy designs new financial products that meet specific needs of investors and companies, such as tailored bonds, mutual funds, and derivative products.
– Financial Arbitrage: This strategy aims to exploit price differences between similar financial assets in different markets by buying an asset in one market and selling it in another to earn a profit.
Definition of Financial Planning
Financial planning is the process of analyzing, organizing, and planning the financial affairs of individuals, companies, or institutions to achieve specific financial goals in the short, medium, and long term.
It aims to define personal or institutional financial objectives, assess the current financial situation, and develop strategies to achieve those goals effectively and sustainably.
Overview of Financial Engineering Studies in Turkey
History of Financial Engineering Studies in Turkey
The study of financial engineering in Turkey began in 1997 at Middle East Technical University (METU). In 2001, Boğaziçi University started offering a master’s program in financial engineering.
Since then, many other Turkish universities have begun offering undergraduate and graduate programs in financial engineering.
In 2010, METU established Turkey’s first research center for financial engineering. In 2012, Boğaziçi University also established a financial engineering research center.
Today, several Turkish universities offer undergraduate and graduate programs in financial engineering, with a number of specialized research centers in this field.
Number of Students Studying Financial Engineering in Turkey
Estimates suggest that the number of students studying this major at Turkish universities ranges from 1,000 to 5,000, with the number continually increasing due to the growing demand for graduates in the job market.
Advantages of Studying Financial Engineering in Turkey
– Quality of Education: Turkish universities are renowned for their quality education, especially in engineering, and many offer financial engineering programs accredited by international institutions.
– Faculty Members: Faculty members at Turkish universities have extensive experience in financial engineering.
– Language: Some Turkish universities offer financial engineering programs in English, and students can relatively easily learn Turkish.
– Location: Turkey’s strategic location between East and West makes it a significant hub for business and finance, offering students work and internship opportunities after graduation.
– Facilities: Many Turkish universities are equipped with state-of-the-art engineering facilities and laboratories, and some offer financial trading simulation programs for financial engineering students.
– Job Opportunities: There is a high demand for financial engineering graduates in Turkey, and they can work in various sectors such as banks, insurance companies, and investment firms.
– Cost of Living: The cost of living in Turkey is lower compared to other countries.
Is Studying Financial Engineering in Turkey Affordable?
Studying in Turkey is considered inexpensive compared to many other countries like the USA and Europe.
However, the cost of studying financial engineering in Turkey varies depending on:
– Type of University: Tuition fees at public universities are lower than at private universities.
– Language of Instruction: Studying in English is more expensive than studying in Turkish.
– Study Program: Tuition fees vary according to the study program. For example, postgraduate programs are more expensive than undergraduate programs.
For more precise information about the cost of studying financial engineering in Turkey, we recommend contacting us at Alemni Shokran Our team will help you find the right university and determine the costs and other procedures for you.
Requirements for Studying a Master’s Degree in Financial Engineering in Turkey
– Academic Qualifications: Applicants must have a Bachelor’s degree in a related field, such as financial engineering, mathematics, economics, or statistics, with a minimum GPA of 2.75 out of 4.00.
– Language Tests: Passing an English language test (preferably TOEFL or IELTS) with the required score by the university is mandatory. Some universities may require passing a Turkish language test (preferably TOMER).
– Required Documents: Submission of a certified and translated Bachelor’s degree certificate in English or Turkish, undergraduate transcript, a copy of the passport, recent personal photos, a CV, recommendation letters from former university professors, and a statement of purpose (SOP).
For more detailed information on the admission requirements for the Master’s program in financial engineering at a specific university, we advise you to contact us at Alemni Shokran.
Duration and Courses of the Master’s Degree in Financial Engineering at Turkish Universities
Duration of Study
The duration of the Master’s program in financial engineering varies between universities in Turkey, generally ranging from one to two years. For example:– Boğaziçi University: 1 year
– Middle East Technical University: 2 years
– Istanbul Technical University: 2 years
– Aydın University: 2 years
– Başakşehir University: 2 years
Courses
– Financial Mathematics: Focuses on the mathematical fundamentals necessary to understand financial models, including probability, statistics, calculus, and linear algebra.
This course aims to enable students to apply mathematical concepts to real-world financial problems.
– Financial Statistics: Covers statistical techniques used in financial data analysis, including hypothesis testing, regression analysis, and time series models.
The course aims to teach students how to collect and analyze financial data and use the results to make informed investment decisions.
– Financial Derivatives: Introduces students to various types of financial derivatives, such as futures, options, and swaps, and how to use them for hedging risks and speculation.
The goal is to prepare students to evaluate derivative prices and use them in investment strategies.
– Asset Valuation: Teaches students how to evaluate the value of financial assets and make wise investment decisions.
– Financial Risk Management: Covers techniques for managing financial risks, including risk measurement, hedging, and investment diversification.
– Computational Finance: Provides an introduction to computational methods used to solve financial problems, including programming, simulation, and artificial intelligence.
The course aims to teach students how to use computational tools to build financial models and analyze financial data.
– Graduation Project or Scientific Research: Offers students the opportunity to delve into a specific topic in financial engineering and conduct academic or applied research to contribute to financial knowledge.
In addition to these core courses, many Master’s programs in financial engineering offer advanced courses in specific fields, such as:
– Behavioral Finance: Studies how psychological and behavioral factors affect investors’ decisions.
– International Finance: Focuses on international financial markets and foreign investment.
– Islamic Finance: Explains the principles and rules of Islamic finance.
– Machine Learning in Finance: Introduces students to machine learning techniques used in financial data analysis and
market forecasting.
Career Opportunities and Salaries for Financial Engineering Master’s Graduates
– Financial Analyst: Responsible for analyzing financial data, assessing risks, and providing financial advice to clients.
– Investment Manager: Manages investment portfolios for individuals or institutions.
– Trading Officer: Executes buy and sell orders in financial markets.
– Risk Management Specialist: Evaluates and manages financial risks for banks.
– Research Analyst: Conducts research on companies and securities and provides investment recommendations.
– Portfolio Manager: Manages investment portfolios for investment funds or hedge funds.
– Financial Engineer: Designs and develops financial models to analyze risks and evaluate assets.
– Quantitative Finance Specialist: Applies mathematical and statistical methods to analyze financial data and make investment decisions.
– Insurance Underwriting Analyst: Assesses insurance risks and determines premiums.
– Risk Management Specialist: Evaluates and manages financial risks for insurance companies.
– Data Analyst: Collects and analyzes financial data for insurance companies.
– Economist: Conducts economic research and advises the government on economic policies.
– Financial Investigator: Investigates financial crimes and corruption.
Salaries
Salaries for financial engineering Master’s graduates vary significantly depending on experience, qualifications, and workplace.
Generally, financial engineering graduates earn good salaries, with the average monthly salary in Turkey ranging from 15,000 to 40,000 Turkish Lira.
Senior managers and experienced financial consultants can earn over 100,000 Turkish Lira per month.
Languages Available for Studying Financial Engineering in Turkey
Financial engineering programs in Turkey are available in various languages to meet the needs and professionalism of international students, including:
– English: English is the most widespread language for studying financial engineering in Turkey. Many universities offer their programs in English to attract international students.
These programs provide a global educational environment, allowing students to interact with professors and colleagues from around the world.
Moreover, studying in English offers better employment opportunities after graduation, as it is the primary communication language in many global companies and financial institutions.
– Turkish: Some Turkish universities offer financial engineering programs in Turkish.
This option is suitable for students who wish to live and work in Turkey after graduation, as Turkish will help them communicate effectively with the local community.
– Other Languages: Some universities may offer financial engineering programs in other languages, such as German or French, usually targeting students from countries that speak those languages.
List of Turkish Universities Offering Financial Engineering Programs
– Bilkent University (Bilkent Üniversitesi)
– Yıldırım Beyazıt University (Yıldırım Beyazıt Üniversitesi)
– Sabancı University (Sabancı Üniversitesi)
– Koç University (Koç Üniversitesi)
– Bahçeşehir University (Bahçeşehir Üniversitesi)
– Ankara University (Ankara Üniversitesi)
– Istanbul University (İstanbul Üniversitesi)
– Boğaziçi University (Boğaziçi Üniversitesi)
– Istanbul Technical University (İstanbul Teknik Üniversitesi)
– Karadeniz Technical University (Karadeniz Teknik Üniversitesi)
– Marmara University (Marmara Üniversitesi)
– Hacettepe University (Hacettepe Üniversitesi)
– Bilkent University (Bilkent Üniversitesi)
If you are considering studying Financial Engineering in Turkey, contact us now through the Alemni Shokran platform.
You will find answers to all your inquiries and benefit from the necessary support to start your educational journey.
Register now and begin your journey towards a promising future in the field of Financial Engineering.