FIELDS OF THE DEPARTMENT
Banks and insurance companies are the most substantial financial institutions of the contemporary free market economies. These institutions provide the finance required by firms and therefore, they have a social function along with the numerous services they offer in their fields. Our department consists of two separate fields: banking and insurance. Banks are basically institutions that collect savings and give loans. In addition, they engage in businesses such as transferring money, giving letters of guarantee, accrediting and foreign-trade financing, making foreign exchange transactions, and managing portfolios. Currently banks have also commenced making transactions such as option, swap and futures. Banks are also divided into different types according to their business field such as trade, investment and development banks. We know that international banking has a significant role in the globalization process. A banker is someone who is knowledgeable and expert on these subjects.
Insurance companies, on the other hand, provide their clients with insurance in very different fields. There numerous insurance kinds in our daily life such as health, life, traffic, earthquake, crop, natural disaster, accident, etc. Insurance companies also have international dimensions with reassurance application as they work in a hierarchical order on the international platform. An insurance broker is a professional who is knowledgeable and expert on all insurance transactions and services. Our curriculum also includes common courses required for both banking and insurance. Becoming a specialist in only one of these two fields will be achieved through elective courses to be determined and offered after the third year.
SIGNIFICANCE AND FUTURE OF THE PROFESSION
Banks and insurance companies are becoming increasingly functional and important. The number of bank employees in 2017 increased to 196,758 from 120,000 in the year 2002. The number of branches, on the other hand, increased to 10,732 from 6,100. These numbers will probably increase far more depending on the economic development and thus the sector’s demand for qualified employees and specialists will also grow. We can also see the same development in the insurance sector. Number of companies climbed up to 66 in 2017 from 55 in the year 2006. Number of insurance company employees rose to 19,652 from 13,617 within the same period. Qualified employees and specialists are also needed in this field.
OBJECTIVE OF THE DEPARTMENT
The objective of the department is to train specialists equipped with applied knowledge particularly in banking and insurance fields. Our approach is to enable our graduates to adapt to the business environment even without any work experience. For this reason, our programs focus on applied courses. The objective of these courses and applied programs which were determined meticulously by the Banking and Insurance Department is to prepare students to the examinations opened by the Capital Market Board (SPK), banks and insurance companies. It is a known fact that to be able to work in banking, capital market and insurance businesses as of September 2009, one has to be a graduate of a 4-year higher education program and pass the SPK specialist examinations.
AREAS OF WORK
Areas of work do not solely consist of these, and our graduates can find jobs in all companies, SME’s, and financial institutions. The reason for this is that the education given is determined as to conform to the business subjects of real sector firms and financial institutions.
In these circumstances, the graduates will be able to take inspectorship proficiency exams of all banks and they will have the right and capacity to be an inspector in the public as well as private sectors.
Our faculty comprises of knowledgeable and experienced staff in Faculty of Management. Furthermore, another significant richness of our department in terms of faculty is that we benefit from highly qualified and experienced academic members from the Faculty of Economics, Administrative and Social Sciences as well as Faculty of Applied Sciences. Another one of our extra privileges on this subject is the fact that we will be hosting active and experienced applied banking and insurance lecturers as guest faculty. These people, experienced in applied sciences will certainly equip our students with the highest professional practical and application skills, and will have significant contributions in accomplishing our objectives.
Head of Department
Asst.Prof.Dr. Bora Selçuk