This year, the Risk Management Roundup course was held in co-operation with the consulting firm d-fine. Students worked on case studies that were formulated by d-fine and that were related to the market risk measurement and regulation of crypto assets. Through a series of lectures in Ulm, Dr. Florian Baumann had provided the students with the perfect background and skills for these case studies. The student presentations of the case study solutions were held in a university guesthouse in the Austrian Alps. In between and after the presentations, there was time to enjoy the mountain scenery and to network. Many thanks to Dr. Florian Baumann and to Tobias Dorst for bringing their expertise to the course, and to d-fine for financially supporting the stay in Austria!

We are pleased to announce that students from the Master in Finance programme, Ehsan Amini, Roxana Babakhani, Shamimeh Ghorban and Reza Majidi, have achieved a remarkable first place in the GetaBot Trading Competition. The competition involved several teams developing trading strategies, which were tested in a live environment over a period of three months.

The winning strategy, employed by our students, incorporated a combination of machine learning techniques with technical indicators to determine the optimal buy and sell times for Bitcoin. This strategy achieved a notable performance of 38% with a maximal drawdown of 8.3%.

Congratulations to all the participants and teams for their impressive performances and to GetaBot for hosting this great trading competition.

The Institute of Finance once again invited Master in Finance students and faculty members to Villa Eberhardt for the annual Christmas Potluck Dinner. Held on the traditional German St. Nicholas Day, December 6, this year's event continued a long-standing tradition of bringing students and staff together for a light-hearted gathering before Christmas.

Reflecting the different cultural backgrounds that are part of the Master in Finance, the buffet featured a wide variety of foods. From savory appetizers to delicious desserts, each dish represented the diverse backgrounds and tastes of our students.

As the evening progressed and the music started, attendees took to the dance floor, transforming the event into a lively celebration.

The 26th WiMa Congress, an annual event bridging academia and industry organized by students of our faculty, was successfully held on Saturday, November 25. As in previous years, the congress featured insightful presentations that attracted students, alumni and professionals alike. A large job fair also offered students the opportunity to get in contact with a large number of companies from the finance and insurance industries.

One of the presenters was Anton Golovach, a former Master in Finance student. In his presentation titled "Credit Risk Management in Asset Finance: Credit Rating Agency and Investment Bank Perspectives," he shared his perspective on credit risk management based on his experience at Moody's and Goldman Sachs.

The traditional get-together event for our new Master in Finance students was once again well received by our newcomers. The trip to Blaubeuren included visits to the famous Blautopf and the local monastery. The beautiful October weather provided the perfect backdrop for the event, as students took the opportunity to make new connections. The day turned into a delightful evening at one of Ulm's esteemed historic restaurants. Everyone enjoyed the end of the day in a relaxed atmosphere.    

On June 16, 2023, twenty students from the finance area visited DZ Bank in Frankfurt, together with Professor Löffler. DZ Bank is Germany’s second largest bank. Presentations by the Head of Trading and his staff as well as a tour of the bank’s trading floor provided many informative and vivid insights, with a special focus on the trading and risk management of structured financial products.  In addition, two groups of students presented the results of the empirical work they had conducted as part of a course at Ulm University. Before returning to Ulm, there was time for a walk to the river to enjoy the view of the Frankfurt skyline.

On Satuarday, May 13, 2023, Ulm University held its annual graduation ceremony, to honour the best students in the fields of economics, mathematics, and finance. This time the prizes were awarded for two years. The Sparkasse Award for the best graduates in Finance, sponsored by Sparkasse Ulm, the leading regional bank in Ulm, was presented to Kevin Walter and Viktor Moskvin. Kevin Walter was the recipient of the award for last year and Viktor Moskvin received the award for the current year. The ceremony was attended by students, lecturers and guests who joined in celebrating the achievements of the new graduates.

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Ulm University is one of the top three universities in the world in the fields of actuarial science and risk management. This is according to the UNL Global Research Rankings of the University of Nebraska-Lincoln, the most renowned international ranking in this field, in which Ulm University is ranked third worldwide and first in Germany among non-business schools. The ranking takes into account the number of publications in the five most important international journals for insurance, actuarial science and risk management over the last five years (2017-2021).

Ulm University is not only known for its high research productivity, but also for its unique actuarial programme for students in the Master in Finance programme. The university's commitment to excellence in education is also reflected in the numerous prizes awarded for student theses and doctorates.

The Risk Management Roundup course made a two-day trip to Kleinwalsertal (Austria) on Sunday, January 15. The students of the course presented a variety of current topics in risk management, such as climate risk or technological advances in credit risk measurement. Ethical considerations were also on the agenda.

In between the presentations, there was sufficient time to get to know the surrounding area. On Sunday evening, for example, the participants went on a torch hike, with a stop at a nearby restaurant.

After a two-year break, the Institute of Finance invited all Master in Finance students and faculty members to a Christmas Potluck Dinner on Wednesday, December 7th.  Around 60 people followed the invitation to spend the evening with colleagues and friends in a relaxed but lively atmosphere. Eating, chatting and dancing - everybody had a great time. We wish everyone happy holidays and a good start into the new year.

On Saturday, November 19, the annual 25th Wima Congress took place at Ulm University. The Congress is organized by students of our faculty and offers a large job fair with companies not only from the insurance and finance industry, but also from related fields such as consulting and data analytics. A conference program with guest speakers from industry and academia is also part of the Congress. One of the speakers was Jasmin Murtic, a Master in Finance graduate, who now works for the consulting firm d-fine. He gave a presentation in which he shared his impressions from his first year as a consultant in the finance industry.

At the end of the orientation weeks for the new Master in Finance students, the Institute of Finance invited all new students to a get-together excursion to Blaubeuren to vistit the famous Blautopf and the monastery. Not only because of the beautiful October weather, everybody enjoyed the short hike and used the chance to get to know each other.

The evening was spent in one of Ulm’s famous historical restaurants, where Prof. Löffler shared further information on the program before the start of the lecture period.  

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On July 8, the Institute of Finance invited all Master in Finance students to a get-together. The first part consisted of a visit to the local art gallery "Kunsthalle Weishaupt" and their current exhibition containing works by Chagall, Picasso, Warhol and other famous modern artists. Afterwards the group went to a nearby beer garden where everyone took the opportunity to refresh themselves with cold drinks and to enjoy the time together. In the evening, part of the group visited the International Danube Festival, where they ended the day together.

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On Friday, April 29, Ulm University awarded prizes to the best students in the fields of economics, mathematics and finance. Since the event had to be cancelled last year, the classes of 2020 and 2021 were honored on this occasion. Sebastian Jost (2020) and Tak Wa Ng (2021) received the Sparkasse Award for the best Master in Finance graduates.

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From January 26 - 28,  participants of the Risk Management Roundup course gave their presentations on current issues in risk management, including the pricing  of climate risk by banks, novel approaches to currency hedging, or fairness considerations in algorithmic credit scoring. The presentations were held in a blended format with a mixture of on-site presentations at a guest house in Kleinwalsertal (Austria) and online presentations.

A free Thursday afternoon offered the chance to visit the nearby Breitachklamm, one of the deepest gorges in the Bavarian Alps.

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On Friday, November 19,  the 24th Wima Congress took place. It is a job fair organized by students of our faculty, and it gave our students an excellent opportunity to connect to more than 50 participating firms. Like in previous years, many well-known companies such as Deutsche Bank, Moody’s or Munich Re attended the Congress. The programme also featured a series of insightful talks about topics such as explainable AI, optimization or machine learning. One of the speakers was Polina Golovach, a Master in Finance graduate. She gave a very interesting talk about “Market Conformity Control” at UBS.

On Sunday, October 17th the Institute of Finance invited all new Master in Finance students on an excursion to Blaubeuren to visit the famous Blautopf. Everyone enjoyed the bright and sunny weather and had a good time throughout the day. After returning to Ulm, a dinner with typical German cuisine was on the agenda for the evening. We wish all our new students a great start into their studies.

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Digitalization has shown and continues to show a big impact on the financial industry. Graduates of the MSc Finance program have always been well prepared for the associated challenges, but we also continuously adapt our study programs in response to developments in business and academia. With the new study and examination regulations, which will come into effect next winter term, students will have more study opportunities in this field than before. For example, it will now be possible to attend courses offered by the computer science department, depending on the chosen specialization. We have also increased flexibility of course choice in other areas,  making it yet easier for our students to achieve their educational and professional goals.

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Together with the University of Illinois, the University of New South Wales (UNSW Sydney) and the Pennsylvania State University the Institute of Insurance Science of Ulm University is co-organizing the 24th International Congress on Insurance, Mathematics and Economics. The Congress will be held virtually from July, 5th to July 9th 2021. The program includes talks on the effects of COVID-19, Catastrophic and Climate Risk,  the application of Data Analytics and Machine Learning to Mortality Modelling and more.

As the year 2020 is coming to an end and holidays are around the corner, the Institute of Finance invited all Master in Finance students to celebrate Christmas. This year was a very special and tough year for many of us. The ongoing pandemic has led to far-reaching restrictions in public life. Universities and students had to adapt to those changes, which mainly meant distance learning for most of the year. Without the possibility for interactions in the lecture halls or the university hallways, online channels had to be used to stay in touch with our students. As part of our monthly online meetings, this year’s Christmas event featured Alumni talks, a Christmas quiz, games and lively conversations among the participants. Even so we could not meet in person, everybody enjoyed the time spent together. The Master in Finance team wishes everyone pleasant holidays and a good start into the new year. 

On Friday, November 6^th, the 23rd annual Wima-Congress, a job fair organized by students of our faculty, took place. For the first time since its beginnings, the congress was held entirely online. Among the many firms that participated in the event were global players such as Allianz, AXA or PWC. On the day of the event, students had the chance to get in touch with company representatives, conduct job interviews or listen to interesting talks from the fields of finance, insurance, data analytics and more.

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The first ever online semester at Ulm University is on its way. With no possibilities for on-site lectures, digital learning alternatives had to be established. Based on an already existing digital foundation, an integrated environment for online classrooms, tutorials, student assignments, virtual presentations and more was set up to help students accomplish their learning goals from their homes.     

We at the University continue to believe that a vibrant campus life and classroom teaching are two of the most important components for a student’s experience and learning outcome. We therefore hope to welcome students back to the University sooner rather than later, and we are delighted that at least part of the Curriculum will most likely resume with classroom activities next semester. However, the newly available technologies will help the University to stay ahead in the digital age and give students all tools in their hands to accomplish their degree and start a successful career afterwards.         

Ulm University achieves an excellent 2nd place in a worldwide university ranking (Non-Business schools) on Actuarial Science published by the University of Nebraska. The ranking is based on research contribution over the past 5 years from the Top Five Leading Actuarial and Risk Management & Insurance Journals. This result shows that Ulm University is at the forefront of research in Actuarial Science.  Here are a few words from the Head of the Institute Prof. Chen about the Institute of Actuarial Science:

"University of Ulm is one of the leading institutions for actuarial education in Germany and worldwide. The university has strong links with the insurance industry in both research and teaching. The Institute of Insurance Science is extremely active both in research and education in actuarial science. Besides the numerous reseach outputs, the institute has provided many services to the actuarial society. For instance, I serve as a co-editor of Astin Bulletin -- the Journal of the International Actuarial Association and a board member of the German Society for Insurance and Financial Mathematics (DGVFM). The main research focuses of the institute are, among others, on life and pension insurance, asset and liability management, risk management and data analytics in insurance. The detailed research interests of our team can be found at https://www.uni-ulm.de/en/mawi/institute-of-insurance-science/research/research/." 

On Friday, 14th February, Frank Bosserhoff and Mazen Ali, two former Master in Finance students, were awarded their doctoral degree from Ulm University. In his dissertation, Frank Bosserhoff worked on optimization in stochastic financial markets with underlying jump processes. Mazen Ali dedicated his research to the topic of tensor approximation and adaptivity within model order reduction. Here is what they want to share about their experiences in the Master in Finance program:

“After completing the MSc Finance program, I conducted a PhD, doing research at the intersection of Mathematical Finance and Insurance Mathematics. The variety of classes offered during the Master’s program prepared me very well for my research. On the one hand, the courses in Financial Mathematics and Stochastics provide a deep understanding of methods used for modelling financial markets. In addition, in the class Numerical Finance we learned how to implement many of these models, a side effect being the ability to quickly write Code in C++ afterwards. On the other hand, classes in economics foster students’ understanding and interpretation of the output of mathematical models. Depending on the personal preference, the MSc Finance program is in my opinion a perfect preparation for any kind of research in the areas of Mathematical Finance, Stochastics, Actuarial Science as well as Financial Economics.”

Frank Bosserhoff

"The Master of Finance program offers classes that are well suited to prepare students for a career in the financial sector, as well as classes that are more research oriented. Due to the various seminars I took during my studies, several group projects and the master‘s thesis, I was well prepared for my Ph.D..

Mazen Ali

The second year Master's students went to the Austrian mountains for the Risk Management Roundup Seminar. The students gave presentations on current topics such as climate risk, operational risk of blockchains and systemic risk.

On Friday evening, the participants went on a torch hike to a cozy restaurant: Time to relax and to enjoy winter but also to continue the discussions.

At the end of June,  Ulm University hosted the 5th Ulm-Fudan Symposium in Finance and Insurance. As in previous years, it was a great pleasure for us to welcome our guests from Fudan University. Fudan University, based in Shanghai, is one of the most prestigious and selective universities in China. Five years ago, the two universities have established a successful cooperation. An important element of the cooperation is the double degree program, which enables students to obtain a degree from Fudan as well as the MSc Finance degree from Ulm University. The presenters at the symposium did not only include professors and PhD students but also a current student of the double degree program, who presented the research she has conducted as part of her master's thesis. 

On Saturday, 11th May, Ulm University hosted the annual graduation ceremony for graduates from the fields of mathematics, economics and finance. On this occasion Sirui Zhou was honored with the prize for the best finance graduate, sponsored by Sparkasse Ulm, the leading regional bank in Ulm. This is what the award winner wrote to us about his studies in Ulm:

"Studying at Ulm University has always been one of the best experiences to me. In my view, this is a great place where excellent faculty and brilliant students meet. And I am very thankful that I have been able to build up my knowledge and skills in a practical way via the MSc Finance program. Moreover, it has also been a great pleasure for me to make so many good friends throughout my study here. I miss them so much and I hope one day we could reunite in all parts of the world!"

Together with members of the Institutes of Finance and Strategic Management and Finance, the second year Master's students went to Hirschegg (Austria) for the Risk Management Roundup Seminar. The students presented and discussed risk management topics such as value-at-risk methods, unethical behavior in the industry and the effects of credit manager incentives on credit quality.

One of the highlights of the trip was a torch hike to Eberlehof, where students and members of the Institutes ended the day together.

The annual MSc Finance Christmas Potluck Dinner was again a great success. About 40 people met at Villa Eberhardt, enjoyed dishes prepared by students and faculty members. Throughout the evening there was a pleasant atmosphere and all party guests had a memorable time.

On Saturday, 05.05.2018, Ulm University hosted the 2018 graduation ceremony where also Finance students celebrated their graduations. In the picture, you can see Lars Lämmlein (third from the right) who received a prize as the best Finance graduate. The prize has been sponsored by Sparkasse Ulm.

The annual MSc Finance Christmas Potluck Dinner took place on the German St. Nicholas' Day, December 6th. Various students, Professors and teaching assistants enjoyed the evening at Villa Eberhardt in a relaxed and communicative atmosphere.

On Saturday, 06.05.2017, Ulm University hosted the 2017 graduation ceremony where also Finance students celebrated their graduations. In the picture, you can see Felix Kircher (middle) who received a prize as the best Finance graduate. The prize has been sponsored by Sparkasse Ulm.

Together with members of the Institute of Finance, the 2nd-year Master students went to Riezlern (Austria)  for the Risk Management Roundup seminar. The students presented and discussed topics in Risk Management, such as the new standardized measurement approach for operational risk, mortgage-backed securities risk, or the impact of loan officer incentives on the loan quality.

Even though the weather wasn't as bright as in previous years, some participants also used the chance to go skiing.