The research unit FAM - Financial and Actuarial Mathematics - is part of the Institute of Statistics and Mathematical Methods in Economics at TU Wien, located in the very heart of Vienna, a stone's throw away from the opera.

Stochastic financial and actuarial mathematics is a very dynamic field of research, actively advancing and thriving in academia, banks and insurance companies. In recent years, advanced stochastic methods have become essential tools for managing financial risk and for pricing and hedging derivatives, such as options. The modelling of insurance risk has a long-established tradition and still remains a core focus for actuaries - certified insurance mathematicians. The two areas - financial and actuarial mathematics - become more and more interrelated and present an excellent example of a fruitful interplay between basic research and practical applications. The mathematical techniques developed in these areas are becoming indispensable to the daily operations of banks and insurance companies, creating excellent career opportunities for specialists in the field.

Teaching

Students sitting at a table

© TU Wien | Matthias Heisler

We offer a bachelor und a master in financial and actuarial mathematics. These programs at TU Wien completely cover the academic part of actuarial education in Austria.
Together with AVOE (Actuarial Association of Austria), FAM organises a series of lectures called Actuarial Modelling Club, opens an external URL in a new window, allowing actuaries to continue their professional development (CPD).

Research

Professor explains at the blackboard

© TU Wien | Matthias Heisler

Research topics at FAM include arbitrage theory, derivatives, stochastic control, credit risk, interest rate modelling, limit order books, pension insurance, portfolio optimisation, reinsurance, risk management, ruin probabilities and volatility modelling. We familiarise our students with the most recent research developments, for instance, through advanced lectures and master theses. More information about our projects and publications is found on the websites of our staff.

Events

Audience in a lecture hall

© TU Wien | FAM

FAM organises talks (in particular, in the framework of the "Actuarial Modelling Club" and the Vienna Seminar on Mathematical Finance and Probability), conferences, workshops, summer schools and continuing education for actuaries, to foster a stimulating research environment, and to make recent research developments accessible to practitioners.

Outreach

Wheel of fortune

© TU Wien | FAM

Poster, information material and simulations (games) for the general public

Library

Book shelf

© TU Wien | Matthias Heisler

Professorships

Prof. Julia Eisenberg, opens an external URL in a new window
July 2024: appointment to a Professorship in Actuarial Mathematics 

Prof. Stefan Gerhold, opens an external URL in a new window
March 2021: appointment to a Professorship in Mathematics 

Prof. Thorsten Rheinländer, opens an external URL in a new window
October 2012: appointment to a Professorship in Stochastic Methods in Economics

Prof. Uwe Schmock, opens an external URL in a new window
June 2003: appointment to a Professorship in Actuarial Mathematics 

Prof. Walter Schachermayer, opens an external URL in a new window
October 1998: appointment to a Professorship in Financial and Actuarial Mathematics, September 2008: leaving due to job offer: appointment to a Professorship in Financial Mathematics at University of Vienna

Prof. Karl-Heinz Wolff, opens an external URL in a new window
1970: appointment to a Professorship in Actuarial Mathematics, 
1996: receiving the emeritus status 

Structure

since January 2019:
Research Unit of Risk Management in Financial and Actuarial Mathematics (E105-01) and Research Unit of Stochastic Financial and Actuarial Mathematics (E105-05) of the Department of Statistics and Mathematical Methods in Economics (E105) 

since January 2015:
Research Unit of Financial and Actuarial Mathematics (E105-1&5)
of the Department of Statistics and Mathematical Methods in Economics (E105) 

since January 2004:
Research Unit of Financial and Actuarial Mathematics (E105-1) of the Department of Mathematical Methods in Economics (E105) 

April 2001 - December 2003:
Department of Financial and Actuarial Mathematics (E105) 

September 1998 - March 2001:
Financial and Actuarial Mathematics Group (E107-5) of the Department of Statistics, Probability Theory and Insurance Mathematics (E107) 

1970 - September 1998:
Insurance Mathematics Group of the Department of Analysis, Technical Mathematics and Insurance Mathematics 

Important Projects/Grants

Elise Richter Project, opens an external URL in a new window "Actuarial Control Problems under a Stochastic Interest Rate" for Julia Eisenberg, granted by FWF, opens an external URL in a new window, July 2015 - December 2022

Christian-Doppler-Laboratory Portfolio Risk Management (PRisMa Lab), opens an external URL in a new window, granted by CDG, opens an external URL in a new window, Laboratory Director: Uwe Schmock, January 2006 - December 2013 

Mathematics and Credit Risk, opens an external URL in a new window, together with University of Vienna and WU Vienna, granted by WWTF, opens an external URL in a new window, May 2005 - April 2010 

START Prize 2006, opens an external URL in a new window of Josef Teichmann, granted by FWF, opens an external URL in a new window, January 2007 - December 2009

Wittgenstein Prize 1998, opens an external URL in a new window of Walter Schachermayer, granted by FWF, opens an external URL in a new window, October 1998 - September 2004

Important Events

VCMF 2025, opens an external URL in a new window - 3rd Vienna Congress on Mathematical Finance (Vienna, 2025-07-09 to 2025-07-11)

CCI 2024, opens an external URL in a new window - Workshop "Climate Change and Insurance" (Vienna, 2024-09-04 to 2024-09-06)

ViZuS 2019, opens an external URL in a new window - Vienna-Zurich Symposium for young researchers in Financial Mathematics and related fields (Vienna, 2019-11-27 to 2019-11-29)

VCMF 2019, opens an external URL in a new window - 2nd Vienna Congress on Mathematical Finance & VCMF Educational Workshop (Vienna, 2019-09-09 to 2019-09-13)

VISS 2018, opens an external URL in a new window - Vienna International Summer School "Machine Learning Methods and Data Analytics in Risk and Insurance" (Vienna, 2018-07-09 to 2018-07-13) 

IME 2017, opens an external URL in a new window - 21st International Congress on Insurance: Mathematics and Economics & IME Educational Workshop (Vienna, 2017-07-03 to 2017-07-07)

VCMF 2016, opens an external URL in a new window - 1st Vienna Congress on Mathematical Finance & VCMF Educational Workshop (Vienna, 2016-09-12 to 2016-09-16)

EAJ 2014, opens an external URL in a new window -2nd European Actuarial Journal Conference & EAJ Educational Workshop (Vienna, 2014-09-08 to 2014-09-12)

VISS 2011, opens an external URL in a new window - Vienna International Summer School "Stochastic Claims Reserving Methods in Insurance" (Vienna, 2011-07-04 to 2011-07-08) 

AMaMeF 2007, opens an external URL in a new window - International Workshop and Mid-Term Conference on Advanced Mathematical Methods for Finance (Vienna, 2007-09-17 to 2007-09-22) 

ALM 2004, opens an external URL in a new window - Austrian Workshop on Asset Liability Management in Insurance (Vienna, 2004-09-23 to 2004-09-25)

CRM 2001, opens an external URL in a new window - Austrian Workshop on Credit Risk Management (Vienna, 2001-01-31 to 2001-02-02)

WOMF 1999 - Workshop on Mathematical Finance (Strobl and Vienna, 1999-09-13 to 1999-09-18)