Fraunhofer Institute for Industrial Mathematics ITWMDr. Stefanie Grimm is head of our »Financial Mathematics« department since January 2025. Her career is exciting and also unique at our institute: With the takeover of the department management, she has now held all positions that are possible at the Fraunhofer ITWM within one department. She started as an intern in 2007 after her first semester.
From Internship to Head of Department
Interview with Dr. Stefanie Grimm
How did you come to work at the Fraunhofer ITWM?
I studied mathematics with a minor in economics in Kaiserslautern. In the same year that I started my studies, I also signed my first contract at the Fraunhofer ITWM. After an internship during my first semester break, I was able to start as a student assistant in the »Financial Mathematics« department and have remained loyal to the institute ever since, with a few small interruptions. The application for the internship was the idea of the careers advisor at my school. When I asked her what mathematicians actually do all day, her answer was: »Actually, I don't know, but why don't you ask the Fraunhofer ITWM – they should know.«
Why did you choose to specialize in »Financial Mathematics«?
As my parents were both working for a bank, »Financial Mathematics« was my first choice, as I had to choose a department for my internship application. That seemed obvious to me at the time. During the course of my studies, I also decided to specialize in this area because of the content.
Do you remember what you were allowed to do during your internship?
I actually don't remember exactly, I was editing an Excel spreadsheet with a VBA code. Apparently I did it well enough that I was asked if I wanted to stay on as an assistant.
What topics did you work on at the Fraunhofer ITWM?
During my time as a student assistant, I worked on many different projects. In my PhD, I initially looked at a classic topic in »Financial Mathematics« – the development and prediction of interest rate time series. When I returned to the institute in 2019 after a trip to industry, I shifted my focus to data science and machine learning methods. For example, in the BauhausMobility.Lab project, I worked on the prediction of air quality values using machine learning methods.
What do you like about the Fraunhofer ITWM?
For me, in addition to the exciting topics and the opportunity to bring mathematics and industrial applications together, the working atmosphere is what sets the institute apart. Especially after my professional foray into the private sector. It was instructive and interesting to be the only mathematician there, but it also made me realize once again how special it is to work here.
Interview with Stefanie Grimm
How would you like to develop your department? Are there any special trend topics in »Financial Mathematics«?
As part of the handover process between Jörg Wenzel and myself, we held a strategy workshop with the entire department. There, we all discussed social trends and scientific topics together and asked ourselves what »Financial Mathematical« challenges are associated with them. In addition to our existing focus on retirement provision and conspicuousness detection, another important issue for us is sustainability. We are currently investigating the role that financial products can play in providing for climate risks.
You also have the special situation that your predecessor Jörg Wenzel is still working in the department.
That's truly special. Jörg has been there the longest of all of us. It's very beneficial that someone with so much experience from different perspectives is part of the team.
Where do you generally see room for improvement in terms of combining work and family life?
I think we are already on the right track by offering our employees a lot of flexibility and allowing them to take on management roles part-time.