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18 February 2021 | Story ANDRE DAMONS | Photo Supplied
Prof Maxim Finkelstein, distinguished Professor at the Department of Mathematical Statistics and Actuarial Science at the UFS has become the only researcher with an A1-rating in South Africa (awarded by NRF) in Probability, Statistics and Operations Research.

A professor in the Faculty of Natural and Agricultural Sciences at the University of the Free State (UFS) has become the only researcher with an A1-rating in Probability, Statistics and Operations Research in South Africa after being awarded this prestigious rating by the National Research Foundation (NRF).

This is the second time Prof Maxim Finkelstein, the distinguished Professor at the Department of Mathematical Statistics and Actuarial Science in the Faculty of Natural and Agricultural Sciences, has been awarded with an A-rating. The first was in 2015.

The goal is to produce quality research

According to Prof Finkelstein, the rating should not be a goal as such for a researcher but should produce a quality research that is recognised by peers and that, above all, brings a real satisfaction in life. Prof Finkelstein says: “The rating is just a consequence of what one, as a researcher, has achieved in the past eight years and, actually, during the whole professional life as well. South Africa is the only country in the world that is able to perform this rigorous internationally sound rating process for individual researchers. ‘Scientifically large’ countries just cannot do it, technically.”

Prof Finkelstein’s area of expertise is the modelling of random events and quantifying probabilities of their occurrences. He explains: “For instance, in industry, people are interested in probabilities that a machine or process or mission will accomplish its task without failure or accident. In order to assess the probabilities of interest, one must have an adequate mathematical/stochastic model that should be properly developed. 

“Thus, I am developing such models that can be rather advanced because they should take into account numerous factors, e.g., that the object is operating in a random environment, that its structure could change, that there can be human errors affecting the outcome, that an object interacts with other objects, etc. This is usually done in the framework of mathematical reliability theory that considers operation of technical devices.” 

The only A-rating at NAS

“I am quite excited to get the A-rating for the second time, especially because it is the only A-rating in Probability, Statistics and Operations Research in South Africa. It is also the only A-rating at our Faculty of Natural and Agricultural Sciences.

“The fact that it is an A1 and not A2, as previously, does not, in fact, mean too much to me. What matters really is that it is the A-category defined by the reviewers’ opinions that the applicant is a world leader in his discipline,” says Prof Finkelstein.

During his numerous visits as a research professor to the Max Planck Institute of Demographic Research in Germany, he jointly with the colleagues from this institute, were applying the developed stochastic approaches to modelling lifespans of organisms as well. 

One of Prof Finkelstein’s evolving interests is in the area of healthcare engineering when, for instance, monitoring the key health parameters of a patient, some optimal cost-wise decisions can be made on preventive treatments and interventions. 

“I want also to stress that, in general, international collaboration is very important for emerging and established researchers, especially in ‘remote’ South Africa, although nowadays the term ‘remote’ is obviously outdated,” says Prof Finkelstein.

He also collaborates with numerous colleagues around the globe. Apart from the visiting position in the Max Planck Institute he held for many years, Prof Finkelstein regularly visits the ITMO University in St Petersburg, Russia, and is also now establishing a Visiting Professor position at the University of Strathclyde in Glasgow, Scotland.

News Archive

Alumni in the financial sector: money talks!
2016-12-26

Description: Marina Marinkov Tags: Marina Marinkov 

Marina Marinkov, Economist at the
International Monetary

Description: Evangelina Nailenge Tags: Evangelina Nailenge

Evangelina Nailenge, General
Manager: Investment Institutions at
Namibia Financial Supervisory Authority.

Description: Vuyelwa Vumendlini Tags: Vuyelwa Vumendlini

Vuyelwa Vumendlini, Chief Director:
Global and Emerging Markets, National
Treasury.

Description: Meshach Aziakpono Tags: Meshach Aziakpono

Prof Meshach Azaikpono, Professor of
Development Finance, University of
Stellenbosch.

Description: Anton Nicolaisen Tags: Anton Nicolaisen

Anton Nicolaisen, Provincial Head for
the Free State Province, Standard Bank.

Where are they now?

On good days, most of us battle to set our personal finances straight,  let alone be responsible for a large enterprise. So we are extremely proud of the well-trained and talented Kovsie alumni who fill prominent shoes. Operating mostly away from the public eye, they make decisions to improve the economy on various levels. It is heartening to know that the UFS contributes to financial matters and training all across the globe.  

Marina Marinkov


Courses: BCom (Economics), BCom Hons (Money and Banking), and MCom (Economics) (2000-2004)
Current position:
Economist at the International Monetary Fund
Biggest career obstacle: I once worked for an organisation with poor leadership which negatively affected employee morale and job performance. It still proved to be a great learning experience, though. Bad bosses can teach us powerful lessons.
Best career advice:
Stop doubting yourself, work hard and be humble.
Fondest memory of UFS: Time spent on campus with my classmates, whether studying for finals at the library or just catching up between classes. The UFS was also my first employer and I have plenty of wonderful memories with colleagues at the Department of Economics.


Evangelina Nailenge

Courses: BCom Hons (Money and Banking) MCom (Money and Banking) (2005-2006)
Current position: General Manager: Investment Institutions at Namibia Financial Supervisory Authority
Biggest career obstacle: At times, being one of the youngest requires you to work twice as hard to earn your voice and cue at the decision-making table.
Best career advice: “Whatever your hand finds to do, do it with all your might, for in the realm of the dead, where you are going, there is neither working nor planning nor knowledge nor wisdom.” Eccl. 9:10
Fondest memory of UFS: Walking around the campus. Its well-manicured lawns and gardens had a calming effect in the midst of academic pressures. I will forever treasure the moment I first saw my name engraved in the walls of FGG, as the best postgraduate student for both 2005 and 2006.

Vuyelwa Vumendlini

Course: BCom Hons (Economics) (1996-1999)
Current position: Chief Director: Global and Emerging Markets, National Treasury
Biggest career obstacle: Doubting your own capabilities.
Best career advice: The sky is the limit, go for it all out, but most importantly, do something that you are passionate about it. It makes your work much more meaningful.
Fondest memory of UFS: Working as a tutor in my honours year and being able to help other students. I also enjoyed hanging out at Mooimeisiesfontein on Saturday afternoons.


Prof Meshach Azaikpono

Course: PhD in Economics (2004-2008) “The Depth of Financial Integration and its Effects on Financial Development and Economic Performance of the Southern African Customs Union Countries”. He received the Founders’ Medal for the best PhD dissertation in Economics in South Africa.
Current position: Professor of Development Finance, University of Stellenbosch.
Biggest career obstacle: I was fortunate to never have experienced a major career obstacle.
Best career advice: Pursue and focus on your passion.
Fondest memory of UFS: Being a part-time student, I had very limited interaction with the broader university environment. But I really enjoyed the support provided by the library staff and the staff from the Department of Economics. It was always like coming to see friends.


Anton Nicolaisen

Course: BEcon (1986-1989), MBA (1999-2003)
Current position: Provincial Head for the Free State Province, Standard Bank
Biggest career obstacle: Earlier in my career, I fell into a comfort zone and had to acquire the willingness to change.
Best career advice: Continuously challenge yourself to be the best possible person you can be, and run your own race. Learn through difficult times, and be open to change.
Fondest memory of UFS: Although I was not the biggest academic, I enjoyed interacting with lecturers … their stories and unique characteristics. Back then, I interpreted some as funny or awkward, only later did I realise how much I had learned from them. And of course, I’ll always remember the team spirit at athletics meetings and intervarsity.




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