Mathematics/Financial Analysis and Risk Management

Crunch numbers. Calculate odds. Create career success.

The world of finance requires professionals with strong mathematical and analytical skills. You’ll hone them both in this challenging program — one of just a handful across the country recognized by the CFA Institute.

Whether you choose to specialize in Chartered Financial Analyst or Professional Risk Management, you’ll study a mix of mathematics, finance, accounting, and economics — giving you the perfect foundation for a career in banking, investment management, or risk management.

Meanwhile, if you opt for the co-op program, you’ll graduate with two years of paid work experience on your résumé.

What courses will you take in Mathematics/Financial Analysis and Risk Management?

First-year courses

During your first year, you'll take a mix of foundational courses in Mathematics, Computer Science, and communications.

In your upper years, you'll take courses in statistics, finance, accounting, and business.

Note: you may also select advanced-stream courses for algebra, calculus, and computer science if you meet the requirements. Details will be sent during course selection in June.

September to December

COMM 101 – Introduction to Financial Markets
MATH 135 – Algebra for Honours Mathematics
MATH 137 – Calculus 1 for Honours Mathematics
Choose one course from
- CS 115 – Introduction to Computer Science 1
- CS 135 – Designing Functional Programs
One communication skills course

January to April

MATH 136 – Linear Algebra 1 for Honours Mathematics
MATH 138 – Calculus 2 for Honours Mathematics
Choose one course from
- CS 116 – Introduction to Computer Science 2
- CS 136 – Elementary Algorithm Design and Data Abstraction
Choose one course from
- AFM 101 – Introduction to Financial Accounting
- ECON 101 – Introduction to Microeconomics
- ECON 102 – Introduction to Macroeconomics
One communication skills course

This is a sample schedule. Courses or when a course is offered may change depending on availability.

After first year

You'll take a variety of upper-year courses in statistics, finance, business, and accounting. With your remaining classes, you can choose electives from many of the 100 subject areas at Waterloo.

Sample upper-year courses

AMATH 350 – Differential Equations for Business and Economics
STAT 334 – Probability Models for Business and Accounting
MATBUS 470 – Derivatives
MATBUS 471 – Fixed Income Securities
MATBUS 472 – Risk Management

Customize your degree

In your third year, you'll be able to choose the Chartered Financial Analyst Specialization or Professional Risk Management Specialization.

Once you're a student, advisors can help you explore which minors or specializations may fit into your plans.

Faculty:
Faculty of Mathematics

Degree:
Bachelor of Mathematics in Mathematics/Financial Analysis and Risk Management

Available as a co-op program?
Yes

Available as a regular program?
Yes

Available as a minor?
No

Earn a CFA or PRM. Graduate with the knowledge and skills needed to prepare for the Chartered Financial Analyst (CFA) exams or to pursue other professional designations, such as Professional Risk Manager (PRM) or Fellow of the Canadian Securities Institute.

Social and academic support. Through the Financial Analysis and Risk Management Students Association (FARMSA), you’ll find the knowledge, tools, and networks you need to thrive within the financial services industry.

Co-op = relevant paid work experience

Waterloo's co-op program, the largest in North America, is an amazing way to explore potential careers, learn to interview for jobs, graduate with up to two years of valuable experience — and make money!

Sample co-op job titles

Information systems assistant
Associate business analyst
Investment performance intern
Junior gaming analyst

Data analyst
Hedging assets specialist
Trading products quantitative analyst

Co-op work-study sequence

Starting in second year, you'll normally alternate between school and work every four months, integrating your classroom learning with real-world experience. You can return to the same employer for a couple of work terms to gain greater knowledge and responsibility or work for different employers to get a broad range of experience.

Your first work term will be after first year (May to August 2026).

Year	September to December (Fall)	January to April (Winter)	May to August (Spring)
First	Study	Study	Co-op
Second	Study	Co-op	Study
Third	Co-op	Study	Co-op
Fourth	Study	Co-op	Study
Fifth	Co-op	Study	-

or halfway through second year (which can be January to April 2027).

Year	September to December (Fall)	January to April (Winter)	May to August (Spring)
First	Study	Study	Off
Second	Study	Co-op	Study
Third	Co-op	Study	Co-op
Fourth	Study	Co-op	Study
Fifth	Co-op	Co-op	Study

There are options where you can have your first work term in the spring term after first year and your second work term after second year, or in the fall term halfway through your second year.

Learn more about co-op →

What can you do with a degree in financial analysis and risk management?

Our graduates often pursue careers in risk analysis, consulting, business development, and related areas. They often work for insurance companies and financial institutions.

Recent graduates

Portfolio Management, Evaluator – Foresea Life Insurance Company
Observational Risk Analyst – CIBC
Data Support Analyst – Sustainanalytics
Capital Markets Risk Management Associate – TD Securities
Business Development Planner, Nissan Finance – Nissan Canada
Consultant – Capgemini Canada
Treasury Manager – TD Canada Trust

Learn about the future of careers in business.

Tuition fees for Mathematics/FARM

First-year tuition

Type of fees	Tuition (8 months of school)
Domestic (Ontario residents)	$12,000
Domestic (Out of province students)	$13,000
International (visa students)	$62,000

Estimated amounts listed include incidental fees. Fees based on 2024-25 tuition rates.
Visit our financing page to learn about scholarships, estimate your total expenses, and see how co-op can help pay for your education.

Student life in mathematics and computer science

MathSoc

Math Society (MathSoc) is run by students for students and provides a wide range of clubs, services, and social and academic events to make your experience as a Waterloo math student the best it can be.

Campus-wide activities

Our campus is packed with opportunities to get involved, no matter how unique your interests. Between clubs supported by the Waterloo Undergraduate Student Association, sports and recreation, and an incredible range of events, there's something for everyone at Waterloo!

Women in Mathematics

The Women in Mathematics (WiM) community encourages and advocates for women of all ages who are interested in studying math and pursuing a career in a related area.

WiM strives for all genders to be well-represented in mathematics and welcomes people with under-represented gender identities.

Women in Computer Science

Women in Computer Science (WiCS) promotes gender equity for students interested in studying computer science.

WiCS is very active and offers events such as the Big CSters mentoring program, workshops, a speaker series, and panels about diversity in computer science and STEM.

Women in Science, Technology, Engineering, and Mathematics

Women in Science, Technology, Engineering, and Mathematics (WiSTEM) is a student-run club that welcomes all students (regardless of gender) to promote equality in STEM. Opportunities include skills workshops, discussions, homework help, and guest speakers.

Hack the North

As Waterloo Computer Science student, you’ll have the opportunity to participate in competitions such as Hack the North. This hack-a-thon is the largest in Canada and hosted annually at Waterloo.

"I really value the wide range of courses I’ve taken and skills I’ve learned. The program is also very flexible, I’ve been able to study the topics of interest to me and customize my degree to suit the career path I want. " Leslie, fourth-year Math/Financial Analysis and Risk Management student

"Co-op has been instrumental for me not only to get valuable work experience, but also an unforgettable experience for me to explore different careers and paths!" Erik, fourth-year Math/Financial Analysis and Risk Management student

Admission requirements

Ontario students: six Grade 12 U and/or M courses including

Advanced Functions
Calculus and Vectors
Any Grade 12 U English
One other 4U course
Grade 11 Introduction to Computer Science is recommended

Admission averages: Individual selection from the mid-80s

Not studying in Ontario? Search our admission requirements.

Once you've applied, you'll need to complete the Admission Information Form as part of the application process.

We strongly encourage you to participate in the Canadian Senior Mathematics Contest and/or the Euclid Mathematics Contest to enhance your admissions status. As well, to be considered for entrance scholarships in the Faculty of Mathematics, you must write one or both of the contests. If you complete both, we'll use your higher grade.

Related programs

Computing and Financial Management

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Questions about courses, programs, requirements, or careers?

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