Mathematical Finance

Study equations that include dollar signs.

In one of the most advanced undergraduate finance programs in the world, you’ll focus on the math behind financial markets.

Offered jointly by the Department of Pure Mathematics and the Department of Statistics and Actuarial Science, Mathematical Finance is designed for students with elite mathematical abilities who wish to pursue finance combined with pure mathematics.

Our challenging curriculum includes courses on corporate finance, mathematical finance, asset-liability management, statistics, and forecasting. It also provides a co-op stream where students can gain up to two years of paid work experience.

This is a degree that can launch your high-flying career in banking and finance.

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Mathematical Finance admission requirements

Apply to Mathematics and choose Mathematical Finance as your major at the end of first year. 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.

To be considered for entrance scholarships in the Faculty of Mathematics, you must write one or both of the contests. If you complete both contests, we'll use the results of the contest in which you performed best.

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First-year courses

You may select advanced-stream courses for algebra, calculus, and computer science if you meet the requirements. 

Note: You're encouraged to take three courses from AFM 101, AFM 102, AFM 131, ECON 101, and ECON 102 using your first-year electives to satisfy the degree requirements for Mathematical Finance.

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The Mathematical Finance program allows you to explore your interests in finance and theoretical math simultaneously.

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Co-op = relevant paid work experience

By alternating school terms and paid co-op work terms throughout your degree, you can explore new career areas and types of employers as your career interests evolve.

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Customize your Mathematical Finance degree

You can add additional areas of expertise to your degree by including one or more of the minors available to all Waterloo students.

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What can you do with a degree in Mathematical Finance?

Waterloo Mathematical Finance graduates often pursue careers in investment banking, financial analysis, and more. They typically work in financial institutions, investment companies, and more.

Recent graduates

• Investment Analyst – Manulife Financial
• Data Scientist – EMAGIN Clean Technologies 
• Risk Analyst – TD Bank Group
• Associate Director, Counterparty Credit Risk – RBC Capital Markets
• Quantitative Investment Associate – Putnam Investments 
• Quantitative Portfolio Manager – Lombard Odier
• Risk Modelling Analyst – TD Bank Group

For more information on potential careers, check out our page on careers in business.

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Ready to learn more?

• Visit the Mathematical Finance website
• Email our Mathematics recruitment co-ordinator, who can answer any questions about the program
• Subscribe to our newsletter to get tips and advice from current students