Mathematical Finance

Study equations that include dollar signs

Students in the Mathematical Finance program at the University of Waterloo.

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.

First faculty of mathematics in North America

briefcase Available as a co-op and regular program

globe Waterloo is an international leader in Mathematics

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.

Finance program students talking about a project while sitting on red bench inside.

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

Get tips from Waterloo students

Monthly topics include how to choose a program, what it's like to be a Waterloo student, the differences between high school and university, and more.

Questions? Ask a student!

Contact a Faculty of Mathematics student ambassador to learn about their experience in the program.

Ask them questions such as why they chose their program, what the classes are like, and how you can get involved on campus.

First-year courses and beyond

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

September to December

MATH 135 - Algebra
MATH 147 - Calculus 1 (Advanced level)
Choose one of:
- CS 115 - Introduction to Computer Science
- CS 135 - Designing Functional Programs
One communication skills course
One elective

January to April

MATH 136 - Linear Algebra 1
MATH 148 - Calculus 2 (Advanced Level)
Choose one of:
- CS 116 - Introduction to Computer Science 2
- CS 136 - Algorithm Design and Data Abstraction
Two electives

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.

After first year

You'll take a mix of actuarial science courses and pure math courses, with additional courses in business, economics, and accounting. With your remaining classes, you can choose electives from many of the 100 subject areas at Waterloo.

View a list of courses required for your degree.

Sample upper-year courses

ACTSC 372 – Corporate Finance
CS 335 - Computational Methods in Business and Finance
PMATH 451 - Measure and Integration
STAT 443 - Forecasting

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.

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.

Sample co-op job titles

Product manager assistant
Security developer
Quality assurance technician
Risk analyst
Trading products quantitative analyst
Business application developer
Data governance analyst
Trading products quantitative analyst

Sample co-op employers

AVIVA - COFCO Life Insurance
CPP Investment Board
Scotiabank
Manulife Financial
Pitney Bowes
Bank of Montreal
OMERS
Pacific Services Canada Limited

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

Learn about the future of careers in business.

Student life, including women in mathematics

Math Society (MathSoc)

MathSoc is run by students for students and provides a wide range of clubs and services as well as social and academic events to make your experience as a Waterloo Mathematics student the best it can be. There are many ways to get involved and to meet students in other Faculty of Mathematics programs.

Campus-wide activities

Outside of the Faculty of Mathematics, 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, student government, 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 and pursuing career in computing. WiCS has a very active student-run committee and offers events such as the Big CSters mentoring program, workshops, a speaker series, and panels about diversity in computer science and STEM.

There's also Women in Science, Technology, Engineering, and Mathematics (WiSTEM), 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.

Arrow pointing up and clicking Apply to Mathematics and choose this major at the end of first year

math tie Offered by the Faculty of Mathematics

Graduation cap Earn a Bachelor of Mathematics in Mathematical Finance

Ready to learn more?

Visit the Mathematical Finance website
Contact 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

Your choice: Four years or five

Gain 24 months of paid work experience through Waterloo's five-year co-op program or fast track your degree by choosing the regular system of study and graduate in four years.

Social and academic support

Whether you’re looking for a study group or a night out with your classmates enjoying chicken wings, the Math Finance Student Association has you covered.