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University of Washington - MS Computational Finance & Risk Management

University of Washington - MS Computational Finance & Risk Management

The UW CFRM program is established under the Department of Applied Mathematics
Overview Rankings Jobs Admissions Tuition Applications Reviews (41)
Location
Seattle, WA 98195
Application deadline
Jan 30
The Master of Computational Finance and Risk Management program is a degree offered in the University of Washington’s Department of Applied Mathematics.

Students are able to attend the CFRM program on-campus full-time, online part-time, through the Computational Finance Certificate, or through single course enrollment.

Director: Prof. Tim Leung.
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2025 Ranking Data
Rank
16
Total Score
62
Peer Score
2.5
Employed at Graduation (%)
53%
Employed at 3 months (%)
72%
Base salary
$109,276
Cohort Size
27 FT, 3 PT
Acceptance Rate (%)
24.1%
Tuition
$50,930
Views
53,860
First release
Last update

Ratings

4.90 star(s) 41 reviews 4.33 star(s) Students Quality 5.00 star(s) Courses/Instructors 3.00 star(s) Career Services
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Latest reviews
Headline
Strong Academics, weak career support
Class of
2023
Reviewed by Verified Member
I cannot fully recommend this program, despite its strong academic foundation. While the school has a solid reputation and the professors are genuinely supportive and knowledgeable, there’s a significant gap when it comes to career services and job placement assistance.
The career support resources are insufficient, and students are largely left to navigate the job market on their own. Many graduates struggle to secure full-time positions even after completing the program, which speaks to the limited effectiveness of the career development services.
From a purely academic perspective, the program delivers quality education and the faculty truly care about student success in the classroom. However, if you’re looking for a program that will actively help you launch your career and provide robust job search support, you may want to consider other options or be prepared to be very proactive and self-directed in your job search.
Recommend
No, I would not recommend this program
Students Quality
3.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
1.00 star(s)
Upvote 0 Downvote
V
Headline
Great Program, Strongly Recommend
Class of
2023
I am an MS graduate (2022 cohort) from the Computational Finance and Risk Management (CFRM) program at the University of Washington (UW).

Before coming to UW, I received a dual degree in BS Mathematics and BA Economics. I was admitted to UW CFRM with a merit-based scholarship. In addition to this program, I was also offered admission to Boston University and the University of Southern California. I chose UW for three main reasons: small cohort size, relatively low tuition, and its strong reputation.

And I am glad that I made the right decision!

The CFRM program is a part of the Applied Mathematics Department at UW. Hence, this program has a heavier focus on the application of mathematical/statistical methods and programming languages, which is exactly what I need. So, expect less ‘finance’ finance. Some courses might be challenging for students without a math or programming background.

There are two degree options. You may choose to complete an MS thesis with 9 extra credits. Otherwise, you need 42 credits to graduate without a thesis. All the required courses are helpful and serve as strong foundations. Many electives are available, including risk management, fixed income, and stochastic calculus. You are always able to find and explore subjects of interest. The design of the program is pretty flexible, making it suitable for both students pursing industry roles or academia. Make sure to talk to your advisor first!

Professors and faculty members are friendly and approachable. The department offers plenty of events and resources (free coffee yay). I was assigned a teaching assistantship for an undergraduate course during the summer, which was a rewarding experience. There is also an annual internal PhD application for those interested in pursuing a doctoral degree in applied mathematics. Professors are willing to provide extra help, such as writing recommendation letters and offering research opportunities.

Among all the courses, I particularly enjoyed taking CFRM 504 (options and derivatives) with Professor Matt Lorig, CFRM 521 (machine learning) with Professor Kevin Lu, and CFRM 509 (Ethics and ESG) with Professor Tim Leung. Professors wrote their own lecture notes and are highly knowledgeable about the content. Courses are well-organized; expectations are clear; gradings are fair; and lectures are recorded.

Career services provide routine workshops, information sessions, guests talks, mock interviews, resume advice, local company visits.

Some areas for improvement:

1. I wish there could be more internship and full time job postings. I found these postings really helpful. UW CFRM career services usually have good connections with these firms. Students are more likely to get interviews or land jobs from these opportunities.

2. The alumni network could be more effective. The program has a Linkedin group for alumni, but there isn't much communication.

3. Rainy weather in winter Seattle (can't do much about it :(

Overall, I strongly recommend this program. Happy to connect.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
4.00 star(s)
Upvote 1 Downvote
Z
Headline
Excellent program with growing industry connections
Class of
2022
The program was excellent!

I attended as part of the class of 2022 as the Parametric Fellow. The program was able to connect me with the Research Department at Parametric/Morgan Stanley where I was able to intern. I then went on to a full-time career at Parametric/Morgan Stanley.

The program content was excellent, giving me a great look forward into the skills I would need. I was able to develop my skills in various programming language, learn about relevant industry topics, and get hands-on experience from a variety of faculty, several of whom were leading research or had decades of industry experience. Much of the faculty is very passionate about the success of the students.

Alumni of the program are very involved. While Seattle poses a geographic challenge in terms of the depth of the local quantitative finance community, the program has deeps ties to the community and growing connections in the Pacific Northwest and across the country. Research opportunities are available as well.

Most of all, the faculty is incredibly supportive, always willing to connect on a job hunt, provide academic advice, give a recommendation letter, or challenging you to grow.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
4.00 star(s)
Upvote 0 Downvote
V
The skill sets I learnt in this program are really helpful. For example, in one interview assignment I did about energy arbitrage, I used linear programming(cfrm 507 optimizaion in finance), trading strategy(cfrm 422 introduction to trading system), time series data decomposition(cfrm 503 financial data science) and monte carlo simulation(cfrm 505). The interviewer is really satisfied with my assignment. Actually, if time permits, I can use the LSTM or GRU model I learnt from machine learning course(cfrm 521 machine learning for finance) to do forecasting. I can also use the logistic regression which is covered in many courses to classify the weather to be related with extreme energy price or not.

When I got applied by CFRM program, I was not so sure what skill sets can better fit the need of the labor market. I just think it's good to learn more hard-core skill sets. So, I'm really grateful that this program makes the choices for us. We can just learn and use them in the future.
Upvote 0 Downvote
S
I am part of the 2021 CFRM cohort. I had a background in Finance and before starting at UW I had completed only a few math and programming courses.

The CFRM curriculum is arranged really well. During the first few weeks students from different backgrounds come up to speed with the basic quant finance material. Later, the advanced courses help to build an in-depth knowledge of the statistical and analytical concepts. The program also emphasizes financial software development, machine learning, and data science skills which are applicable in many industries. The course material, assignments, and projects have a strong practical focus which prepares well for the industry. The work is completed on R, Python, SQL, C++ all of which are important languages in the industry. The program also offers advanced courses on trading and derivative strategies.

The instructors are subject matter experts with strong industry experience in leading companies which enriches the class discussions. The school has a very strong career office that helps students improve their job applications, cover letters, general and industry-specific interview skills. The academic office provides guidance in all other matters. International students in particular stay up to date with the requirements of their visa by constant reminders and guidance from this office.

All the classes are recorded so for me managing coursework was easier. Even after graduating, the faculty, academic, and career advisors have stayed in touch and are very helpful. I highly recommend the CFRM program!

Syed Aun Haider
Upvote 1 Downvote
Overall: 4.7 out of 5
Classroom contents and teaching quality: 4 out of 5
Prepping you for the next step of your professional and/or academic career: 5 out of 5
Location, industry connections, career opportunities: 5 out of 5

The review below is subjective because I think education and career choices are personal. Instead of providing just the highlights, I will list out courses that I took, along with my thoughts on them, with tips and tricks to help you make the most out of the CFRM experience OR make your decision to attend CFRM program at UW.
I attended UW CFRM program right after my undergraduate studies in economics and mathematics (which I think had its own advantages and disadvantages)
- Advantage: fresh quantitative knowledge from college will definitely help you be more prepared with math focused CFRM courses
- Disadvantage: might be lack of industry knowledge/experience, thus, might not be aware of how knowledge from certain courses can be applied to solve industry problems

Coursework:
Autumn 2017: 501, 504, 506
Winter 2018: 502, 520, 550
Spring 2018: 503, 505, 509, 522
Summer 2018: internship + collaborative project with CFRM professor
Autumn 2018: internship + part-time job with a local fin-tech, finalized collaborative research project
Winter 2019: internship + part-time job with a local fin-tech
Spring 2019: 521 + internship + part-time job with a local fin-tech

I think all courses sticked very well with their descriptions and schedules. Certain courses took longer to sink in, some weren't too bad. Overall, a well-balanced curriculum with a good mix between academic and industry lectures.

Tips:
In your first year, get yourself a nice suit, make friends, and attend as many local (meetups and UW's clubs) and CFRM events (CFA, CAIA, Tech conferences, etc.) as possible. These could be your employment opportunities. Lots of fin-tech projects in Seattle that you can be part of, if you simply ask. And of course, lots of rejections, too.
In the second year, depending on what career path that you want, Karen or your career service advisor will help you GET it. Even after you graduated, you will continue to receive great career opportunities from her. But your internship will mostly likely turn into your full-time career.

Tricks:
Lectures are recorded and will be available on Canvas. Save your notes and focus on the lecture in class, then re-visit the lecture at 2x the speed (if lectures were slow) or maybe 0.5x the speed. Bloomberg terminal is available at UW Foster Library if you need serious financial and economic data.
Upvote 0 Downvote
I completed this program between Sept 2014 and Dec 2018. Online delivery and capability to complete part-time were key for me because I already work full-time in asset management. I also chose this program because the focus is more on asset management than on engineering, which should make sense given my profession.

The online delivery was good when I started and has improved over time.

I enjoyed the programming courses the most, and was glad to be able to take R, C++, and SQL/VBA courses. The program also allows elective credit from the applied math department's high performance computing course, which I took, and thought was excellent.

The 2017/18 curriculum was reshuffled for the incoming cohort, accompanied by a lot of staff turnover. I cannot speak to the differences this may have made because the course I took this autumn is one that has been offered for a number of years, taught by an industry pro. I think steering the program toward some data-science-compatible skills will be helpful in aligning student capabilities with industry trends.

I really enjoyed the program, worked hard, and learned an awful lot that I can now use on a regular basis, and have been able to redefine my employment role as a result.
Upvote 0 Downvote
V
I will be graduating from the CFRM program in spring of 2018. I chose UW as it allowed me to attend classes part-time and remotely for the entire program and UW is a very reputable school. I am currently working in corporate taxation and I am attempting to make a career change. Being part-time and attending remotely has allowed me to pursue the degree without my employer becoming aware that I am in the program, which is difficult but doable.

The lectures for every course I took were recorded which I was able to download and watch on my own schedule (some courses use different formats that others). They have a lot of electives that I believe are useful (trading system design, C++, SQL/VBA, etc.). UW's CFRM program has made revisions to the coursework which I believe has been an improvement. They have improved the proctoring process quite a bit (I have used the same proctor for the whole program). The program advisor (Laurie) was extremely responsive to emails assisting me with scheduling, etc. There were one or two courses the instructors/professors were verbally strict on dates for taking exams for online/part-time students (i.e. had to be taken same day), but most of them were flexible when I communicated with them directly, allowing them to be taken same week and even on the weekend.

The UW CFRM program is housed within the Applied Math department which provides a more mathematical based on structure to the program, however there is an extensive programing aspect as well. The VBA course I feel is very practical and even helpful even in my current career (I use excel all of the time). They use R throughout every course in the program. This has made me quite proficient at being able to crank out quick R scripts to finish assignments. I have a BS in Mathematics (from a top-5 public school) and an MS in Statistics (from a state school). I took the C++ course, however I wish that they had another C++ course or integrated it into the regular courses. Given my background some of the material was familiar to me and I didn't find the time required to be too much for me given that I regularly work 50+ hours a week.
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I just graduated and overall my experience has been excellent.
The professors are very organized and are a great mix of industry professionals and academics. The instructors and staff are constantly working to connect the students with individuals in the industry. If anyone is interested in working in the finance industry regardless of experience( I came almost straight out of a physics bachelors with very little experience) this program is a great choice. It is also very affordable and located in the beautiful Pacific Northwest.
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I am a current full time student. I think it is a great program. The program is trying their best to cater students need and take them very seriously.

The professors are great. Organized and very responsible. Not like other programs, a lot of international students found jobs eventually and get to stay in the states.
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