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
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Location
Seattle, WA 98195
Application deadline
Jan 30 (campus), May 1 (online)
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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2026 Ranking Data
Base salary
$118,375
Cohort Size
41 FT
Acceptance Rate (%)
53.9%
Tuition
$52,116
Views
54,554
First release
Last update

Ratings

4.91 star(s) 45 reviews 4.57 star(s) Students Quality 5.00 star(s) Courses/Instructors 4.00 star(s) Career Services
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Latest reviews

S
Headline
A rigorous primer in both theory and industry
Class of
2025
I joined the program in 2023. My undergraduate background was in Mathematics.

The University of Washington runs on a quarter system, meaning there are 3 academic terms in a school year of 10 weeks each. This allows you to hit the ground running and broaden your exposure for more courses and topics. At the same time, it is very easy and straightforward to register as a part time student to allow for more flexibility in your time commitment.

One aspect I really want to applaud of the program is the academic rigor and quality. At least two members of my cohort thus far have gone on to pursue doctoral study. This program is not only technical coursework as a means for a career, but instills a standard of theory expected to produce novel work. A close peer of mine pursued the undergraduate major from this program. He remarked his new graduate program now has been admittedly easier than his CFRM curriculum. Matt Lorig, a faculty member, has written his own course notes for a number of courses, and they are very intuitive and elegant. (I wish I had his LaTeX template)

Another phenomenal aspect of the program is the chance to pursue the thesis option. Students are given the opportunity to propose a research project and pursue independent study directly under a faculty member, to then form a thesis committee and defend it. You will have the chance to present a new R library or dive deeper than the coursework to answer other questions in the field.

Seattle is admittedly geographically distanced from the main centers of quantitative finance, yet the career services support remains strong and effective. There is a dedicated career services manager for the program specifically. I had the chance to intern at Parametric Portfolio Associates, which is a Seattle-headquartered subsidiary of Morgan Stanley Investment Management. I had a general question about my internship while I was still incoming, and the career manager actually took it upon herself to reach out to my talent acquisition team on my behalf to get full clarity. This level of attention is extended to all students, and it is up to you to take full advantage of it. While an intern, I noticed I saw a CFRM mug on desk as I was walking through the office. I thought, huh, that's pretty neat, there's an alumnus here, too. I then saw five more mugs across other desks in the office. I then realized that was no coincidence. The City of Seattle also takes on graduate financial research interns, where the last two at least have been program students.

The career services manager prepares weekly workshops and seminars offered for students to attend. These have ranged from local guest speakers and panel discussions, as well as resume building and interview preparation. Every year, the program has about three dedicated tables reserved at the CFA Society Seattle Economic Forecast Dinner. I have had the chance to attend two, they were phenomenal opportunities to meet others and represent the program.

By far my favorite class in the program, and likely ever, was CFRM 523: Advanced Trading Systems, taught by Dr. Ben Hansen. Rather than just teaching you a skill or concept as a means to an end, the focus of this course was to understand how to rigorously apply an academic approach to quantitative finance, treating trading strategies as a scientific and repeatable process. I not only got to learn derivatives pricing or credit risk management, but also the level of scrutineering that I should have when conducting this work.

On that note, one point of improvement that I have is the elective offerings. Naturally, a majority of the cohort gravitates towards choosing a single elective each quarter. This makes it difficult to offer a more diverse pool of course selections, given student interest and course section minimums. Another strong CFRM employer in Bellevue does power and energy trading, it would have been nice to see an energy markets course offered. I now do research at a single-family office and its venture affiliate designing synthetic exposures and liquidity provision, and would have enjoyed taking the course on blockchain. While admittedly niche topics, these industries remain prevalent in the Seattle area, and instructors from them would strengthen the depth of the program. That said, there are a number of approved electives you are allowed to take from other schools and departments.

There is so much to do outside of the classroom. For UW's Graduate & Professional Student Senate, the Department of Applied Mathematics has two seats, and they give the chance to offer one to a CFRM student. This is an additional leadership opportunity that led me down an entirely separate rabbit hole and gave me a year of on-campus employment. Jane Street has run their Estimatathon competition here, and I have attended a number of their presentations on-campus. There is also the algorithmic trading club, a registered student organization dedicated to quantitative finance.

Overall, I found the program to position me well from both an industry and academic perspective. Seattle may be far from these industries, but they make up for this through the care and attention from the faculty, career, and advising support. There is a very cordial atmosphere in the program and department.
Recommend
Yes, I would recommend this program
Students Quality
4.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
4.00 star(s)
Upvote 0 Downvote
J
Headline
Good Program Positive Feedback - Overall recommendation
Class of
2023
Reviewed by Verified Member
Pros
- Small class size for both program and department, giving more exposure to professors and other fellows from the program and department
- Reasonable curriculum: You will get the standard MFE preparation here
- Flexibility of choosing a few electives, even from the CSE department, which is what I like
- Location(of personal life): I know many of my friends might be against this, but I like the weather, the nature, and the convenience Seattle is offering
- UW: I like this school and the beautiful campus
- Financial Friendly: The tuition fee is more acceptable compared to the other MFE programs on the list
- Career Support: You always find someone from the faculty willing to support you, whether going into the industry or Academia. Lots of thanks to Karen here. Thanks for taking care of us on this journey.

Cons:
- Still location: Not the best location for a finance/quant job, which you have to be aware of before coming here. There is 3 3-hour time difference and 5 5-hour flight from New York, which puts candidates from Seattle at a lot of disadvantage. Speaking of my experience, most of the employers have a strong preference for the local candidates, and as you can imagine, most of our target employers from the eastern coast, especially if you are an international student and might need sponsorship
- very limited local opportunities for a quant finance career. There are more tech opportunities tho, especially for SDE. Not the reason why we started this program here, but I think it does not hurt to get some connection with the tech employers as well for some SDE or data scientist opportunities. It does not hurt. I feel like there is room to improve on this point
- The connection with the alumni community can be further strengthened. Although there is a strong UW CFRM alumni presence in Seattle, the level of collaboration and engagement remains relatively limited. The alumni network tends to feel somewhat fragmented after graduation, both within the same cohort and across different years.
- Some great electives, such as C++ for quant finance, are not provided anymore, which was the most exciting course to me before joining the program.
- Some courses remain relatively academic, particularly in terms of their evaluation methods, which rely heavily on exams and assignments. I understand that for theoretical subjects, an exam-based assessment is sometimes necessary. However, for an MFE program, I believe a greater emphasis on project-based evaluation would be beneficial. After all, what truly matters is learning when and how to apply these sophisticated theories and formulas in real-world finance, not just passing exams or solving mathematical problems.
- This might be partly due to our location on the West Coast and the fact that not everyone here is strongly focused on pursuing a career in quantitative finance. I feel that my cohort was somewhat behind in terms of summer internship and full-time job preparation compared with top MFE programs on the East Coast. Through my personal connections with several programs there, I noticed that their students tend to be more proactive and start their job search and preparation much earlier. I’m mainly referring to the overall atmosphere and mindset.

Overall, I love this program a lot. It is exactly what I expected, and I am very satisfied, despite some surprise that my favourite C++ courses were not available + limited local opportunities + I was badly hit by the terrible job market from late 2024 - early 2025. It might seem that I’ve spent more time pointing out the program’s shortcomings, but that’s only because I truly love this program and hope to see meaningful improvements in the areas I’ve observed. I would be happy to support the program and its student community when I am able to in the future.

Fingercrossed. Good luck to the future students and enjoy your journey here
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Upvote 0 Downvote
Headline
Good, recommendation
Class of
2023
The UW CFRM program is extremely helpful for students who want to build strong quantitative and financial skills. The courses are very practical and well connected to real industry problems. Professors are so nice to help studentds. It also provided great networking opportunities and job opportunities. Overall, it’s a very supportive and career-oriented program.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Upvote 0 Downvote
Z
Headline
A Solid Quant Program — Highly Recommend UW’s CFRM
Class of
2023
I graduated from the Computational Finance and Risk Management (CFRM) program at the University of Washington and I’m now pursuing my PhD in Finance. Looking back, this program really gave me a strong foundation for my academic and professional path.
The curriculum was tight, solid, and very well designed. It’s mathematically rigorous but also very forward-looking, covering not only traditional topics in quantitative finance but also machine learning and other fintech-related courses. I still remember Tim Leung’s Monte Carlo Simulation class—it was one of the best courses I’ve ever taken. Matt’s Fixed Income course was extremely systematic and clear, and Steve’s Asset Management class was both practical and inspiring. These courses really helped me connect theory with real-world applications.

The location of the university is another big plus. I really love the latitude and the environment around Seattle. There are so many national parks nearby, each of them stunning in its own way. In the winter, you can go skiing, and during the rest of the year, hiking was my favorite thing to do. It’s the kind of place for you if you are a huge nature guy.

The UW campus itself is beautiful, and compared to other fintech or quant programs, CFRM is quite affordable while still maintaining excellent quality. The program organizes a lot of career fairs and networking events, which I found really helpful when exploring career options.

Another thing I appreciated a lot was the career support. Besides the university’s general career service, CFRM has its own dedicated career resources. They provide one-on-one advising, resume and cover letter reviews, mock interviews, and all kinds of workshops. These were extremely helpful for me, especially when I was preparing for interviews and trying to navigate the job market.

Overall, I had a really great experience with the CFRM program. It’s rigorous, practical, and supportive, and it truly prepared me for both my PhD studies and a potential future career in quantitative finance. I would definitely recommend it to anyone who’s looking for a solid and well-rounded program in this field.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Upvote 0 Downvote
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.
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