AFM 322Derivative Securities
- Units
- 0.50
- Faculty
- Arts
When it runs
- F24
- W25
- S25
- F25
- W26
- S26
- F26
- W27
- S27
Ran in 7 of the last 7 terms. Winter 2027: scheduled, 2 lecture sections. Spring 2027: schedule not out yet.
This course will further develop students' understanding and knowledge of an important area of financial markets by introducing derivatives, their financial applications, value, and how they can be used to manage financial risk. Derivatives discussed may include options, futures, forwards, and swaps. Students will learn how to utilize derivatives to manage financial risk.
Prerequisites
- Complete all of the following
- Must have completed at least 1 of the following:
- Complete 1 of the following
- Enrolled in H-Accounting & Financial Management, H-Computing & Financial Management, H-Mathematics/Chartered Professional Accountancy, H-Science & Financial Management, or H-Sustainability & Financial Management
- Enrolled in H-Biotechnology/Chartered Professional Accountancy
Antirequisites
Leads to
No course lists it as a requisite.
Fall 2026 sections
| Section | Class | Enrolled | Meets |
|---|---|---|---|
| LEC 001 | 4089 | 35 / 60 | MW 08:30–09:50 |
| TST 101 | 8353 | 35 / 60 | Nov 6 12:00–14:20 |
Winter 2027 sections
| Section | Class | Enrolled | Meets |
|---|---|---|---|
| LEC 001 | 3587 | 0 / 70 | MW 08:30–09:50 |
| LEC 701 | 1369 | 40 / 9999 | Online or by arrangement |
| TST 101 | 7951 | 0 / 70 | Feb 26 16:30–18:00 |
Reviewed on UW Flow
76% liked it43% easy68% useful
From 25 ratings and 6 comments on UW Flow. The most helpful comments, quoted as written, without names. Read them all on UW Flow.
Was a pleasure taking the course with Ben
Jul 2026 · liked itOn UW FlowRemove this
Prof Ben Loewen is the 8:30 AM GOAT
May 2025 · liked itOn UW FlowRemove this
Don't take before 3A. The course is open to students in 2B, but there is content from AFM 274 as background knowledge.
Apr 2025 · liked itOn UW FlowRemove this
pretty challenging course, make sure to do the practice problems. very useful
Feb 2024 · liked itOn UW FlowRemove this
If you've already done equity and fixed income securities, this will be a leisure course
Jul 2018 · liked itOn UW FlowRemove this
Discussed on r/uwaterloo
20 posts and comments in 17 threads mention AFM 322, June 2014 to December 2024. Quoted word for word, newest first; each reply sits under the post and the comment that started its branch. Search r/uwaterloo for newer posts.
Fall 2023
AFM Course Suggestion 3 points, 0 comments
u/BeautifulShame6975: “… I'm currently deciding between AFM477 (M&A), SFM310 (Sustainability in Capital Markets), AFM322 (Derivatives), & AFM347 (Cybersecurity). …”
AFM322 Derivative Securities 1 point, 0 comments
u/BeautifulShame6975: “Has anyone taken this course recently and able to provide some thoughts on it (format, difficulty, etc)? Planning on taking it this coming winter term (3A), but worried it might be to difficult.”
Spring 2023
Looking for Advice on Finance Electives for 4th Year AFM student 2 points, 0 comments
u/Ecstatic-Routine880: “… AFM 322 Derivatives Securities AFM 324 Wealth Management AFM 377 Private Equity and Venture Capital AFM 422 Management of Financial Institutions AFM 425 Fixed Income Securities AFM 477 Mergers and Acquisitions”
AFM - Financial Markets / Accounting Double Specialization??? 1 point, 2 comments
u/PhilJones10: “… Was thinking about taking AFM322 as my elective in 2B but not sure if it’s worth it. …”
u/horseradishvillain: “Not doing Accounting/Financial Markets, rather Accounting/Business Analytics. But it should be possible. …”
u/PhilJones10: “… to focus on the core AFM courses and not overwhelm myself quite yet, hence why I’m against AFM322. …”
Winter 2023
AFM 322 Derivative Securities 2 points, 6 comments
u/SqurBiscotti: “Has anyone taken derivative securities (AFM 322) with Benjamin Lowen or John Dmato? I’m prob taking the course this spring and was wondering how people found it in terms of profs/work load and difficultly.”
AFM 322 Derivative Securities Difficulty 5 points, 0 comments
u/djejxjsjjd: “To those that have taken AFM 322 Derivative Securities before, how hard is the course? Is it hard to do well in the course? How hard is AFM 322 compared to AFM 273 or AFM 274? Any insight would be appreciated. Thanks”
Fall 2022
UW AFM Courses - AFM 322,323,321, BET450 5 points, 2 comments
u/businessbaddie1: “Hello Everyone! I am taking the following courses this upcoming term and would like to know if anyone has any insights or study tips. Thanks so much :)”
Spring 2021
Quantitive Financial courses in AFM 1 point, 5 comments
“I was wondering if there are any more-quantitive courses in AFM that teach you things such as arbitrage pricing theory, binomial trees, and the Black-Scholes model?”
u/NectarineImpressive5: “Afm 322 derivatives teaches you binomial and BSM keep in mind it's very little knowledge more so a brush over the topic I think there was a more in depth course for CFM/FARM kids”
Winter 2021
AFM CPA/CFA Pathway 0 points, 21 comments
u/Drip_Killa: “… AFM 322 - Derivatives & Securities | (1) Financial Markets Spec. and CFA) Winter (Year 3) - Co-op Spring (3B) 1. AFM 335 \- Business Law for Financial Managers 2. AFM 345 - Business Applications of Social Media Analytics | (2) BA Spec. 3. …”
Spring 2020
AFM 422 (Management Financial Institutions) with Neal Stoughton 6 points, 1 comment
u/rcheng123: “How interesting/difficult is this course? What about the prof? Also, one of the prerequisite is AFM 322 which I'll be taking this term. Before I ask for an override, how difficult would the course be without taking AFM 322 beforehand?”
Winter 2020
Why is FARM not apart of SAF? 1 point, 0 comments
“I was just wondering if anyone knows why the Mathematics/Financial Analysis and Risk Management program is not apart of the School of Accounting and Finance?”
u/FARNer411: “The program is not run by anyone from the School of Accounting and Finance (SAF) (which is part of the Arts faculty), it is run and created by members of the Math/Business department of the Math …”
[deleted]: “how does AFM322 = ACTSC446 You do martingale theory in ACTSC 446 ffs Just cuz both of them cover how to price derivatives doesn't mean they're comparable...”
Winter 2019
AFM Courses 6 points, 5 comments
u/HachimanHiki: “… AFM 322 Derivatives AFM 377 PE n VC AFM 424 Equities AFM 463 US Tax AFM 475 Fixed Income AFM 477 M&A Any insight on the courses above would be greatly appreciated!”
u/pwcunt: “AFM322: challenging course (as it's meant to be, derivatives is one of the hardest sections in the CFA curriculum). For Blake Philips, he fails you on purpose, I quote, "wow the class average is 30%! That's not bad". He actually said that. …”
Check it elsewhere for Fall 2026
- Undergraduate Calendar, 2026–27The official entry
- Requirements for Fall 2026Waterloo’s requisite checker
- Schedule of Classes, Fall 2026Instructors, rooms, live seats
- Quest Class SearchWhere you enrol
- Course outlinesSyllabi from past terms (UW login)
- UW FlowStudent ratings and reviews
- WClassesPast sections back to 2004, and who taught them