AFM 425Fixed Income Securities
- Units
- 0.50
- Faculty
- Arts
When it runs
- F24
- W25
- S25
- F25
- W26
- S26
- F26
- W27
- S27
Ran in 5 of the last 7 terms. Winter 2027: not on the schedule. Spring 2027: schedule not out yet.
Introduction to various aspects of fixed income investments, including valuation, risk management, portfolio management, interest rate models, interest rate derivatives, and institutional features of bond markets.
Prerequisites
Antirequisites
- Not completed nor concurrently enrolled in any of the following:
- MATBUS471 - Fixed Income Securities (0.50)
Leads to
No course lists it as a requisite.
Fall 2026 sections
| Section | Class | Enrolled | Meets |
|---|---|---|---|
| LEC 001 | 3384 | 79 / 90 | MW 19:00–20:20 |
Reviewed on UW Flow
50% liked it36% easy41% useful
From 22 ratings and 9 comments on UW Flow. The most helpful comments, quoted as written, without names. Read them all on UW Flow.
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Sep 2017 · didn’t like it · 1 found this helpfulOn UW FlowRemove this
Took the course with Chris Niu and quite enjoyed it. Chris did an amazing job delivering the course materials and was always there to help.
Aug 2026 · liked itOn UW FlowRemove this
Chris Niu is a good prof that explains all the material quickly and his weekly market insights are a highlight every week
Sep 2025 · liked itOn UW FlowRemove this
Overall, this course was great. Past reviews made me a little skeptical but that did change. Content is challenging and very excel computation focused. The professor is very supportive and grades more on conceptual understanding opposed to precise correctness. Course also ties market activity to theoretical concepts learned in class and assignments/evaluations test you on these. I was taught by Chis Niu.
Dec 2024 · liked itOn UW FlowRemove this
If you are writing CFA L1, this is somewhat useful but trust me the course structure exceeds CFA L1 as well. THE ABSOLUTE WORST AFM COURSE EVER. Do not opt this course unless it's absolutely essential for you. Prof (Chris Niu) is nice but since it was his first time teaching this course (and any course in general as well), the course gets really hard to wrap your head around. Trust me, this course ain't worth it. I have my final exam tomorrow and I am writing this review in the hopes it will make me feel a bit better. FML😭
Dec 2023 · didn’t like itOn UW FlowRemove this
Discussed on r/uwaterloo
16 posts and comments in 15 threads mention AFM 425, 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
how hard is AFM 425 (Fixed Income Securities)? 1 point, 7 comments
u/richard--b: “I'm seeing the reviews on UWFlow and they seem to suggest the course is really fucked, but it only has like 4 reviews, so I was wondering if it is actually that bad? …”
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”
Fall 2022
AFM 425 1 point, 1 comment
u/Shoddy_Rough_810: “Is there a gc or discord channel for AFM 425?”
Winter 2021
AFM CPA/CFA Pathway 0 points, 21 comments
u/Drip_Killa: “… AFM 425 - Fixed Income Securities | (3) Financial Markets Spec. and CFA) 4. AFM 423 - Topics in Financial Econometrics | (4) BA and (4) Financial Markets Spec.) 5. AFM 424 - Equity Investments | (CFA) Spring (Year 4) - Co-op Fall (4B) 1. …”
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 …”
u/financefarmingfarmer: “… 474 = matbus 470 Afm 231 = comm 231 Afm 121 = comm 101 Financial Analysis specialization: Afm 425 = Matbus 471 Afm 291 = comm 321 Afm 492 = comm 421 Afm 361 = comm 433 Risk Management specialization: Afm 425 = matbus 471 Essentially for someone doing the FA spec. …”
Winter 2019
AFM Courses 6 points, 5 comments
“I'm planning the courses I'm going to take in 4th year and I was wondering if I could get some insight on the following courses from people who took them before. …”
u/pwcunt: “… AFM425: probably the hardest finance course in SAF and math faculty in the undergrad level. Peter teaches it and this is a very challenging course (just like CFA, it's one of the hardest sections). But quite rewarding if you plan to do finance in the future. …”
Fall 2018
AFM kids, why do you like accounting? 31 points, 28 comments
“Just wondering, because I thought I liked accounting until the current co-op I'm on rn has shown me it's just number crunching and financial reporting. …”
u/pwcunt: “… If you still want a shot at finance then start taking the Finance courses like AFM424, 425, 322, otherwise transfer programs. I do want to remind you that within Accounting/CPA, there are many roles that you can do. …”
Fall 2017
Disappreciation Thread 3 points, 26 comments
u/afm425cry: “AFM 425 No practice exam/ questions beside the online quiz that ask most basic question. very vague wording in questions. the final is 55% and you need to pass the exam to pass the course fml.”
AFM 425 crying thread 1 point, 1 comment
u/afm425cry: “tfw you know more about making synthetic Opioid than synthetic CDO and you have to pass the exam to pass the course WTF is that? :"(”
PSA: UWCourseLinker back up, disabled by default, call with [[course code]] 39 points, 31 comments
u/RayDWatson: “Testing all course codes 1/61: [[ACC604]] [[ACC605]] [[ACC606]] [[ACC607]] [[ACC608]] [[ACC609]] [[ACC610]] [[ACC611]] [[ACC620]] [[ACC621]] [[ACC622]] [[ACC623]] [[ACC624]] [[ACC625]] [[ACC626]] …”
u/RayDWatson: “… [[AFM412]] [[AFM415]] [[AFM416]] [[AFM417]] [[AFM418]] [[AFM422]] [[AFM423]] [[AFM424]] [[AFM425]] [[AFM428]] [[AFM429]] [[AFM431]] [[AFM432]] [[AFM433]] [[AFM434]] [[AFM442]] [[AFM443]] [[AFM444]] [[AFM451]] [[AFM452]] [[AFM461]] [[AFM462]] [[AFM463]] [[AFM471]] [[AFM472]] …”
u/UWCourseLinker: “… Institutions AFM 423 - Topics in Financial Econometrics AFM 424 - Equity Investments AFM 425 - Fixed Income Securities AFM 428 - Investment Management - Junior Portfolio Manager AFM 429 - Investment Management - Senior Portfolio Manager AFM 431 - Professional Ethics for …”
Any way to disable UWCourseLinker from posting? 16 points, 26 comments
“posting a reply to my comment I find the bot annoying.”
u/Jackhofmann: “PSYCH 483 PSYCH 484 PSYCH 485 PSYCH 486 PSYCH 490R PSYCH 499A PSYCH 499B PSYCH 499C PSYCH 621 PSYCH 630 PSYCH 677A PSYCH 704A PSYCH 704B PSYCH 707 PSYCH 710 PSYCH 714 PSYCH 717 PSYCH 720A PSYCH 721A …”
u/Jackhofmann: “… 328 AFM 329 AFM 333 AFM 341 AFM 344 AFM 362 AFM 373 AFM 391 AFM 401 AFM 415 AFM 418 AFM 424 AFM 425 AFM 428 AFM 429 AFM 433 AFM 444 AFM 462 AFM 476 AFM 477 AFM 478 AFM 479 AFM 482 AFM 491 AHS 107 AHS 600 AMATH 231 AMATH 250 AMATH 251 AMATH 271 AMATH 331 AMATH 342 AMATH 350 AMATH …”
Spring 2017
Thoughts on AFM 425? (Fixed Income Securities) 1 point, 0 comments
Check it elsewhere for Fall 2026
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