Co-op Salary Expectations by Field: What Engineering, Business and Tech Students Actually Earn

What Waterloo's co-op data shows

The University of Waterloo runs the largest co-op program in Canada and publishes reference pay rates by term and program, giving one of the clearest public benchmarks for what co-op students actually earn. Figures below are hourly rates in Canadian dollars for the 2025 work term cycle, published as informational guidelines rather than fixed rates every employer must follow, according to University of Waterloo Co-operative Education .

Engineering

Engineering co-op students progress from an average of $21.67 an hour in their first work term to $31.53 an hour by their sixth term, reflecting both seniority and the technical demand for later-term engineering placements.

Computer science and mathematics

Computer science and mathematics students see the steepest climb of the fields reported, from $22.76 an hour in term one to $34.15 an hour by term six, the highest range among the technical fields Waterloo tracks.

Actuarial science

Actuarial science students start highest of any field Waterloo reports, at $25.21 an hour in term one, and reach $35.40 an hour by term six.

Business and accounting

Business and accounting co-op students, reported under Waterloo's Faculty of Arts, start at $21.40 an hour and reach a smaller range than the technical fields since Arts (Accounting and Financial Management) co-op sequences run five terms rather than six, with pay peaking at $25.21/hr in term four before easing to $23.70/hr in term five.

Term 1 versus top reported term

Why these numbers move so much by term

Pay climbs with each work term because employers pay for the experience and technical skill a student has already built, not only for the field of study. A student on their fourth or fifth engineering co-op term already carries real project experience, so a rate near $30 an hour reflects that track record rather than a starting rate any first-year should expect to walk into.

What affects your pay beyond your major

• Term number: later terms pay more because you bring proven experience into the interview.
• Employer sector: technology and finance employers tend to pay above other sectors for the same technical skill set.
• Location: co-op terms in major tech hubs or head offices often pay more than the same role in a smaller market.
• Program competitiveness: fields with fewer graduates relative to employer demand, like actuarial science, command higher starting rates.

Why your own numbers might differ

Treat these figures as a benchmark, not a guarantee. Co-op and internship pay depends heavily on your school, your specific program, your location and your employer's sector. Every school with a co-op office collects its own salary data. Ask your own institution's co-op or career centre for its most recent salary survey before you set expectations, especially outside Waterloo's engineering, math and actuarial programs, where the market pays a premium for technical skill.

Turning an hourly rate into a term's income

A standard four-month, full-time co-op term runs roughly 35 hours a week for about 16 weeks, so multiply an hourly figure by around 560 hours to estimate total term earnings before tax. At $22 an hour that lands near $12,300 for the term. At $30 an hour it lands near $16,800. Actual totals move with overtime, statutory holidays and the exact term length.

What to take from this

Expect co-op pay to sit above minimum wage across every field Waterloo reports, and expect it to rise by your third or fourth work term rather than stay flat. Use your own school's co-op office data to set a realistic number for your specific program, and treat the Waterloo figures as an upper-range technical benchmark rather than a nationwide average.