Born and raised in Nova Scotia, he started his career as an investment and actuarial analyst with the Maritime Life Assurance Co., followed by risk management roles at Keel Capital and the Halifax Regional Municipality Pension Plan. He has also served as a partner in the investment and risk management consulting division at Morneau Shepell (now Telus Health) and as vice-president of institutional sales with Connor, Clark & Lunn Financial Group. His education includes a bachelor of science mathematics degree from Mount Allison University and a bachelor of education degree from St. Francis Xavier University. Mahoney also holds several professional designations including chartered financial analyst, chartered alternative investment analyst, fellow of the society of actuaries and professional risk manager.