We investigate magnetic Taylor–Couette flow in the presence of an imposed axial magnetic field. First we calculate nonlinear steady axisymmetric solutions and determine how their strength depends on the applied magnetic field. Then we perturb these solutions to find the critical Reynolds numbers for the appearance of wavy modes, and the related wave speeds, at increasing magnetic field strength. We find that values of imposed magnetic field which alter only slightly the transition from circular-Couette flow to Taylor-vortex flow, can shift the transition from Taylor-vortex flow to wavy modes by a substantial amount. The results are compared to those for onset in the absence of a magnetic field.