How to develop successful and ethical investment analysts

Matteo Arena (Marquette University, Milwaukee, Wisconsin, USA)
David K. Krause (College of Business Administration, Marquette University, Milwaukee, Wisconsin, USA)

Managerial Finance

ISSN: 0307-4358

Publication date: 13 May 2019



The purpose of this paper is to suggest best practices for managing a successful student-managed investment program (SMIP) based on the experience of the Marquette University’s Applied Investment Management (AIM) program.


The authors provide a detailed description of the program curriculum, instructional design, fund structure, program history, fund performance and student outcomes.


Through its experiential learning innovations, focus on ethics and close relationships with a dedicated alumni group, the AIM program prepares students for a successful career in investment analysis. Students who graduate from the AIM program experience a significantly higher successful placement rate and higher compensation at their first post-graduation job than finance major students who graduate outside the program.


This paper provides a detailed description of the distinguishing characteristics of the AIM program and, in doing so, it offers ideas that could be implemented by other SMIPs to improve student satisfaction, proficiency in investment analysis and employment prospects.



Arena, M. and Krause, D. (2019), "How to develop successful and ethical investment analysts", Managerial Finance, Vol. ahead-of-print No. ahead-of-print.

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