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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.

Schools must not necessarily have a large amount of money or advanced finance curriculum for students to get the benefits of participating in a student-managed investment program. Any college or university with motivated students and faculty can have a successful program if they are willing to put forth the effort. The paper aims to discuss this issue.

The authors use a case study approach to examine specific characteristics of a successful student investment group implementation at a small liberal arts university in the Northwest USA.

Three student investment group implementation considerations are highlighted in this analysis: establishing an inclusive, interdisciplinary focus in a long-term club vs course format; utilizing all student-led training, governance and investment methodologies; and designing group processes with an emphasis on critical thinking and community outreach.

This case offers encouraging insights for how even a smaller college or university might successfully create and sustain a thriving successful student-led investment group with a relatively limited amount of funding and resources by leveraging liberal arts foundations.

An emphasis on how student-managed investment groups are tied to broader liberal arts foundations potentially helps schools of all sizes understand certain unique underlying value aspects for the students, the business programs and the broader university community.

The purpose of this paper is to outline the problems encountered by a student-managed investment program (SMIP) when the pool of qualified finance majors is limited in number. Restructuring the program to a single-semester course and opening the class to motivated/intelligent non-finance majors increased the number of applicants, but resulted in alternative difficulties, particularly time constraints and inadequate student preparedness. A prerequisite exam and regimented classroom structure were the solutions.

The paper discusses the problems encountered and solutions devised to address the early year difficulties experienced by a newly developed SMIP at a relatively small university. The core of the paper chronicles the classroom approach to solving the main problem of a single-semester portfolio management course, the handling of an investment learning curve in a short period of time.

Though empirically limited due to the program’s infancy, portfolio performance has been encouraging and student feedback exceptional. Regarding the former, stocks purchased by the fund have created greater wealth in total than that of equal dollar investments in an S&P500 index fund.

Universities interested in running a student-managed fund should feel secure in a one-semester approach, regardless of talent pool size, as measured by the number of motivated, intelligent finance majors.

Aside from the uniqueness of requiring a mastery of entrance exam investing materials prior to the first class, this paper’s outline of core portfolio management activities includes several strategies and methods meant to streamline the process within a groupthink design.

The purpose of this paper is to document and compare the characteristics of two student-managed investment funds at the University.

This study uses a case study approach to achieve this purpose.

Consistent with other studies, this study finds considerable differences in funding, oversight and the structure of the courses in which the students manage the portfolios. This is the case even though the portfolios are managed by students in courses offered by the same department at the same university.

This study presents different possible ways of obtaining funds and structuring courses in which the students manage investment portfolios.

The Tennessee Valley Authority (TVA) provided funds to 25 universities in its service region for the establishment of student-managed investment funds (SMIF). The purpose of this paper is to examine the TVA Investment Challenge Program and its implementation at The University of Tennessee at Martin (UTM).

Each university has the freedom to structure the process for students to manage its investment fund as it chooses. This paper provides a description of the overall Investment Challenge Program and the specific Program at UTM.

The Investment Challenge Program is a valuable experiential learning opportunity for finance majors at UTM. Participating students enhance their portfolio management knowledge, their written and oral communication skills, and their employment opportunities.

The paper is limited to TVA Portfolio guidelines and managerial style.

Faculty who supervise similar programs at other universities may be able to replicate some aspects of the program’s design.

The paper describes the TVA Investment Challenge, a unique program of SMIF. TVA provided funds to 25 universities with the stipulation that the student managers adhere to the same guidelines as TVA’s professional money managers. The university is a participant in the Program.

The purpose of this paper is to understand the differences present in student-managed investment funds (SMIF).

The paper uses primary data collected by survey and interviews.

The findings of this paper suggest that research efforts need to be focused on the topical area and transparency in the field needs to be improved.

Past research is validated and future research is needed.

The need to develop and disseminate best practices in the management of SMIF’s.

Student-managed funds are widespread and growing but operate as independent entities.

The paper is original and based on primary research.

In recent years, student-managed investment funds (SMIFs), experiential learning programs at an increasing number of universities, have attracted significant scholarly interest. In this article, we review the academic literature on this pedagogy.

We use the systematic review method to assess a sample of 85 articles published in 30 journals during the period 1975 to 2020.

Our literature review reveals four streams of research: best practices and challenges, investment management, innovation and trends and SMIFs in a research setting. We also propose future research directions, including specific gaps in the literature, a focus on innovations to traditional programs, systematic investment performance and expansion into behavioral finance issues.

We contribute a comprehensive view of the body of scholarship on SMIFs, identifying existing streams of research and future research directions that will help guide the development of SMIF research into a cohesive and productive space.

The purpose of this paper is to investigate the embedded challenges of student-managed investment funds (SMIFs) and provide recommendations to work with these issues.

The paper analyzes and critiques the ways SMIFs are structured and operated and makes several suggestions.

The paper details seven unique challenges of SMIFs compared to professionally managed investment funds. The source of these challenges is that SMIFs are set up for educational purposes, which makes the operation and management different from performance-focused investment funds. The paper proposes several recommendations on how to align the educational focus with fund performance.

The paper is original and based on primary research.

This paper aims to explore how the student fund managers perceive the benefits of being part of the fund. Furthermore, this paper examines the country-specific challenges of setting up and managing a student-managed investment fund (SMIF) in India.

Qualitative content analysis technique is used to identify, compare and retrieve critical themes about the present state of SMIF clubs in India. The data collection method involved structured, in-depth online interviews with ten student fund managers from various higher educational institutions in India.

Some of the study’s key findings indicate that the existence of SMIFs as part of learning facilitates group decision-making and peer learning. Additionally, this study brings to light specific issues related to registration, incorporating real-world practices and integrating SMIF into the academic curriculum.

The outcomes of this study shall be of use to students and the teaching fraternity across Indian colleges and universities who aspire to set up SMIFs as part of experiential learning. This study will also help existing SMIF clubs in India understand how their counterparts work and can consequently improvise their organizational structure and functioning.

To the best of the authors’ knowledge, this is the first interview-based evaluation of the present structure of SMIFs structured as clubs in India.