Student-Managed Investment Funds: An Exploratory Study of a Model That Works

Abstract

Student Managed Investment Funds (SMIF), an experiential approach to learning about portfolio theory and practice, are increasingly prevalent in financial education in business schools (Boughton & Jackson, 2019). However, there is very little empirical evidence regarding the determinants of SMIF financial performance. Following a review of the literature, this paper presents an exploratory study of Gonzaga University’s SMIF model and results compared to nineteen other schools in a regional competition. The results suggest that SMIFs using a class structure and spanning more than one semester outperform those that do not. Implications for future SMIF research and practice are discussed.