The Student Managed Investment Fund Consortium (SMIFC) is a collaborative initiative among educational institutions aimed at enhancing student learning through practical investment management experiences.
The statistics in the tables below were calculated using only the values that are known.
| Year | Number of Universities | Growth Rate |
2013 | 18 | |
2014 | 35 | 94.4% |
2015 | 40 | 14.3% |
2016 | 50 | 25.0% |
2017 | 60 | 20.0% |
2018 | 70 | 16.7% |
2019 | 82 | 17.1% |
2020 | 82 | 0.0% |
2021 | 120 | 46.3% |
2022 | 130 | 8.3% |
2023 | 152 | 16.9% |
2024 | 190 | 25.0% |
Annualized Growth Rate (23.9%) | ||
These colleges and universities are members of the Student-Managed Investment Fund Consortium.
While looking for US colleges and universities that had SMIFs it was inevitable that some from the rest of the world would be found. In his 2008 survey, Edward Lawrence found 25 non-US SMIFs. A decade laterr, this survey found over 140.
A selected bibliography of works on Student Managed Investment Funds.
Managerial Finance, Volume 46, Issue 4, 2020 was the first of a two issue special issue about SMIFs. https://www.emerald.com/insight/publication/issn/0307-4358/vol/46/iss/4
Managerial Finance, Volume 46, Issue 5, 2020 was the second of a two issue special issue about SMIFs. http://www.emerald.com/insight/publication/issn/0307-4358/vol/46/iss/5
The Journal of Trading, Winter 2018; Volume 13, Issue 1 was a special issue about SMIFs. http://jot.iijournals.com/content/13/1 & http://journals.sfu.ca/iij/index.php/JOT/issue/view/152
DOI - Digital Object Identifier
NABP - North American Business Press
SSRN - Social Science Research Network
Abukari, Kobana., Oldford, Erin. and Willcott, Neal. (2021), Student-managed Investment Funds: A Review and Research Agenda. Managerial Finance, 47(11), pp. 1608-1635. DOI: https://doi.org/10.1108/MF-02-2021-0080
Adams, Scott A. & Belcher, Lawrence J. (2013). Integrated Student Managed Investment Program Fund Access, Management and Costs. Advances in Financial Education, 11, 52-61.
Adams, Scott A. & Belcher, Lawrence J. (2015). Reporting and Managing on the Cheap: Using Blackboard in a Student-Managed Investments Program. Journal of Higher Education Theory & Practice. 2015, 15(1), 75-85. Available from NABP
Alexander Jr, John C., Heck, Charles C. & McElreath, Robert B. (2001). A Guide to Building a University Trading Room. Financial Services Review, 10(1–4):209. Available from https://www.sciencedirect.com/science/article/pii/S1057081002000999 & https://www.researchgate.net/publication/4764434_A_guide_to_building_a_university_trading_room & https://data.bloomberglp.com/bat/sites/3/2016/06/WhitePaper_AlexanderHeckMcElreath.pdf
Ammermann, Peter A., & Gupta, Pia. (2017). The Learning Experience Continues: CSULB'S SMIF Program Enters its Third Decade. Western Decision Sciences Institute, Proceedings, 46th Annual Meeting, April 4 - 8, 2017. Available from http://wdsinet.org/Annual_Meetings/2017_Proceedings/CR%20PDF/cr195.pdf
Ammermann, Peter A., Gupta, Pia., & Yulong, Ma. (2019). The Learning Experience Continues: Two Decades and Counting for CSULB’s SMIF Program. International Journal of Managerial Finance. DOI: https://doi.org/10.1108/MF-10-2018-0481. Available from ResearchGate. Also part of the Managerial Finance, 2020, 46(4), special issue about SMIFs. ;https://www.emerald.com/insight/publication/issn/0307-4358/vol/46/iss/4.
Ammermann, Peter A. & Runyon, L. R. (2003). Risk Aversion and Group Dynamics in the Management of Student Managed Investment Fund, Journal of the Academy of Business and Economics 1(1). 58‐62.
Ammermann, Peter A., Runyon, L. R., & Conceicao, Reuben. (2011). A New Quantitative Approach for the Management of a Student-Managed Investment Fund. International Journal of Managerial Finance. 37(7), 624-635. DOI: https://doi.org/10.1108/03074351111140261. Available from https://www.emeraldinsight.com/doi/pdfplus/10.1108/03074351111140261
Arena, Matteo & Krause, David K. (2019). How to Develop Successful and Ethical Investment Analysts: Marquette University’s Applied Investment Management Program. International Journal of Managerial Finance. DOI: https://doi.org/10.1108/MF-08-2018-0404. Available from ResearchGate and SSRN
Ary, E. J. & R. L. Webster. (2000). A Survey of University Student Investment Funds. Midwest Review of Finance and Insurance, 14(1), 9-18.
Ascioglu, Asli & Maloney, Kevin John, (2019). From Stock Selection to Multi-asset Investment Management: The Evolution of a Student-managed Investment Fund, International Journal of Managerial Finance, DOI: https://doi.org/10.1108/MF-07-2018-0304
Ascioglu, Asli & Saatcioglu, Kemal, & Smith, Adam. (2018). Integration of ESG Metrics into a Student-Managed Fund: Creating Sustainable Student-Managed Funds. Journal of Trading Winter 2018, 13(1) 59-71; DOI: https://doi.org/10.3905/jot.2018.13.1.059 & http://jot.iijournals.com/content/13/1/59 & ResearchGate
Ashour, Samar & Rennie, Craig G. & Santamaria, Sergio (2019). Rebsamen Investment Fund Integration in Finance Education, International Journal of Managerial Finance, DOI: https://doi.org/10.1108/MF-01-2019-0053. Also part of the Managerial Finance, 2020, Volume 46, Issue 4, special issue about SMIFs. https://www.emerald.com/insight/publication/issn/0307-4358/vol/46/iss/4.
Barnes , Clarence H. ., & Buller, Paul F. (2021). Student-Managed Investment Funds: An Exploratory Study of a Model That Works. Journal of Accounting and Finance, 21(1). https://doi.org/10.33423/jaf.v21i1.4160. Available from https://articlegateway.com/index.php/JAF/article/view/4160/3955
Bear, F. Thomas. & Boyd, G. Michael. (1984). An Applied Course in Investment Analysis and Portfolio Management. Journal of Financial Education, 13(Fall), 68-71. Available from https://www.jstor.org/stable/41948066
Belcher, Lawrence J., & Belcher, Landon J. Does “Experience” Matter? Expertise and Voting Patterns in a Student-Managed Investments Program. Available from https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=SWFA2017&paper_id=136
Belt, B. (1975). A Securities Portfolio Managed by Graduate Students. Journal of Financial Education, 4(Fall), 77-81. Available from http://www.jstor.org/stable/41947870
Benton, Ariel I. & Huerta-Sanchez, Daniel & Pyles, Mark K. (2018). The Impact of Market Conditions on Voting Results in a Student-Managed Fund. Journal of Trading Winter 2018, 13(1) 72-79 DOI: https://doi.org/10.3905/jot.2018.13.1.072 & http://jot.iijournals.com/content/13/1/72 & ResearchGate
Bergquist, Brian D., Keig, Dawn L., Wilkinson, Timothy J. (2019). Student Investment Groups: Enhancing the Liberal Arts Experience. International Journal of Managerial Finance. DOI: https://doi.org/10.1108/MF-08-2018-0413. Also part of the Managerial Finance, 2020, Volume 46, Issue 4, special issue about SMIFs. https://www.emerald.com/insight/publication/issn/0307-4358/vol/46/iss/4.
Berkow, Kathryn S. & Jakotowicz, Richard C. & Weber, Bruce W. (2018). Fund Governance and Trade Events in a Student-Managed Portfolio. The Journal of Trading Winter 2018, 13(1) 52-58; DOI: https://doi.org/10.3905/jot.2018.13.1.052 & http://jot.iijournals.com/content/13/1/52 & ResearchGate
Betker, Brian & Doellman, Thomas W. (2019). The SIM Program at Saint Louis University: Structure, Portfolio Performance and use of LinkedIn to Maintain an Alumni Network, International Journal of Managerial Finance, DOI: https://doi.org/10.1108/MF-10-2018-0476 Available from ResearchGate.
Bhattacharya, T. K. & McClung J. J. (1994). Cameron University’s Unique Student-Managed Investment Portfolio. Financial Practice and Education, 4(1), 55-60.
Block, Stanley B., & French, Dan W. (1991). The Student-Managed Investment Fund: A Special Opportunity in Learning. Financial Practice and Education, 1(1), 35-40. Available from http://connection.ebscohost.com/c/articles/9607240007/student-managed-investment-fund-special-opportunity-learning & ResearchGate
Bolster, Paul J. & Platt, Harlan. (2018). The Challenges of Managing a Student-Managed Fund. The Journal of Trading, Winter 2018, 13(1) 7-16; DOI: https://doi.org/10.3905/jot.2018.13.1.035 & http://jot.iijournals.com/content/13/1/35
Boughton, Charles M., & Jackson, Katherine L. (2018), The History and Future of Student-managed Investment Fund Consortia, Journal of Accounting and Finance, 18(6), 37-42. Available from North American Business Press.
Boughton, Charles M., & Jackson, Katherin.L. (2018, April). Variation in the Structure and Administration of Student-Managed Investment Funds. Presented at the Western Decision Sciences Institute. Available from http://wdsinet.org/Annual_Meetings/2018_Proceedings/papers/cr19.pdf and Semantic Scholar. Also, Managerial Finance, 2020, 46(4) - https://www.emerald.com/insight/publication/issn/0307-4358/vol/46/iss/4.
Boyd, Naomi E., Zaynutdinova, Gulnara R., Burdette, Michael. and Burks, Nathan. (2019), Value added: West Virginia University’s Approach to Innovative Experiential Learning, Managerial Finance, 46(5). 599-609. https://doi.org/10.1108/MF-08-2018-0403. Available from ResearchGate and SSRN
Bowers, Jared H. & Lavin, Angeline M. (2012). The CCM Model: A Stock Valuation Tool for a Student Managed Investment Fund. International Journal of Managerial Finance, 38(9), 892-911. Available from https://doi.org/10.1108/03074351211248225 & https://www.emeraldinsight.com/doi/abs/10.1108/03074351211248225
Bruce, Brian. (2020). Student-Managed Investment Funds: Organization, Policy, and Portfolio Management (2nd Ed.). Academic Press. https://doi.org/10.1016/C2018-0-01249-9
Bruce, Brian & Greene, Jason, (2013). Trading and Money Management in a Student-Managed Portfolio, Elsevier Monographs, Elsevier, edition 1, number 9780123747556, August. Available from https://ideas.repec.org/b/eee/monogr/9780123747556.html
Brune, Chris & Files, James. (2019). Biblical Screens and the Stock Selection Process: Applications for a Student-Managed Fund. Christian Business Academy Review. 14(1). Available from https://cbfa-cbar.org/index.php/cbar/article/view/510/517
Burns, William & Burns, Michelle (1982, fall). The Use of a Portfolio Management Simulation as a Learning Device. Journal of Financial Education, 79-82. Available from http://www.jstor.org/stable/41917691
Caldwell, Craig B. & Dolvin, Steven D. (2012) Herding Behavior in Student-Managed Investment Funds: Identification, Impact and Reduction. Journal of Economics and Economic Education Research, 13(2), 97-110. Available from ResearchGate & http://www.alliedacademies.org/articles/herding-behavior-in-student-managed-investment-funds-identification-impact-and-reduction.pdf & Semantic Scholar.
Carlston, Ben; Szyliowicz, Dara; Ouyang, Wenjing; & Sablynski, Chris J. (2018, December). Student Investment Fund: AACSB and Experiential Learning, Using An Alumni Perspective. Business Education Innovation Journal. 10(2). 128-138. Available from http://www.beijournal.com/images/V10N2_draft_5.pdf
Chan, K. Caleb; Lewis, Randall; & McCown, Jacob (2019). Developing Long-Term Strategies And Policies For The Student Managed Investment Group: Lessons Learned From Over A Decade Of Running The Group. 2019 Pacific Rims Management Conference. August 4, 2019. Available from White Library Digital Repository, Spring Arbor University.
Charlton, William T., and Earl, John H. (2000). Student Selection of Student Managed Investment Fund Managers. Journal of Financial Education 16 (Fall), 40-45
Charlton, William T. & Earl, John, & Stevens, Jerry J. (2015). Expanding Management in Student Managed Investment Funds. Journal of Financial Education, 41(2), 1-23. Available from http://www.jstor.org/stable/24573676
Chincarini, Ludwig & Le, Tuan Anh. (2018). Managing a Student-Managed Fund: The University of San Francisco Experience. Journal of Trading. Winter 2018, 13(1) 84-111; DOI: https://doi.org/10.3905/jot.2018.13.1.084 & http://jot.iijournals.com/content/13/1/84
Clark, John M. (2018). Issues in Running a Student-Managed Investment Fund with Part-Time Students. Journal of Trading Winter 2018, 13(1) 80-83. DOI: https://doi.org/10.3905/jot.2018.13.1.080 & http://jot.iijournals.com/content/13/1/80
Clinebell, John (2013). Socially Responsible Investing and Student Managed Investment Funds: Expanding Investment Education. Financial Services Review, 22, 13-22. Available from http://go.galegroup.com/ps/anonymous?id=GALE%7CA347403973 & ResearchGate
Clinebell, John, & Murphy, Jody. (2016). Student Managed Investment Funds: The Perspectives of Alumni. Journal of Financial Education, 42(3-4), 304-312. Available from http://www.jstor.org/stable/90001155
Clinebell, J., Kahl, D., & Stevens, J. (2012). Pedagogy and Student Managed Investment Funds: What Type of Fund is Right for Your University. Academy of Business Education and Financial Education Association meetings, Charleston, SC.
Cooley, Philip L. & Hubbard, Carl M. (2012). FAQs about Student Managed Funds. Advances in Financial Education, 10(1), 72-83. Available from https://s3.amazonaws.com/risewebsitefiles/ufl/FAQs+About+Student+Managed+Funds.pdf
Cowan, Adrian M. (2008). Student Managed Portfolios an an Environment of Faith. St. Mary's University. Available from https://www.stthomas.edu/media/catholicstudies/center/ryan/conferences/2008-notredame/updatedpdflinks/AdrianCowan.pdf
Cox, Don R., & Goff, Delbert C. (1996). Starting and Operating a Student Investment Club. Financial Practice and Education, 6(2), 78-85. Available from http://connection.ebscohost.com/c/articles/9708072800/starting-operating-student-investment-club
Crabb, Peter R., Booker, Jacob, & James, Kyle, (2018). Worth the Risk? A Comparison of Student Managed Investment Programs. Available from https://ssrn.com/abstract=3253354 & http://dx.doi.org/10.2139/ssrn.3253354 & ResearchGate
D’souza, Frank, & Johnson, Mark A. (2019). Structuring an Endowment-Allocated Student Managed Fund Course. S&P Global Market Intelligence Research Paper Series & Business Education & Accreditation. 11(1) p. 51-60. Available from SSRN
Dash, Gordon H. & Kajiji, Nina. (2015). Near High Frequency Production Economics for Global Wealth Creation: Automated Trading, Neuroeconomics and Trading Fundamentals. Presented at the 7th Annual Meeting of the Academy of Behavioral Finance & Economics, September 16-18, 2015, Philadelphia, PA. Available from https://web.uri.edu/business/files/CBA_WorkingPaper_2015_ABFE_Mstr21.pdf & http://www.nkd-group.com/research/ABFE2015/ABFE_Presentation_2015.pdf
Daugherty, Mary Schmid, & Vang, David O. (2015). Using Performance Data to Evaluate Student Learning in a Student-Managed Investment Fund. Journal of Higher Education Theory and Practice, 15(2), 85. Available from http://www.na-businesspress.com/JHETP/DaughertyMS_Web15_2_.pdf & http://financedocbox.com/Mutual_Funds/66624442-Using-performance-data-to-evaluate-student-learning-in-a-student-managed-investment-fund.html
DeBoeuf, David A. (2019). Structuring Stock Investment Funds with a Limited Number of Qualified Students. International Journal of Managerial Finance, DOI: https://doi.org/10.1108/MF-05-2018-0240. Also part of the Managerial Finance, 2020, Volume 46, Issue 4, special issue about SMIFs. https://www.emerald.com/insight/publication/issn/0307-4358/vol/46/iss/4.
Dewally, M. & Drause, David S. (2009). The Establishment of a Student-Managed Investment Club Utilizing Exchange Traded Funds. Journal of the Academy of Business Education, 2009, (Spring), 132-145
Dolan, Robert C. & Stevens, Jerry L. (2010, spring/summer). Experiential Learning for Undergraduates in Economics and Finance: A True Top-Down Investment Fund. Journal of Financial Education. 36(1/2) 120-136. Available from https://www.jstor.org/stable/41948639
Dolan, Robert C. & Stevens, Jerry L. (2006). Business Conditions and Economic Analysis: An Experiential Learning Program for Economic Students. Journal of Economic Education 37(4), 395-405.
Dolan, Robert C., Stevens, Jerry L. & Zucker, Collin R. (2018). The Next Generation ETF Student-Managed Investment Program. The Journal of Trading, Winter 2018, 13(1) 7-16; DOI: https://doi.org/10.3905/jot.2018.13.1.007 & http://jot.iijournals.com/content/13/1/7. Available from ResearchGate
Donaldson, Jeff., Flagg, Donald., & Orr, J.Hunter. (2011). Selecting Stocks and Building Portfolios: A Sorting Exercise. Managerial Finance, 37(7), pp. 636-646. DOI: https://doi.org/10.1108/03074351111140270
Dorn, Daniel. (2018). Student-Managed Portfolios: Wisdom of Independent Crowds? The Journal of Trading, Winter 2018, 13(1) 7-16; DOI: https://doi.org/10.3905/jot.2018.13.1.017 & http://jot.iijournals.com/content/13/1/17
Ghosh, Chinmoy; Gillson, Paul & Rakotomavo, Michele. (2019). Student Managed Fund (SMF) at the University of Connecticut: History, Purpose, Performance and the Future. Managerial Finance, 46(4), 548-564. https://doi.org/10.1108/MF-09-2018-0426. Part of the Managerial Finance, 2020, Volume 46, Issue 4, special issue about SMIFs. https://www.emerald.com/insight/publication/issn/0307-4358/vol/46/iss/4.
Goff, Delbert C. & Cox, Don R. (2016. Winter). A Faculty-Driven Approach to Starting and Operating a Student Managed Investment Fund. Journal of Economics and Finance Education. 15(1). 14-22. Available from https://www.economics-finance.org/jefe/issues/JEFE-Vol-15-Num-1-Winter-2016.pdf
Gradisher, Suzanne, Kahl, Douglas R., Clinebell, John M., & Stevens, Jerry L. (2015). Fiduciary and Legal Considerations for Student-Managed Investment Funds. Journal of Education for Business. 2016, 91(2). Available from https://www.tandfonline.com/doi/full/10.1080/08832323.2015.1122564 - https://doi.org/10.1080/08832323.2015.1122564 & ResearchGate
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Haddad, Mahmoud Mustafa & Redman, Arnold L. (2006). Students as Fiduciaries: An Examination of the Performance of Student-Managed Portfolios. Journal of the Academy of Business Education, Summer 2006, 87-98.
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Horstmeyer, Derek. (2019). Formation of a Student Managed Investment Fund: Risk Management and Oversight. International Journal of Managerial Finance, DOI: https://doi.org/10.1108/MF-08-2018-0396. Available from SSRN.
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