Program
The Ted Rogers School of Management's Student-Managed Investment Fund (SMIF) was launched in Fall 2020 as an important part of the experiential learning initiative. The fund had $500,000 in seed capital from the University Endowment. Its mission is to complement student in-class knowledge with real-life learning in equity research, analysis, selection, and management through hands-on experience with a real-money portfolio. Students selected and enrolled in FIN 650 and FIN 750 will collectively manage the SMIF.
Since the inaugural term of Fall 2020, many faculty members of the Finance Department, including Dr. Yuanshun Li, Dr. Allen Goss, and Dr. Alan Kaplan, together with the School of Accounting and Finance (SAF) Advisory Board and TMU’s Treasury & Investing Services have contributed toward guiding the students managing the portfolio and ensuring the fund complied with the Statement of Investment Policies and Procedures. Currently, Stuart Morrow, a member of the SAF Advisory Board and an investment veteran, is the course instructor and Chief Advisor of SMIF, who advises and guides the students in this experiential learning journey. Dr. Yi Feng, Associate Professor of SAF, is the Course Coordinator who coordinates student recruitment and manages fund monitoring and compliance.
Program structure
To enhance the learning experience and better meet student needs, we have redesigned the former FIN65A/B and FIN75A/B courses. The new format, launching in September 2025, will be offered as FIN650 and FIN750. These revamped courses will run over a single term, featuring weekly three-hour sessions across 12 weeks. This streamlined approach replaces the previous two-term structure and provides students with greater flexibility in managing their schedules.
As in the past, FIN650 and FIN750 are open electives available to students in the School of Business Management, the School of Accounting and Finance, and other programs, subject to Finance Department approval. To accommodate students on co-op placements, classes will be held in the evening. Both courses will run concurrently in the same classroom: students in FIN650 will serve as analysts, while those in FIN750 will take on the role of portfolio managers. Analysts will support portfolio managers by producing sector coverage reports, updating portfolio holdings, and conducting research. Portfolio managers will mentor analysts, make investment recommendations, produce term reports, and assist faculty advisors with monitoring, compliance, and reporting responsibilities.
Beginning Fall 2025, we are pleased to introduce multiple scholarships, offering thousands of dollars in cash awards, to recognize outstanding SMIF analysts and portfolio managers each term. Details regarding award categories and selection criteria will be shared prior to September 2025.