Learning Finance With Actual Stakes
At the University of Nebraska at Kearney (UNK), studying the stock market doesn’t end with a closed textbook. A select group of upper-level finance students oversees a real investment portfolio worth roughly $400,000 — making genuine buy, hold and sell decisions that move actual dollars.
This unusual learning model lives inside the William L. Bauhard Student Managed Investment Fund, a program that hands students the responsibilities of a working portfolio manager rather than the comfort of hypothetical exercises.
How the Student Managed Investment Fund Works
The fund began in 2014 with a $100,000 contribution and has since expanded into a central feature of UNK’s finance curriculum. Students enrolled in the investments and portfolio management course sequence operate as professional analysts, working in teams to research companies, build cases for trades and pitch their recommendations to classmates.
Every transaction must clear a high bar: a two-thirds majority vote from the class, followed by faculty approval. Students draft formal equity research reports and present stock pitches, mirroring the rigor of a professional investment firm.
A Diversified, Long-Term Portfolio
The all-equity fund spreads its money across approximately 60 holdings, leaning heavily on blue-chip names such as Apple, Microsoft, Amazon, Nvidia, PepsiCo and Bank of America. Its performance benchmark is the S&P 500 index — a target the fund has matched in nearly every year since launch, according to faculty adviser and finance professor Suzanne Hayes.
To discourage short-term speculation, the program emphasizes fundamental analysis and long-term investing, supported by weekly market updates and sector reports that keep students tuned to live conditions.
Why “Real Money” Changes Everything
For the students involved, the difference between theory and reality is profound.
“The fact that it is real money really helps to make it a lot more serious for everyone,” said Nathan Grabenstein, a Kearney senior majoring in business administration with a finance emphasis. “If you’re just doing theoretical or fake transactions, you wouldn’t take it as seriously.”
Connor Reeson, a senior accounting and finance major from Gretna, said the team-based format reflects what graduates will face on the job. “We meet as a class and decide whether to hold, buy or sell stocks and how much to invest,” he explained. “You need to be able to work in a group setting and make decisions that are best for the company as a whole.”
Nolan Wetovick, a Cozad senior studying finance and political science, likened the experience to a competitive internship. “It can be harder to get an internship with a financial adviser,” he said. “This gives you that real-world experience — analyzing companies, presenting ideas and being accountable for the outcomes.”
Education First, Returns Second
Hayes is clear about the program’s priorities. “Our primary goal is education — far and above everything else,” she said. “The purpose of having the fund is for students to gain those critical-thinking, communication and decision-making skills that employers are looking for. The secondary objective is to match the return of our benchmark portfolio.”
She runs the class like a working investment company, treating students as genuine portfolio managers. Beyond market performance, the curriculum stresses ethics, accountability and professionalism — including preparing an annual report for donors, writing thank-you notes and reflecting on the trust placed in them.
“They feel a responsibility to those donors,” Hayes said. “I treat these students as portfolio managers, and they take that responsibility seriously.”
That ethical weight shapes decisions. “You kind of have an ethical requirement to do well,” said Reeson, who plans to become a certified public accountant. “You don’t personally get the money, but you don’t want to give a bad stock pitch or make a careless decision.”
Two Semesters of Growth
Students typically remain in the course sequence for two semesters, starting with foundational analysis before advancing through multiple rounds of stock pitches. For Hayes, watching that transformation unfold is among the most rewarding parts of the job.
“It’s experiential learning at its finest,” she said. “It’s rare that students have the opportunity to make decisions that have a real-world, monetary impact. And they rise to that challenge.”
The participating students agree the payoff goes beyond any market gain. “This experience helps us grow into professionals, and that means more than getting anything financially from the fund,” Grabenstein said. “What we’re doing now will directly translate into our post-grad work.”
Looking Ahead: Scholarships and Legacy
As the portfolio grows, Hayes hopes to dedicate a portion of the earnings to scholarships for future finance students — a goal that ties the fund’s success directly back to its educational mission.
The fund traces its roots to a leadership gift of $90,000 from the late Bill Bauhard, a UNK alumnus and former financial services and telecommunications executive, given through the University of Nebraska Foundation. Additional support came from Jack Connealy of JFC Financial Services in Lincoln; Ron Eckloff, a Kearney-based certified financial planner; the Financial Leaders Student Association; the Wells Fargo Foundation; and Securities America of Kearney.
Frequently Asked Questions
What is the William L. Bauhard Student Managed Investment Fund?
It is a UNK program that lets upper-level finance students research, analyze and trade real equities in a portfolio worth about $400,000, gaining hands-on professional experience.
How much money do students manage?
The fund is valued at roughly $400,000. It started in 2014 with an initial $100,000 contribution and has grown substantially since.
How are investment decisions made?
Students prepare equity research reports and pitch stocks to classmates. Each transaction requires a two-thirds majority vote and faculty approval before it can be executed.
What is the fund’s performance benchmark?
The fund measures itself against the S&P 500 index and has matched that benchmark in nearly every year since it launched.
What career benefits do students gain?
Participants build skills in analysis, teamwork, communication and decision-making — competencies employers value — while gaining real-world experience comparable to a competitive internship.
Conclusion
By giving students authority over real capital, UNK’s student managed investment fund turns abstract finance concepts into accountable, consequential decisions. The result is a learning experience that develops not only sharper analysts but more responsible professionals — and, increasingly, a resource that may one day fund scholarships for the next generation of finance students.