FAQs
Does SMIF use real money?
SMIF was initially funded with $1.0 million from Fordham University’s endowment. The fund’s AUM has since grown to ~$1.9 million.
Is SMIF part of Fordham's endowment?
SMIF was funded using a portion of the university’s endowment and operates as one of the university’s many outsourced investment strategies. All investment decisions are made by students in the fund and investments are not subject to the broader endowment’s approval or authorization.
Is SMIF a club or a class?
The SMIF program consists of two consecutive one-semester academic courses (FNBU 4462 – Fall and FNBU 4463 – Spring). Each course is a three-credit finance elective. The second semester also satisfies the Global Investments requirement for finance majors. SMIF also requires a significant out-of-class time commitment, so in this sense, SMIF is similar to an internship or job.
What are the roles in SMIF?
SMIF is made up of two distinct groups of students: analysts and portfolio managers. Analysts are first-semester students who work under a portfolio manager and are tasked with monitoring their respective portfolios and keeping the fund updated on any specific market movements or events. Analysts can apply to cover any asset class that SMIF invests in and will be assigned a coverage role when they are admitted to the fund. Portfolio managers are second-semester students who previously were analysts. PMs sit on the Investment Committee (IC), which is responsible for setting the fund’s high-level strategy and approving any investments. Portfolio managers cover their respective sector portfolios and are tasked with setting their sector allocation. Each PM also has an additional role outside of coverage; PMs can apply to fill positions that range from chief economist to alternatives analyst. These secondary roles are more generalist and tend to promote more PM collaboration across sectors and asset classes.
What is the application process?
Applicants must first meet all of SMIF requirements to apply. Eligible students must submit an updated resume along with a one-page essay stating their interest in SMIF and reasoning for why they believe they would be a valuable addition to the fund. Investment pitches/proposals will be accepted but are not required.
I’m not a business student, can I still apply?
Outside of the business school, only Fordham economics majors are generally permitted. We encourage you to reach out to the SMIF email address if you are a non-business student and have a strong interest in joining the fund. Exceptions are rare but can be made for exceptional applicants.
How often does SMIF meet?
The Fund meets for class on Wednesdays every week from 11:30am–2:15pm. The Investment Committee convenes after class each to make investment decisions and review the fund’s performance. Prospective members should expect to devote substantial time outside of class to SMIF.
What are a Portfolio Manager’s Responsibilities?
Portfolio Managers work with analysts to cover their respective sector portfolio. This entails providing the fund with research reports, market updates, investment pitches, and setting long-term strategy and allocation targets. All PMs sit on the Investment Committee (IC), which is responsible for approving all fund investments and any other high-level management decisions. Lastly, PMs have the opportunity to have a secondary role outside of their coverage responsibilities. These roles may vary from semester to semester, and a few examples include risk manager, technical analyst, social media coordinator, and alternatives analyst. PMs take on leadership roles and are directly responsible for the Fund’s performance. Many go on to find success in the investment community after graduation.
What is the application timeline/deadline?
Eligible students should expect an email from their class dean regarding SMIF application deadlines a few weeks before class registration. SMIF admits new admits at the end of the fall and spring semesters in time to complete training before the start of next semester. Application details will also be periodically posted on the website.
Are there prerequisites for SMIF?
Students pursuing finance, applied accounting & finance, global finance, and economics majors are encouraged to apply. FNBU 3221 & FNBU 3441 are prerequisites for all members of the fund. A minimum 3.5 GPA is also required.
Is there a GPA requirement?
Applicants must have a 3.5 cumulative GPA. Unfortunately, no exceptions can be made at this time.
What are an analyst’s responsibilities?
All first-semester students serve as analysts in the fund and are expected to actively monitor and research their designated sector by staying up to date on relevant macro and microeconomic data relating to their area of responsibility. Tasks and duties include submitting weekly deliverables, participating in class discussions, attending three modeling training sessions, working on a team with the sector’s portfolio manager, and submitting an individual research project. Analysts that thrive are generally intensely curious, hard-working, enjoy collaboration, and enthusiastically participate in class discussions.
Where are SMIF alumni now?
SMIF alumni have found incredible success after graduation, many employers view SMIF’s program as a feeder program to asset management, investment banking, and equity research positions. SMIF alumni can be found across Wall Street at firms such as Goldman Sachs, J.P. Morgan, Barclays, UBS, Credit Suisse, BlackRock, Bank of America, and many more.