University of Washington Investment Management Company (UWINCO) & Foster School of Business: Independent Study Program


The University of Washington Investment Management Company (UWINCO) and the Finance Department at the Foster School of Business offer full-time second-year MBA students a unique opportunity to gain valuable investment research experience through a four-credit quarter-long independent study. Students perform research on topics jointly selected by the UWINCO and the faculty advisor. Projects focus on timely capital markets issues faced by investors and are designed to suit students’ interests and backgrounds where possible.


The opportunity provides students with a number of valuable takeaways: exposure to the operations of a multi‐billion dollar investment fund, a chance to formally present to UW’s senior Investment Team, practice scoping and managing a comprehensive research project, and in‐depth knowledge of a specific capital markets topic.


Credits and Logistics:

Students commit to 10 hours per week, primarily spent conducting research in the Investment Office. Research projects last one quarter and earn a student four credits. Selected students will sign up for independent study credit at the beginning of the quarter for which they have been selected. The independent study is graded on a Pass/Fail basis.

The Investment Office:

UWINCO manages the University’s endowment, operating, and life income funds totaling close to $5 billion. Investments span a diversified mix of traditional and alternative, including equities and fixed income across global markets.



This opportunity is well‐suited for intellectually curious individuals with the ability to scope, implement, and present a self‐directed research project. Ideal candidates will be critical thinkers with demonstrated research capabilities and strong analytical skills. Prior investment experience is helpful but not required. Involvement with the MBA Student Investment Fund during the first year of the MBA program is a plus.


Examples of Recent Topics:

§  Water Scarcity in the Western U.S. and Related Opportunities, James Fitzpatrick, Winter 2021

§  Renewables: Investing in the Industry, Chandni Sikarwar, Winter 2020

§  Inverted Yield Curves. The Purveyor of Doom? Brandon O’Leary, Winter 2019

§  Second Derivatives of the Cryptocurrency Market, John Stewart, Winter 2018


Complete list of past students and projects


Interested Students should contact Stephan Siegel at




I have a full schedule (or work) during the day; can I do this project on nights or weekends?

No, a large part of the experience for both us and the students comes from regular, in-person interaction. Parts of the project will require collaboration with members of the Investment Team and it is necessary to be in the office at least 8-10 hours per week during normal business hours.


Does the Independent Study count towards the practical experience requirements?

The Independent Study project does generally not count towards the practical experience requirement, as the Masters Programs Committee requires that practical experience projects take place outside the University of Washington.



Faculty Advisor – Stephan Siegel, Michael G. Foster Endowed Professor of Finance,

Professor Siegel’s Website:

University of Washington Investment Management Company: