About the Endowment Management Investment Fellowship (“EMIF”)
Are you interested in investing? Have you always wanted to learn more about investing in stocks, bonds, hedge funds, real estate, and venture capital? Did you know you can invest while supporting great causes, like a foundation’s philanthropic programs or a university operating budget? In 2018, several prominent foundations and universities came together to create a prestigious Endowment Management Investment Fellowship for a select group of bright students entering their Junior and Senior years in college. The goal of the program was to provide undergraduates with a unique introduction to the institutional investment industry by teaching fundamental investment concepts, exposing them to careers in endowment and foundation management, and potentially guiding them toward careers placements in the field. Building on our success over the last six years, we will offer the program once again in 2026.
What is Endowment Management?
Nonprofit organizations, whether universities or foundations, usually support their ongoing programs by spending the returns from a large investment pool called an endowment. The goal of the endowment is to grow its principal value with inflation while contributing a certain amount of payout to the institution’s operating expenses each year. The endowment is invested globally across a broad variety of asset classes, including stocks, bonds, real estate, private equity, venture capital, and hedge funds. These asset classes combine to create investment portfolios with a risk and return profile tailored to fit the institution’s needs. Most institutions spend only about 5% of assets a year as payout, enabling them to have a strategic long-term investment horizon. As such, these institutions are preferred partners to the best investment managers in the world.
What is the Endowment Management Investment Fellowship (EMIF)?
The EMIF program will select several students each year entering their Junior and Senior years in college. These students will come together at the beginning of the summer for a multi-day seminar to learn investment concepts and gain exposure to senior investment professionals who will talk about their experiences managing endowments. Students will read a selection of books and case-studies on investing. Then, each student will be assigned to an investment team at a major university or foundation for an eight-week fellowship. Mentors will guide students through the program, helping them select one a major project for the summer. Past projects have included a white paper on investment opportunities in India, an analysis of private equity investments in major U.S. sports, and a study of the appropriate liquidity budget for an endowment portfolio. Mentors will strive to provide students with a well-rounded experience by offering opportunities to engage across asset classes, collaborate with various team members, and help students think about career goals. At the end of the summer, the students will come together to present their projects to other fellows and investment team members.
What kinds of institutions will be participating?
Prominent university endowments and philanthropic foundations with successful investment programs and assets of $500 million or more plan to participate. Institutions include Amherst College, Annie E. Casey Foundation, Berkeley Endowment, Brown University, Columbia University, David & Lucile Packard Foundation, Hilton Foundation, James Irvine Foundation, Mother Cabrini Health Foundation, Mount Holyoke College, UCSF Foundation, Wesleyan University, Williams College, among others. Students applying through this portal may be eligible to be placed at a subset of the institutions listed here including but not limited to the David & Lucile Packard Foundation, James Irvine Foundation, UCSF Foundation, and Rainwater Charitable Foundation.
Will the participating institutions offer different experiences?
The participating institutions have plenty in common with respect to their investment approach and the program is designed to create a common experience. That said, each institution has a unique investment style, and as such, experiences will vary by institution. Requests for placement in particular geographies or with particular institutions will be considered but are not guaranteed.
Who can apply?
Students currently in their Sophomore or Junior years in college may apply. Experience with investing is not necessary, but an interest in investing, as well as strong quantitative skills, are required. We welcome students of all backgrounds to apply.
Is the Fellowship paid?
Yes. Fellows will be offered compensation at competitive rates, and travel to and from the seminar and fellowship as well as books and learning materials will be provided. Housing assistance may be available for those with demonstrated need.
Will there be a longer-term career opportunity?
Most of the institutions participating in the summer fellowship are looking to find longer-term employment matches through the program. It is quite possible that strong performance during the fellowship could lead to a full-time job offer being extended after graduation. However, this is subject to the hiring needs of the various institutions in any given year. No matter where their journey leads, the experience will provide fellows with a solid foundation for a future role in investment management.
Are there additional participation requirements for fellows?
By accepting their summer offer, fellows agree they must:
§ Complete the assigned reading for the Seminar
§ Attend and participate in the entire 2-day Seminar
§ Attend all Manager Speaker Series and Thursday Forums hosted during the summer fellowship unless excused for vacation, illness, or another important conflict
§ Complete a project on a topic of interest to all institutions and make a final presentation
§ Attend the Final Presentation Day and make a final presentation
What are the 2026 program dates?
The dates for the 2026 seminar and fellowship are below:
§ 2-Day Introductory Seminar: June 2 – 3, 2026 (San Francisco) | June 3 – 4 (New York)
§ 8-Week Fellowship: June 8 – July 31, 2026 (in-person with host institutions)
How do I apply?
Eligible students may apply via Handshake or their university’s recruiting portal. If you are experiencing technical difficulties, you may email info@endowmentmanagement.org for assistance.
All applicants must include a cover letter, resume, and transcript. Selected candidates will be interviewed by video conference.
Early application is encouraged as candidates will be vetted, and offers will be extended on a rolling basis.
