Integrating the Stock Market Simulation Into the Core Curriculum of a Business Program: Evidence of the Impact on Learning From a Longitudinal Study

Abstract

This study examines the impact of a multi-year stock market simulation on undergraduate business students at East Central University. We used a quasi-experimental mixed-methods approach to analyze quantitative data (simulation participation, trades, and assessment scores) and qualitative data (student reflection papers) across lower and upper-division courses. Results indicate increased engagement and knowledge, with upper-level students showing better assessment performance. While complementary investing education did not significantly affect performance, qualitative analysis revealed deeper learning beyond quantitative measures. The findings support integrating simulations throughout the curriculum to enhance business students’ financial literacy and investing competency.