Student-managed investment funds are popular forms of experiential learning in business schools and finance departments. The investment management experience is a real world activity and the structure of the fund may also introduce real world fiduciary and legal responsibilities for students, faculty, and administrators. The authors review how the Uniform Prudent Management of Institutional Funds Act (UPMIF) and Investment Advisers Act of 1940 apply to common structures of student-managed funds. They summarize their findings to suggest the best structure of a student-managed fund depending on the source of funding and relevant requirements under the UPMIF and the Investment Advisers Act of 1940.