At UC Santa Cruz’s Cowell College, a remarkable course is setting new standards in financial education. COWL 52 – Personal Finance and Investmentsa 5-unit asynchronous online course, is not only the largest online course at UC Santa Cruz, but also a model for financial education across the University of California system. Taught by Patricia Kelly, a Cowell graduate with a distinguished career in investment management, this course has captivated students with its engaging approach to personal finance and investing.
“I like to say that I teach finance in the French literature department,” Kelly said. “I love seeing students’ fears just disappear and the light bulb go on after I set the framework for the class.”
Kelly’s approach is straightforward and accessible, ensuring that students of all backgrounds and levels of understanding can understand key financial concepts. The course avoids excessive technical jargon and instead focuses on the practical terms that students need to know.
Kelly believes part of the reason the course is so popular is because students get hands-on experience and can apply what they learn to their personal lives. They develop personal budgets, prepare tax returns, create net worth statements and create simulated stock portfolios that they continually monitor and report on.
“Often the finance industry is motivated to keep things fuzzy and confusing so we’ll hire them to solve our financial problems. I keep things simple and direct,” Kelly said. “Students really absorb the information that way. One student even secured a hardcore position in corporate finance and told me he got the job because he used the knowledge he gained in class.”
The course’s inclusive structure extends to addressing issues affecting underrepresented groups. Kelly seeks to update content on how race, ethnicity, and socioeconomic factors influence financial challenges and opportunities, and also provides resources specifically for Deferred Action for Childhood Arrivals (DACA) students and Dreamers.
The first step in developing COWL 52 was taken in 2014 when Kelly was approached by a student at Cowell College and asked to speak to a small group about personal finance. The overwhelming response to her talk, which filled the conference room beyond expectations, demonstrated how desperate students were for financial education. This led to a 2-unit course being offered in the spring of 2014, which, due to its enormous popularity, quickly evolved into the 5-unit course known today as COWL 52. With the help of the UCSC Teaching and Learning Center, the course was moved online to expand access even further.
Kelly’s extensive background, including a bachelor’s degree in economics from UC Santa Cruz, an MBA from Harvard, and decades in investment management, deeply influences her teaching methodology. Her move from Wall Street to academia allowed her to bring her extensive knowledge and experience to developing a course that combines theoretical concepts with practical skills.
The success of COWL 52 has not gone unnoticed. The UC Office of the President, including President Drake and Chief Investment Officer Jagdeep Singh Bachher, recognized the course’s contribution to the students’ education and invited Kelly to join the Financial Literacy Initiative and Advisory Board as a key partner of the UC Investment Academy. In addition, President Drake develops an experiential learning scholarship program that includes COWL 52 as a financial aid award component.
Future plans include expanding the course’s reach to meet growing demand. Currently, 1,079 students are enrolled, including 728 from UCSC and 351 from other UC campuses. Kelly and her team are looking for ways to accommodate more students and ensure the longevity of the course.
“My students tell me this course should be required for graduation because everyone, especially those who have just made a significant investment in a college education, need to know these things,” Kelly said. “We may not be able to make it a graduation requirement, but we are doing everything we can to make sure every student who wants to take it can.”
Kelly supports holistic financial literacy among students through additional campus programs and partnerships. Kelly has partnered with Financial Literacy Coordinator Tiffany Zachmeier, who leads a UCSC Financial Health Program, to provide financial literacy resources to students across campus. Kelly has led seminars focused on the needs of different student groups, such as freshmen and graduate students, and has recorded her lectures for students who may not be able to attend the entire lecture.
Zachmeier’s team of peer mentors, who coach fellow students individually, includes students who have taken Kelly’s course and want to pass on their knowledge.
“People have different ideas about money that may not align with what financial experts tell them,” Zachmeier said. “We try to integrate financial education and resources across campus so students receive the information in a way they understand and can relate to. Peer mentors in particular know how to bridge the gaps between needs, resources and understanding.”
Next year, Kelly will join the UCSC Center for Analytical Finance and the Financial Literacy Initiative.
Alan Christy, Principal of Cowell College, is enthusiastic about the growing opportunities: “By developing the personal finance and investment course, Pat has enriched Cowell’s Company of Friends and students are directly benefiting from her knowledge.” This opinion is shared by Alice Folkins, Academic Director of Cowell College and also a former Cowell College student, who notes: “COWL 52 is just one example of how contact with experienced alumni can lead to new opportunities.”
Kelly wants to ensure the course’s impact continues at Cowell College and beyond. “I would like to create a legacy of always having a personal finance and investing course offered on campus,” she said. “I want UC Santa Cruz students to graduate with a level of financial confidence that will help them make better financial decisions for the rest of their lives.”
