At UC Santa Cruz's Cowell College, a remarkable course is setting new standards in financial education. COWL 52 - Personal Finance and Investing, a 5-unit asynchronous online class, stands out not only as the largest online course at UC Santa Cruz but also as a model for financial literacy education across the University of California system. Taught by Patricia Kelly, a Cowell alumna 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 I teach finance to French Lit majors,” said Kelly. “I love seeing students' anxiety just evaporate and all the light bulbs start popping on after laying out the framework for the class.”
Kelly’s approach is straightforward and accessible, making sure students from all backgrounds and with varying levels of understanding are able to grasp key financial concepts. The course avoids overly technical jargon, focusing instead on the practical terms that students need to know.
Kelly believes one reason the class is so popular is that students gain hands-on experience and can relate their learnings to their personal lives. They develop personal budgets, prepare tax returns, create net worth statements, and set up simulated stock portfolios that they continuously monitor and report on.
"Often, the financial industry has a motivation to keep things kind of blurry and confusing so that we will go and hire them to solve our financial problems. I keep things simple and direct," said Kelly. "Students really absorb the information that way. One student even went on to secure a hardcore position in corporate finance and told me they got the job by using the knowledge they picked up in class."
The inclusive structure of the course extends to addressing issues that impact 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 toward developing COWL 52 was taken in 2014 when Kelly was approached by a Cowell College student and asked to speak to a small group about personal finance. The overwhelming response to her talk, which packed a conference room beyond expectations, showed how desperate students were for financial education. This led to the offering of a 2-unit course in Spring 2014, which, due to its huge popularity, quickly evolved into the 5-unit course now known as COWL 52. With help from the UCSC Teaching and Learning Center, the course was put online to further expand access.
Kelly's extensive background, which includes 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 transition from Wall Street to academia allowed her to channel her vast knowledge and experience into creating a course that bridges theoretical concepts with practical skills.
COWL 52's success has not gone unnoticed. The UC Office of the President, including President Drake and Chief Investment Officer Jagdeep Singh Bachher, recognized the course for its contribution to student education and have invited Kelly to join the Financial Literacy Initiative and Advisory Board as a key partner in the UC Investment Academy. Additionally, President Drake is developing a fellowship program on experiential learning which will incorporate COWL 52 as a component toward awarding financial aid.
Looking ahead, there are plans to expand the course's reach to meet growing demand. With enrollment now at 1,079 students, including 728 from UCSC and 351 from other UC campuses, Kelly and her team are exploring ways to accommodate more students and ensure the course's longevity.
“My students tell me this course should be required for graduation because everyone, especially those who just made a substantial investment in a college education, needs to know this stuff,” said Kelly. “We may not be able to make it a graduation requirement, but we are doing all we can to make sure any student who wants to take it, can.”
Kelly supports holistic financial literacy to students through additional campus programs and partnerships. Kelly has partnered with Financial Literacy Coordinator Tiffany Zachmeier, who leads a UCSC financial wellness program, to provide financial literacy resources to students across campus. Kelly has led seminars that focus on the needs of different student groups, like first-generation students and grad students, and recorded her lectures for students who may not be able to take the whole class.
Zachmeier’s team of peer mentors, who provide one-on-one coaching to fellow students, includes students who have taken Kelly’s class and want to share their knowledge.
“People have different realities of money that may not align with what finance experts are telling them,” said Zachmeier. “We try to integrate financial knowledge and resources across campus, so students can get the information in a way that they can understand and relate to. Peer mentors especially understand how to bridge the gaps between needs, resources, and understanding.”
In the next year, Kelly will join the UCSC Center for Analytical Finance and the Financial Literacy Initiative.
Alan Christy, Cowell College Provost, is excited about the expanding possibilities: “By creating the Personal Finance and Investing course, Pat has made Cowell's Company of Friends richer, and students are directly benefiting from her knowledge.” This sentiment is echoed by Alice Folkins, Cowell College Academic Manager and fellow Cowell alumna, who observes “COWL 52 is just one example of how engaging with accomplished alumni can lead to new opportunities.”
Kelly is dedicated to making sure the course’s impact endures at Cowell College and beyond. “I’d love to create a legacy for it so that there is always a personal finance and investing class offered on campus,” she said. “I want UC Santa Cruz students to graduate with certain confidence in finance that they can carry forward to help them make better financial decisions for the rest of their lives.”
