A Bourstad simulation is a set of learning activities in the form of stock market simulations. This educational program encourages the acquisition of new knowledge in responsible investment and portfolio management.

Entirely online and available in French and English, the participant acts as an investment advisor to a fictitious investor, following the real markets. He manages a fictitious portfolio of $200,000, by investing in real investment securities traded on Canadian stock exchanges and other financial markets, as well as in actively managed investment funds. Virtual portfolio managers can choose from a selection of around 700 stocks. Transactions are processed in real time and dividends are paid daily.

The Bourstad web application offers three types of stock market simulations :

• The Bourstad competition, an annual event held from February to April, welcomes high school, college and university students, as well as participants from the general public;
• Bourstad private simulations organized at schools participating in the Bourstad program;
• Bourstad at any time, an individual, permanent and free stock market simulation.

CIRANO became the prime contractor for the Bourstad program in 2015, and is supported in this financial education project by a number of partners, including the Autorité des marchés financiers, its main partner.
Other project partners include TD Bank Group, the Investment Industry Regulatory Organization of Canada (IIROC), CFA Montréal, Finance Montréal, TMX Group, Groupe investissement responsable, QuoteMedia and Hyprasoft.

In proposing Bourstad, CIRANO is pursuing pedagogical objectives:

• Offer participants the opportunity to familiarize themselves with the workings of the financial markets and the investment vehicles available to savers;
• Familiarize participants with the main sources of economic and financial information, including financial newspapers and websites;
• Encourage participants to take an interest in the general workings of the economy, as well as in current economic and financial events.;
• Raise participants' awareness of the issues arising from corporate social responsibility and provide them with a basic understanding of responsible investment.
• Inculcate portfolio management skills.