The idea of the monument commemorating the fallen students of the commercial school was promoted by the Alumni Association of the Hunyadi Mátyás Higher Commercial School in December 1927. The association originally intended to erect the memorial in the school's courtyard in honour of the ex-students of the institution who died in World War I.

Tragically, 49 young men were called up straight from their school desks, never to return. A total of 6,000 "pengős" was raised for the monument's costs, while the construction itself came to 5,733 "pengős". At the request of Aladár Zavaros, the mayor of Székesfehérvár at the time, the artwork was erected in front of the school instead of the courtyard. The city covered the additional expenses incurred by this relocation.

The inauguration ceremony took place on June 2, 1928, at 11:00 AM. This date coincided with the 60th anniversary of the school's founding and the 75th anniversary of the commercial apprentice school. The monument was created by Jenő Bory. He personally carved the relief on the pedestal, while the remaining stonework was carried out by the Havranek brothers. The bronze female figure of the monument was cast in the foundry of Pál Bory, the brother of Jenő Bory.