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Dream Team Earns Gold

News Story

For the first time in Pace history, the Pace team won the 2014 College Fed Challenge, beating out Princeton and other Ivy League schools… and they were featured in Humans of New York!

Pace University won first place at the 11th annual national College Federal Reserve Challenge, a competition that tests students’ understanding of the U.S. economy, monetary policymaking, and the role of the Federal Reserve System.

The finals were held in Washington, D.C., on Tuesday, December 2, as the capstone to five district competitions held around the country. Undergraduate teams competed in their local Reserve Bank Districts, and top teams moved on to the finals. The other national finalists were second place Princeton University, and, with honorable mentions, Bentley University, the University of Chicago, and the University of North Carolina at Chapel Hill. The Pace University team had placed first in the semi-final New York regional competition, ahead of 35 other teams in the region. Pace’s win was the first for the NY Fed District in the history of the College Fed Challenge.

The Pace Team represented the New York Federal Reserve District and included Dyson College economics majors Kelsey Berro (co-captain), Jordan Jhamb (co-captain), Julia Mikhailova, Katherine Craig, Lauren Price, and Daniella Gambino. The team was coached by economics professors Mark Weinstock; Gregory Colman, PhD; and Anna Shostya, PhD, faculty members from the Department of Economics in the Dyson College of Arts and Sciences at Pace’s New York City Campus. Berro and her professors have been part of winning College Fed Challenge teams since 2012, when Pace first won the New York District challenge and advanced to the national level.

Participating teams analyze economic and financial conditions and formulate a monetary policy recommendation, modeled on the work of the Federal Open Market Committee. Teams competing in the finals gave 15-minute presentations and answered questions for a panel of senior Federal Reserve officials.

"Students' participation in the Fed Challenge adds to their understanding of the economy and the Federal Reserve's role, and, I hope, spurs some students to pursue further study of economics and finance. In addition, the research, analytical, and communication skills that participants gain through their preparations will help them in whatever careers they choose," said Federal Reserve Board Chair Janet L. Yellen.

“Our students demonstrated the quality, hard work, and commitment to success that characterizes education at Pace,” President Stephen J. Friedman said. “This victory graphically illustrates the competitive advantage and professional experience offered to students who choose the Pace Path. The result is a group of students who are more effective at graduation; they understand how to deal with major challenges and achieve long-term career success.”

And that’s not all. On their way home, students were approached by Humans of New York, a photoblog and collection of portraits and quotes and stories from NYC inhabitants with more than 10 million followers.  Their story earned more than 130,000 likes and nearly 3,000 shares. Check it out here.

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