Press Release

Pace University Students Win Record-Breaking Fifth National Title at Federal Reserve College Challenge

November 23, 2021
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Pace’s team Has Now Won More than Any Other Team, Surpassing Harvard’s Four Victories
The Pace team is 80 percent women and has members from around the country, and as far as China.

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The Pace University Federal Reserve Challenge Team made history at the 18th Annual Federal Reserve College Challenge winning the national title for the fifth time. With the win earlier this month, Pace now has won five of the last eight competitions and has the most victories of any team in the history of the Federal Reserve College Challenge, surpassing Harvard University’s four titles.

“I’m so excited about this win because it demonstrates that our students are among the very best in the United States,” said Mark Weinstock, economics professor and one of the team’s coaches. “The economics department at Pace has pioneered the role of women and first-generation college students, and has created an inclusiveness based on hard work, merit, and the excitement of learning.”

Captained by economics students Yuwei (Winnie) Liu ’22 and Fiona Waterman ’22, the Pace team is 80 percent women – no other team in the country has more than 20 percent – and is made up of students from as far as Beijing, China, and Boulder, Colorado, and as close as Staten Island and Fishkill, N.Y.

“This win is the result of hundreds of hours of studying and practicing starting in the summer,” said Liu. “We are so lucky and proud to lead a hard-working team, with everyone always being understanding of the workload and striving for excellence.”

The team received academic guidance from Weinstock and Economics Professor Greg Colman, PhD, with support from Distinguished Professor of Economics Joseph Morreale and Associate Professor of Economics Annya Shostya, PhD.

“We are especially grateful to our advisers, who were with us throughout this wonderful learning experience,” said Waterman, “as well as members of the Fed Team in previous years who offered valuable suggestions.”

Captains Liu (Beijing, China) and Waterman (Boulder, Colorado) are joined on the team by the following Dyson College students:

  • Christopher Beck ’22 Economics, Staten Island, N.Y. ;
  • Gianni Campanaro ’22, Business Economics, Staten Island, N.Y.;
  • Casey Cloutier ’22, Economics and Modern Languages and Cultures, Niagara Falls, N.Y.;
  • Stephanie Ertel ’22, Economics, Fishkill, N.Y.;
  • and Kate Fong ’23, Economics, Orange County, CA.

The Pace team was one of six that advanced to the final round from the pool of 18 teams from across the country that qualified for the national competition. The University of Pennsylvania and Dartmouth College, both Ivy League institutions, finished in second and third place, respectively, with George Washington University, UCLA, and the University of Wisconsin earning honorable mentions.

Each team in the national round was required to record a 15-minute presentation analyzing elements of the United States economy, including areas like GDP and unemployment, and provide monetary policy recommendations for the Federal Reserves’ balance sheet and interest rates. The teams then participated in a live, virtual Q-and-A session with members of the Federal Reserve.

“This experience is invaluable,” said Weinstock. “It gets students who are passionate about this work close to the action. It teaches them to defend their thinking, be cool under pressure, and clearly communicate verbally and in writing, all skills that will serve them well in their future professions.”

To advance to the national tournament, Pace won the First Round Regional Competition, which was held virtually on Sunday, October 24, featuring more than 30 teams from New York, New Jersey, and Connecticut. The winners were announced on Nov. 10, 2021.

This story has been updated: A previous version of this story had incorrect information relating to the time period over which Pace had won the Fed Challenge. Pace has won five of the last eight years.

About Pace University

Pace University has a proud history of preparing its diverse student body for a lifetime of professional success as a result of its unique program that combines rigorous academics and real-world experiences. Pace is ranked the #1 private, four-year college in the nation for upward economic mobility by Harvard University’s Opportunity Insights, evidence of the transformative education the University provides. From its beginnings as an accounting school in 1906, Pace has grown to three campuses, enrolling 13,000 students in bachelor’s, master’s, and doctoral programs in more than 150 majors and programs, across a range of disciplines: arts, sciences, business, health care, technology, law, education, and more. The university also has one of the most competitive performing arts programs in the country. Pace has a signature, newly renovated campus in New York City, located in the heart of vibrant Lower Manhattan, next to Wall Street and City Hall, and two campuses in Westchester County, New York: a 200-acre picturesque Pleasantville Campus and the Elisabeth Haub School of Law in White Plains. Follow us on Twitter or on the Pace News website.

About Dyson College of Arts and Sciences

Pace University’s liberal arts college, Dyson College, offers more than 50 programs, spanning the arts and humanities, natural sciences, social sciences, and pre-professional programs (including pre-medicine, pre-veterinary, and pre-law), as well as many courses that fulfill core curriculum requirements. The College offers access to numerous opportunities for internships, cooperative education and other hands-on learning experiences that complement in-class learning in preparing graduates for career and graduate/professional education choices.

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