Who can participate in Fed Challenge?
Any high school located within the District boundaries of a participating Federal Reserve Bank may register a team composed of three to five students.  The team may designate an alternate who would replace a team member who cannot compete. While many participants have some background in economics or business, members of successful teams need not be enrolled in an economics course. (For example, after-school clubs that focus on economics also have been involved).

How much time will Fed Challenge take?
Each team prepares for competition a bit differently. To have a complete and exciting presentation, students should do research and be comfortable with the material. For some, this may require meetings before or after school; for others class time will work better. The method and time spent in preparation are entirely up to the team, but as students become familiar with the material through practice, their presentation and comfort level will improve.

How do we put together a presentation?
The decision on how to create your presentation is a unique one that only your group can decide. However, for some tips, refer to the "Presentations" section of this web site. In addition, the "Teacher Resources" section has information regarding this subject. Be creative with your presentation! The judges will appreciate something interesting and dynamic.

Where can we find a particular indicator?
We have provided online resources in the "Research" section of the web site. If you're having difficulty finding a particular statistic, the Federal Reserve Bank of St. Louis provides many figures through its FRED2 directory. If you still need assistance, ask your individual Federal Reserve Bank's Fed Challenge contact person for help.

How long has Fed Challenge been in existence?
The competition began at the Federal Reserve Bank of New York in 1995. Currently, the Federal Reserve Banks of Boston, Chicago, Richmond, New York, and St. Louis participate in the program.

What are the awards for competitors?
The District champions travel to Washington, D.C., at the expense of the local Reserve Bank for the national competition.

How many teams qualify in each round?
For each round of competition, a minimum of one team will progress to the next level.

How many teams participate?
At the local level, there is no limit to the number of participating schools. Some participating Reserve Banks allow one team per school and others allow two teams per school. At the national finals in Washington, D.C., one team from each participating Federal Reserve District competes.

How are the winners chosen?
Each team is evaluated according to a five-category scoring rubric on a scale of one to ten. The team with the highest cumulative score wins the competition.

Is the competition public?
The national competition is not open to the general public. In the semifinal round of the national competition, the team, its advisers, judges, and Fed officials are in the room. As space allows, team members' families (parents, grandparents, and siblings old enough to sit in silence) are welcome to watch the performance of their team only.

In the final round of the national competition, teams that were eliminated in the previous day's semifinal round are allowed to watch the final competition. Teams waiting their turn to make presentations in the finals are restricted from observing other competing teams' presentations.

Attendance rules for regional competitions vary. At all levels of competition, presentations might be videotaped and members of the media might be present.

Who are the judges? How many are there?
There are two or three judges at local and District competitions. At the national competition, two or three judges typically evaluate presentations, but it could range up to five judges. In the semifinal round of the national competition, judges are typically officials from the Reserve Banks. Judges for the national finals are members of the Board of Governors, Federal Reserve Bank presidents, and other knowledgeable dignitaries.

May we use notes during the presentation or Q&A?
You may refer to notes during your presentation and Q&A period. However, you may not read straight from your notecards; they are to be reminders of what you intend to say, not a script. The more comfortable your team is with its presentation, the better it will sound. Whenever possible, speak in your own words (recitation can get boring). A presentation need not be memorized word for word. However, the presentation is timed, so it is recommended that you map out and rehearse it ahead of time.

When will we find out our scores and comments?
For the regional and District competition, you will receive your scores with comments after the awards presentation. Scores and comments from the national semifinal round are distributed the evening before the finals. Scores and comments from the national finals are not disclosed.

Who is allowed to attend the local competition?
You may bring family, students, teachers, and friends to be in the audience during your presentation and Q&A session. They may observe your own team, but not other teams' presentations. You should remind anyone you invite to the competition that security at some Federal Reserve Banks requires a government-issued photo I.D., such as a driver's license or passport, as part of the visitor check-in process. In some cases, names of attendees must be submitted before the competition. You should confirm the security requirements of the host Federal Reserve Bank in your District.

How many alternates can each team have? In what way will the alternates be allowed to participate?
Each team is allowed one alternate who should be prepared to compete in the presentation part of the competition in the event one of the regular team members is unable to compete. At the District level, some Reserve Banks allow the alternate to witness the team's presentation and participate in the Q&A session. At the national level, the alternate is a witness only and is not allowed to participate in the Q&A part of the competition. Some participating Reserve Banks pay the alternate's travel expenses to the national competition.

Will I meet any of the students competing on other teams?
At the national competition, you will meet and exchange gifts with your fellow competitors during an icebreaker event. Each member of your team should bring a small gift representative of your school to exchange with a member of a team from another school. Gifts that have been exchanged in the past have been items with school/city/state logos such as baseball caps, T-shirts, pens, and key rings. Some Reserve Banks have a gift exchange at the District competition as well.

What should I wear during competition?
Business attire or interview clothes are appropriate.

Does the Federal Reserve Bank reimburse any of my expenses at the local level?
Expenses at the local level are the responsibility of the individual school. Some participating Reserve Banks pay team travel expenses to the District-level final competition (also called the District Championship). The team that wins the District final competition travels at the expense of the local Federal Reserve Bank to the national competition in Washington DC.