70% of Aralia Students Win Prizes in Economics Competitions
1. National Economics Challenge
What is the National Economics Challenge?
The National Economics Challenge welcomes nearly 10,000 participants from 45 U.S. states every year. This competition tests high school students on microeconomics, macroeconomics, and global economics and is hosted by the Council for Economic Education.
How it works
Students work in teams of 3-4. First, they choose one of two divisions: the David Ricardo division is for first time competitors who have taken max one economics class; and the Adam Smith division is for returning competitors and AP/IB/Honors students in economics.
In the first round, students must qualify through local state competitions. Exams differ by state; in MA, the exam is a 30-question rapid-fire exam. Each state champion moves to the second round. Next, in the Semi-Finals National Challenge, state champions complete a 45-question online quiz. The top four teams from the semifinals move up to the third round, Finals National Challenge. These finalists are invited to NYC on a fully funded (free!) trip to compete in five more competition rounds.
At the Finals National Challenge, the first three rounds are individual competitions with 20 minutes for 15 multiple choice questions. In order, the rounds are Microeconomics Round, Macroeconomics Round, and International Economics and Current Events Round. In the fourth round, the Critical Thinking Round, student competitors develop a solution and analysis to a current economic problem. Finally, the Quiz Bowl is the fifth and final round of the Finals National Challenge of the National Economics Challenge. This round is also done in teams; students select one spokesperson to present the team’s answer to the judges. The Quiz Bowl contains 22 questions, each with 30 seconds of discussion time.
Dates and Locations
Online registration deadlines differ per state—check your state.
National Semifinals are held online April 22-26, 2024
National Finals are held in-person in NYC June 1-3, 2024
Awards (for National Finals)
1st place: $1,000 cash prize
2nd place: $500 cash prize
3rd place: $250 cash prize
4th place: $125 cash prize
Eligibility
High school students in the U.S.
Free entry
2. International Economics Olympiad
What is the International Economics Olympiad?
The International Economics Olympiad is a worldwide high school economics competition supported by 2007 Nobel Prize Winner for Economics Eric Maskin. This competition tests students on financial literacy, moderation, economics, business case study, logical thinking, creative application, problem solving skills, and both theoretical and applied problems. Previous years’ competition questions are available for viewing from 2018 to 2023. Not only does the International Economics Olympiad provide exciting student competitions, the Olympiad also offers online lectures from experts in economics.
How it works
First, make sure your country is on the list of participants. Next, students choose between three competitions: Economics, Financial Literacy or Business Case. Each topic has a different exam format. For Economics, students work individually to answer multiple choice and open questions. For Financial Literacy, students work individually to answer 25 multiple choice questions. For Business Case (Case Study), students work as a team to present case solutions before the jury. Once all competitions in all participating countries are completed, the top 5 students from each country are invited to the host country to compete in the IEO. Learn more about IEO 2024 held in Hong Kong.
Dates and Locations
Early-bird online application from January 31, 2024 to March 30, 2024
Late-stage online application from April 30, 2024 to May 15, 2024
Competition is held in-person on July 22-31, 2024 in Hong Kong.
Awards
Individual awards: Gold, Silver, and Bronze medals
Team awards: Gold, Silver, and Bronze statuettes
Shortlisted finalists receive special Extraordinary Results Certificates. All participants receive Certificates of Participation.
Eligibility
High school students worldwide are invited to the competition. The competition is free to enter.
3. National Personal Finance Challenge
What is the National Personal Finance Challenge?
Every year, over 20,000 students across the U.S. participate in the National Personal Finance Challenge, hosted by Council for Economic Education (the same organization that hosts the National Economics Challenge). The difference in this challenge is that instead of world economics, it focuses more learning about earning income, buying goods and services, saving, using credit, and investing, as well as protecting and insuring.
How it works
All high school students start in an initial qualifying round, with exams that differs per state. The MA Personal Finance Challenge is a 35 minute 30-question online exam performed at school. From this initial qualifying round, high scorers are selected and invited to the state-level round. In the state-level round, students compete for the title of State Champion. Consequently, each state champion team is invited to the National Finals round in Cleveland, Ohio. At National Finals, students form teams of 3-4 students from the same school/organization and together create a financial plan for a fictitious family scenario. Finally, the top 16 teams from the National Finals round proceed to a final Quiz Bowl round. Prepare for the National Personal Finance Challenge with Aralia Education’s competition preparation class.
Dates and Locations
Dates for the rounds prior to National Finals differ for each state. For MA, the Personal Finance Challenge is open from January 1 to April 12, 2024 and held virtually.
National Finals held in-person on May 19-20, 2024 in Cleveland, Ohio.
Awards
1st place: $2,000 cash prize and trophy
2nd place: $1,000 cash prize and trophy
3rd place: $500 cash prize and trophy
4th place: $250 cash prize and trophy
Eligibility
High school students worldwide are invited to the competition. The competition is free to enter.
4. Harvard Pre-Collegiate Economics Challenge (HPEC)
What is the Harvard Pre-Collegiate Economics Challenge?
Hosted by a student-led organization at Harvard University, the Harvard Pre-Collegiate Economics Challenge tests high school students in economics at the AP Microeconomics and AP Macroeconomics level. Additionally, students will engage with economic news, history, recent research, and applications of economics in education and environment. The scope of this tournament is very similar to that of the Northwestern Economics Tournament (see below #7).
How it works
Students begin with an individual written exam round with 60 multiple choice questions in 90 minutes. This is followed by multiple Quiz Bowl rounds, where students form teams of 4 students and compete in a round-robin and single elimination format. Each 15-minute Quiz Bowl round has 15 questions, while elimination rounds have 18 questions each.
Dates and Location
Online registration deadline in early March 2024, however spots fill up quickly so students should register earlier.
HPEC is held in-person at Harvard University on April 13, 2024.
Awards
Winning team and two individual winners will receive trophies. All participating students receive the priceless opportunity to network with Harvard students and faculty, experts and pioneers in economics.
Eligibility
High school students worldwide
$125 Registration Fee per team
5. Wharton Global High School Investment Competition
What is the Wharton Global High School Investment Competition?
In the 2023-2024 season, Wharton Global High School Investment Competition welcomed over 9,000 high school students from 62 countries for a prestigious, long-term economics competition hosted by the University of Pennsylvania. Topics covered in this UPenn Wharton competition include strategy building, teamwork, communication, risk, diversification, company and industry analysis, and investing.
How it works
The Wharton Global High School Investment Competition is a 10-week program, during which students form teams of 4-7 students from the same high school. Each team works together in a trading simulation, with the aid of a stock market stimulator, to analyze a real-world client’s business investment goals to create an investment strategy. (Clients are graduates from UPenn Wharton business school who have recently started their business.)
After the 10-week program, the top 50 teams are selected for Semifinals. Here, teams present their plans to judges. From there, the top 10 teams are invited to the Global Finale held in-person at The Wharton School of the University of Pennsylvania.
Dates and Location
Register online by September 13, 2024
Trading simulation completed virtually from each team’s home September 30, 2024 to December 13, 2024
Semifinals held virtually in March 2025
Global Finale held in-person at the University of Pennsylvania in April 2025
Awards
Winning teams receive certificates and free admission to Wharton online summer programs and classes.
Eligibility
High school students worldwide
Free entry
Unlock Your Potential: Students in Our Economics Competition Preparation Class Are More Likely to Secure Awards
6. World Economics Cup
What is the World Economics Cup?
In 2023, the World Economics Cup virtually welcomed over 2,200 high school students from 50 countries to participate in an intense contest, bringing together the best minds from each continent. Students are asked to solve problems using micro/macroeconomic theory, as well as objective questions based on realistic materials. Each participating country has different set of questions for their student contesters. Due to the wide range of worldwide participants as well as the deep scope of knowledge being tested, the World Economics Cup is not an easy feat, and is certainly a great opportunity for students interested in economics to expand their knowledge beyond the traditional classroom.
How it works
The competition is split into three modules covering the past, present, and future of world economics. Module 1 Fundamentals has multiple choice questions testing knowledge and theories of the past. Module 2 Deep Comprehension has material-based questions about present day economic practices. Module 3 Thinking and Innovation has questions on applying economics knowledge and perspective to solve real, critical problems in the future. Questions will cover these three modules in all three rounds of the Cup.
Students form teams of 6 classmates from the same high school, and participate in three rounds. The first round is the National/Regional Cups & Continental Qualifiers, which is a 90-minute online test. Those who pass this qualifying round move onto the second round: the Continental World Economics Cup. Next, top 6 teams from each continent are invited to the third round, the World Economics Cup.
Dates and Locations
All events are virtual.
National/Regional Cups & Continental Qualifiers April 12, 2024
Continental Economics Cup July & August 2024
World Economics Cup October 13-19, 2024
Awards
Trophies and medals will be awarded to top 3 teams.
Eligibility
High school students worldwide
Free entry for National Cups/Continental Qualifiers and World Economics Cup (finals round). There is a registration fee for Continental Cups, differs per continent.
7. Northwestern Economics Tournament
What is the Northwestern Economics Tournament?
Hosted by an undergraduate student organization at the prestigious Northwestern University, the Northwestern Economics Tournament tests high school students at the AP level on microeconomics and macroeconomics, economic history, current events, and modern economic research. The scope of this tournament is very similar to that of the Harvard Pre-Collegiate Economics Challenge (see above #4).
How it works
Students work in teams of 4 classmates from the same high school. In the first round, the Power Round, students compete asynchronously for a team-based, written competition. In the following Econ Bowl round, students compete either in-person at Northwestern University or virtually.
Another benefit of the Northwestern Economics Tournament is the lecture portion of the competition. Northwestern economics professors will give presentations on what role economics plays in the world beyond the classroom. High school participants will also hear from current Northwestern University students on their college experience and career pursuits after graduation. These presentations will provide invaluable academic insights and personal inspiration to the participating high school students.
Dates and Location
Virtual Power Round April 2-4, 2024
In-Person Econ Bowl April 6, 2024 at Northwestern University in Evanston, IL
Virtual Econ Bowl April 7, 2024
Awards
Cash prizes (amount to be specified) and certificates. Students can also network with Northwestern students and faculty.
Eligibility
High school students
Free entry
8. High School Fed Challenge
What is the High School Fed Challenge?
Hosted by the Federal Reserve Bank of New York, the High School Fed Challenge is unique compared to all other economics competitions for high schoolers living in the Second Federal Reserve District (includes NY state, 12 northern counties of NJ, Fairfield County in CT, Puerto Rico, and the U.S. Virgin Islands). Students write research papers in economics and compete to be published in the Journal of Future Economists. Students are judged based on their knowledge of current research in economics, data literacy, analytical writing, and abilities to analyze economic data and create forecasts. Students will present their research papers in front of a panel of judges from the Federal Reserve Bank of New York. For the 2023-2024 season, the High School Fed Challenge received 81 submissions. Although this may seem like a small number, participating in this competition requires an immense workload, and all submissions are highly competent, hence making the challenge very competitive.
How it works
Students work in a team of 3-8 students from the same high school to write a 1,500-2,500-word research paper on economics. Entries are accepted in English or Spanish. The 2023-2024 paper theme was “Economics of Work.” Students are to select any topic that’s relevant to the theme, and write an informative economics podcast script. The Bank decides a new theme every year. Papers are judged by the Bank, and the winning team gets their paper published in Journal of Future Economists.
Dates and Location
All events are virtual.
Theme Announcement & Registration begins September 12, 2023
Registration Deadline February 15, 2024
Paper Submission Deadline March 15, 2024
Notification of Publication Decision May 15, 2024
Award
A chance to publish your paper in a research journal Journal of Future Economists. Only the winning paper will be published, but all participating teams will have their names listed in the journal. This is valued recognition for the efforts put into the intense workload required to write a submission. Read the 2024 winning essay.
Eligibility
High school students living in the Second Federal Reserve District (includes NY state, 12 northern counties of NJ, Fairfield County in CT, Puerto Rico, and the U.S. Virgin Islands)
Free entry
9. Euro Challenge
What is the Euro Challenge?
Hosted by the EU Delegation to the U.S., the Euro Challenge is a unique economics competition for high school students to focus solely on European Union economic issues, learn about the euro, and the single market. Students get the chance to meet the Ambassador of the European Union to the U.S.
How it works
Students work in teams of at least 3 students to deliver 15-minute presentations. Students are challenged to describe the economic situation in the euro area. The euro area is the economic region consisting of the 20 EU member countries who have adopted the euro. Students must also discuss GDP growth, unemployment, inflation, and current monetary policy activities in the European Central Bank. Students select one of the challenge prompts (listed) and pick one of the EU countries to illustrate that challenge. You must recommend a policy or policies for your selected country and discuss how having a single currency may or may not affect the policy choices. After all the presentations are reviewed, a select 25 teams are invited to the semi-final round and travel to NYC on a fully funded (free!) trip.
Dates and Location
Register school and set up team online by December 31
Register team online in February
Regional Rounds held in different regions in March/April
The 7 different regions are New York Metropolitan Area (NY, NJ, CT), Miami Region (FL), Midwest Region (IL, IN, IA, KY, OH, WI), North Carolina Region (NC), Pennsylvania Region (PA), Northwest Region (AK, ID, OR, WA), and Washington DC (DC, MA, VA).
Semi-Finals and Finals held in-person on April 30, 2024 in NYC
Awards:
Chance to meet Ambassador of the European Union to the U.S. and network with professionals in economics and international relations
Eligibility
9th and 10th grade high school students living in the U.S. (Title 1 schools can enter 11th and 12th grade high school students.)
10. InvestWrite
What is InvestWrite?
InvestWrite is an economics essay competition for high school students who have participated in The Stock Market Game. InvestWrite has received over 260,000 entries throughout the years, making it one of the most popular economics competitions for high school students. The competition tests students on investing and financial markets, and mainly serves as a reflection on the experience of and lessons learned from participating in The Stock Market Game.
How it works
Students individually write and submit a 500-1,000-word essay based on the Stock Market Game program. In the first round of evaluations, your teacher will decide which essays move onto the second round of evaluations at the national level. From there, selected essayists become Finalists and proceed to be evaluated on the international level. Essays will be graded on rationale, understanding of the subject matter, and writing style.
Dates and Location
2024 session is closed. 2025 dates to be announced.
Awards
Essays are submitted electronically.
1st place: $750 cash prize and medal
2nd and 3rd place: certificate and medal
Other prizes include laptops, gift cards, and pizza parties.
Eligibility
High school students who have participated in the Stock Market Game in an eligible session.
Aralia Education Economics Classes
Aralia Education provides top-tier online competition preparation classes with our team of experts in economics and high school education. We provide students with unparalleled access to state-of-the-art resources and dedicated, skillful guidance from experienced teachers vetted from the nation’s top-ranking high schools. At Aralia Education, we set students up for success with rigorous and inspiring courses. Whether you want to conduct economics research, prepare for the National Economics Challenge or the National Personal Finance Challenge, or take an introductory course to economics, find out how Aralia Education can help you. Learn more.
