News Item
Press Release: Pace Students Win Regional College Federal Reserve Challenge at the New York Federal Reserve Bank
Press Release: Pace Students Win Regional College Federal Reserve Challenge at the New York Federal Reserve Bank
Experiential Learning Propels Team to Victory in Federal Reserve’s Regional ‘College Fed Challenge'
The Pace University College Federal Reserve Challenge Team won first place in the Second District at a debate competition held at The Federal Reserve Bank of New York on November 12. Pace students bested teams from Columbia, NYU, Rutgers-New Brunswick, Fordham, Colgate, West Point, and thirty-five other colleges and universities. The team will compete at the National Competition at the Board of Governors of the Federal Reserve System in Washington, DC, on Friday, November 22, 2019.
This is the team’s sixth win in New York Regional competition and the team has won the National Competition three times in the last six years. Housed within the Dyson College of Arts and Sciences at Pace University, this year’s team consisted of economics and business economics majors Scarlett Bekus (captain), Sean Freda, Joseph Drennan, Dylan Seals, Marissa Kleinbauer, Gabriella Serebryanaya (alternate), Yesenia Vazquez (alternate), and Olivia Speno (alternate).
Team captain, Scarlett Bekus ‘20 said, "I am beyond proud of every member of this team because this was truly a group effort. Going head-to-head with Ivy Leagues is intimidating, but we worked together tirelessly for the past six months and had incredibly dedicated faculty advisors and proved that hard work pays off. This is my third year on the team and watching the new members step up to the challenge and the returning members take on increased responsibility is something I just couldn't be more proud of."
“We are incredibly proud of this year’s College Fed Challenge team. Their success is a testament not only to their dedication and knowledge, but also to the support the department faculty provide them. Our faculty mentors have done a tremendous job in developing the team members’ skills, their deep knowledge of the field, and their ability to perform so well in a high pressure situation,” said Dean Nira Herrmann, PhD, Dyson College of Arts and Sciences.
For their bid to compete at the national competition, the students are required to create a fifteen-minute PowerPoint presentation on current financial and economic conditions and make recommendations for monetary policy actions. After the presentation, Federal Reserve economists question the team on their knowledge of the US economy, central banking, and monetary policy. The team’s success depends on solid analytical thinking, research ability, strong communications and public speaking presentation skills, and the capacity to function harmoniously with others in a team driven environment.
The Economics Department, a part of the Dyson College of Arts and Sciences on Pace’s New York City Campus, is among the most innovative in the country in developing research and participating in national conferences. The Pace Fed Challenge team is under the faculty training and mentorship of Greg Colman, PhD, professor of economics, and Mark Weinstock, clinical associate professor of economics, who spend countless hours coaching the students.
More than three hundred Pace students, many of whom are women and underrepresented minorities, have participated in the College Federal Reserve Challenge over the past fifteen years. As graduates, team participants are in lucrative careers at prominent firms in finance, management, marketing, consulting, public policy, and in the public sector including the Federal Reserve System.
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 numerous 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.
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.
