High School Fed Challenge: A Complete Guide

The Fed Challenge is a nationally recognized competition that allows students to think like real economists—analyzing data, exploring current issues, and proposing policy ideas similar to those of the Federal Reserve.

This guide focuses on the High School Fed Challenge, created for students in grades 9–12 who want to deepen their understanding of economics through research and teamwork. The competition builds critical thinking, collaboration, and communication skills that extend far beyond the classroom.

In this article, you’ll learn everything you need to know about the High School Fed Challenge—how it works, what to expect, and how to make the most of the experience.

• What Is the Fed Challenge?
• High School Fed Challenge Awards and Prizes
• How to Qualify for the High School Fed Challenge
• How to Get into the High School Fed Challenge
• How to Win the High School Fed Challenge
• High School Fed Challenge Previous Winners
• Frequently Asked Questions
• Takeaways

What Is the Fed Challenge?

The Fed Challenge is a national economics competition organized by the Federal Reserve System that helps students see how real economic decisions are made and why they matter. Inspired by the work of the Federal Open Market Committee (FOMC), the competition invites students to analyze data, explore financial trends, and craft their own ideas for monetary policy—just like real economists at the Federal Reserve.

The program runs at both the college and high school levels, but the High School Fed Challenge is designed specifically for students in grades 9–12. Instead of live policy debates, high school participants focus on research and writing, exploring an annual theme that connects economics to real-world issues.

Each year, teams select a topic related to the chosen theme, conduct academic research, and submit their work for evaluation. Standout submissions are featured in the Journal of Future Economists, and all participating schools receive recognition for their efforts.

The theme for the 2025–2026 competition is “Economics of Music.” This year’s challenge invites students to explore the fascinating intersection of art and economics—how the music industry works, adapts, and evolves in today’s digital world.

Participants can research topics such as:

• How streaming platforms have transformed the music business
• The role of technology in shaping artists’ earnings and creativity
• Consumer choices and trends in music listening habits
• How culture and economics influence global music markets
• The financial side of concerts, tours, and live performances

Music is an economic ecosystem driven by innovation, consumer demand, and cultural trends. By examining the Economics of Music, students can better understand how creative industries balance passion with profit in a changing world.

To support students, the Federal Reserve Bank of New York provides a collection of research tools and resources focused on this theme. Teams can use these materials to guide their work, but they are also free to explore other reputable or scholarly sources to strengthen their analysis.

High School Fed Challenge Awards and Prizes

The High School Fed Challenge doesn’t hand out traditional trophies or cash prizes, but the recognition students earn is just as meaningful. Here’s how participants and top-performing teams are recognized:

• National recognition. Teams that perform exceptionally well earn national recognition from the Federal Reserve System. Being named among the top teams in the country highlights their hard work, strong research skills, and deep understanding of economic concepts.

• Publication in the Journal of Future Economists. The most impressive submissions are published in the Journal of Future Economists, an academic publication from the Federal Reserve Bank of New York. Being featured in this journal is a prestigious honor that allows students to share their insights with a wider audience and gain recognition for their academic excellence.

• Regional recognition. Some Federal Reserve Banks, such as the Chicago Fed, host their own regional competitions and award programs. Winning teams may be featured in virtual events, social media spotlights, or official announcements on the district’s website.

• Seal of Civic Readiness Credit (New York State schools). For schools approved under the New York State Education Department’s Seal of Civic Readiness +1 Civics Pathway, participation in the High School Fed Challenge can count as a 1-point research project toward the 6-point requirement for earning the Seal.

Every student who participates in the Fed Challenge also walks away with valuable, transferable skills—including research, data analysis, critical thinking, and communication. These abilities go far beyond the classroom and are useful for college, internships, and future careers.

The experience also helps students explore potential career paths in finance, economics, and public policy. Many participants say the Fed Challenge inspired them to study economics in college or even pursue future roles within the Federal Reserve System.

How to Qualify for the High School Fed Challenge

Getting started with the High School Fed Challenge is simple—but it’s important to follow the rules from the 2025–2026 Rule Book and meet the deadlines.

To help you prepare, here’s a breakdown of everything you’ll need to join the competition:

Eligibility

The High School Fed Challenge is open to:

• Students in grades 9–12 attending a U.S. high school within one of the 12 Federal Reserve Districts or a DoDEA school overseas.
• Homeschool students (as long as they live within a Federal Reserve District and have an adult advisor with a signed acknowledgement form confirming participation)

Each school can only enter one team and submit one official entry per year.

Required documents

Before submitting your entry, make sure your team has these documents ready:

• Principal Acknowledgement Form. Signed by the school principal to verify the official team and faculty advisor.
• Research submission (podcast script). A 1,500–2,500-word academic-style script in PDF format, following APA, MLA, or Chicago citation style.
• Title page. Including your paper title, school name, student and advisor names, total word count, and citation format.

Contest fees

The High School Fed Challenge is completely free! There are no registration or submission fees, making it open to students and schools of all backgrounds.

Registration and key dates

To compete, teams must register on time and follow the official schedule. Here’s the 2025–2026 High School Fed Challenge timeline:

Teams must register no later than February 17, 2026, to be eligible for the competition. Late registrations won’t be accepted.

How to Get into the High School Fed Challenge

Joining the High School Fed Challenge is a fun and rewarding way to dive into real-world economics. Whether you’re a beginner or already curious about how the economy works, the process is simple—and a great opportunity to collaborate, research, and share your ideas.

Here’s how to get started:

Step 1: Form a team.

Start by gathering 3–8 students from your school who are eager to explore economics and current issues. You’ll also need a faculty advisor who will guide your team, make sure you follow competition rules, and serve as the primary contact with the Federal Reserve Bank of New York.

If you’re homeschooled, you can still join! You’ll just need an adult advisor and a signed acknowledgement form confirming your participation.

Step 2: Register online.

Once your team is ready, your faculty advisor can register your group on the Federal Reserve Bank of New York’s High School Fed Challenge website.

Your advisor will also email the Principal Acknowledgement Form, signed by your school principal, to officially confirm your team.

Step 3: Research the theme.

Each year, this economics competition centers on a new theme that connects economics to everyday life. The 2025–2026 theme, “Economics of Music,” invites teams to explore how economics shapes the music world—from production to consumption.

Use reliable sources, apply real data, and think like an economist as you analyze your chosen topic. The New York Fed also provides helpful research resources to get you started.

Step 4: Write and submit your script.

Turn your findings into a 1,500–2,500-word podcast-style script that explains your topic using clear economic reasoning and supporting data. Your script should:

• Be written in an academic style (APA, MLA, or Chicago format)
• Include a title page with key team details
• Be saved and submitted as a PDF

Make sure to submit your final script by March 16, 2026, at 11:59 PM ET.

Step 5: Evaluation and recognition.

After submissions close, Federal Reserve reviewers will evaluate each team’s work. They will look for:

• Strong analysis and clear writing
• Relevance to the annual theme
• Originality and creativity
• Representation from across the Federal Reserve Districts

Top teams will have their work published in the Journal of Future Economists, and all participating schools will be recognized for their effort and research.

How to Win the High School Fed Challenge

Winning the High School Fed Challenge is about telling a clear, well-researched story that connects economics to real life. The strongest entries show curiosity, creativity, and a solid understanding of how the economy works. Here are some tips to help your team stand out:

1. Think like an economist.

Rather than simply describing what’s happening, the best entries also explain why it’s happening. Approach your topic like an economist: look at data, search for patterns, and connect the dots between theory and reality.

A strong script balances numbers and insights. For example:

• Use FRED data to show how prices or wages have changed over time.
• Apply economic concepts like supply and demand, market competition, or consumer choice to your topic.
• Discuss how policy changes or innovations influence the issue you’re studying.

This combination of analysis and explanation shows depth and helps your paper feel thoughtful and complete.

2. Use trusted data sources.

Good research depends on good data. Make sure your information comes from credible, fact-based sources like:

• Federal Reserve Economic Data (FRED) for official economic indicators.
• Bureau of Economic Analysis (BEA) for GDP, income, and spending data.
• Bureau of Labor Statistics (BLS) for employment and inflation trends.
• JSTOR and National Bureau of Economic Research (NBER) for academic research and economic studies.

Always cite your sources properly (APA, MLA, or Chicago style). Clear and consistent citations make your work more professional and trustworthy.

3. Stay on theme.

Each year, the competition revolves around a specific theme—in 2025–2026, it’s “Economics of Music.” To stay competitive, your topic needs to connect directly to this theme.

Ask yourself:

• How does my topic relate to the way music is created, shared, or consumed?
• What economic forces are at play—like technology, supply chains, or consumer demand?
• What does this tell us about the broader economy?

Keeping your research focused on the theme ensures your entry fits the competition’s goals and stands out for its relevance.

4. Be original.

Your work should reflect your team’s own ideas and voice. Copying or using AI-generated text can lead to disqualification, so focus on developing your own unique take on the topic.

Try exploring fresh angles, like:

• How streaming platforms affect independent artists versus major labels.
• The impact of live concerts on local economies.
• How social media influences what songs become popular.

Original, creative thinking supported by strong data is what makes an entry memorable.

5. Focus on clarity and structure.

Even great ideas can get lost if your writing is hard to follow. Judges appreciate entries that are well-organized, clear, and engaging.

Here are some quick writing tips:

• Start with an introduction that explains your main idea and why it matters.
• Organize your script so that each section flows naturally into the next.
• Use speaker labels for podcast-style submissions and make sure your dialogue sounds natural.
• Wrap up with a strong conclusion that summarizes your findings and connects them to the bigger picture.
• Edit carefully—clarity and tone matter just as much as the analysis itself.

At its heart, the Fed Challenge rewards teams that can communicate complex ideas in a way that’s easy to understand and backed by solid evidence.

High School Fed Challenge Previous Winners

For 2025, nearly 200 schools across the country submitted their original podcast scripts and research papers on the theme “Economics of Food”, exploring how food connects to economics—from agriculture and supply chains to pricing, labor, and consumer behavior.

Twelve exceptional teams were selected for publication in the Journal of Future Economists, recognizing their creativity, analytical insight, and thoughtful application of economic theory.

Here are the 2025 published teams:

• Cupertino High School (CA) – The Economics of Expiration Dates: Are You Throwing Away Good Food?
• Edgemont Jr./Sr. High School (NY) – Snackonomics: The Economic Inner Workings of the School Lunch Trade
• Farmington High School (CT) – Crispy, Crunchy, and Costly: The Economics of Fried Chicken
• Friends Academy (NY) – Dining with the Stars: The Economics of Michelin Star Restaurants
• Gene L. Klida Utica Academy for International Studies (MI) – Trending Bites: The Economics of TikTok Food Phenomena
• John Randolph Tucker High School (VA) – Fit or Fried: What the Chick-fil-A Menu Tells Us About Health Consciousness and Price Elasticities
• Miramonte High School (CA) – Lett-uce Unpack: The Economics of Fast Food
• Mt. Hebron High School (MD) – Feeding the World: Globalization’s Bite on U.S. Agriculture
• Saint Peter’s Preparatory School (NJ) – Chipotle and the Fast-Casual Revolution: How Food Economics Reshapes the U.S. Economy
• The Awty International School (TX) – Food Deserts in Houston
• The Lawrenceville School (NJ) – Cracking the Eggconomy: The Scramble Behind Skyrocketing Egg Prices
• The University of Chicago Laboratory High School (IL) – When Healthy Just Isn’t an Option: Food Insecurity Fueling Rising Obesity Rates

Frequently Asked Questions

1. What is the High School Fed Challenge?

The High School Fed Challenge is a nationwide research and writing competition hosted by the Federal Reserve Bank of New York. It gives students in grades 9–12 the chance to explore real-world economic topics, analyze data, and share their ideas. Each year, teams focus on a specific theme, such as Economics of Food or Economics of Music, and submit a written or podcast-style report for evaluation.

2. Do I need to have a background in economics to join?

No prior experience is required. The Fed Challenge welcomes students of all experience levels. As long as you’re curious about how the economy works and enjoy problem-solving, you’ll find this competition both fun and rewarding.

3. How are submissions judged?

After teams submit their work, Federal Reserve reviewers evaluate each paper based on quality, originality, and how well it connects to the year’s theme. The strongest submissions are chosen for publication in the Journal of Future Economists, and all participating schools receive recognition for their efforts.

4. Does it cost anything to participate?

Nope—it’s completely free to join! There are no registration or submission fees, making the High School Fed Challenge accessible to students and schools everywhere.

5. What do students gain from joining?

Participants develop valuable skills in research, teamwork, communication, and data analysis. The experience can also strengthen college applications, spark interest in economics or public policy, and help students build confidence in presenting and defending their ideas.

Takeaways

• The High School Fed Challenge lets students experience what it’s like to think and work like real economists.
• Open to grades 9–12, it’s a fun, team-based way to explore real-world economic issues.
• Top teams earn national recognition and may be published in the Journal of Future Economists.
• The competition helps students build critical skills that prepare them for college, careers, and lifelong learning in economics and beyond.
• Ready to elevate your academic profile through competitions like the Fed Challenge? Explore how our Private Consulting Program can help you craft competitive research projects and academic portfolios.