Syracuse University SIFE team awarded grant to host regional case study competition

Syracuse University SIFE team awarded grant to host regional case study competitionNovember 09, 2006Amy Schmitzaemehrin@syr.edu

The Syracuse University chapter of Students In Free Enterprise (SIFE) was awarded a $19,725 grant to host a regional personal finance case study competition. The event, funded by Take Charge America, will take place from Nov. 9-11 at the Whitman School of Management on the SU campus.

The Duel on the Finger Lakes is one of 12 nationwide regional competitions sponsored by Take Charge America. Each participating SIFE team is vying for $9,000 in cash prizes and a trip to the national Duel in the Desert competition in Tucson, Ariz.

Six collegiate teams of four members each will be provided with an original, regionally specific case study about a hypothetical family facing severe financial dilemmas. In 36 hours, competitors must research the situation and design a reasonable, workable and creative solution to the problems based on the family’s situation, economics, geography and resources. Students present their results to panels of expert judges who decide which team has best resolved the family’s financial situation.

“There is no more perfect place to hold the regional Duel on the Finger Lakes than the new state-of-the-art Whitman School building,” says Mike Krebs, ’07, a senior at Whitman with a dual major in supply chain management and entrepreneurship and a minor in IST. “Hosting the Duel increases Whitman’s ability to reach out to the national SIFE community and take a step forward as SIFE leaders.”

This is the first time SU will host the Duel. In March 2006, SU’s SIFE team was named regional champions and Rookie of the Year at the regional SIFE competition, and in May 2006, the team was awarded Rookie of the Year at the National SIFE Competition.

The following schools will be participating at Duel on the Finger Lakes: D’Youville College, Buffalo; Roberts Wesleyan College, Rochester; Pennsylvania State University, University Park, Pa.;Marist College, Poughkeepsie; College of St. Rose, Albany; and Westminster College, New Wimington, Pa.

The winner of this competition and SU, as the host team, will advance to the national finals in Tucson on March 1?4, 2007 for the Duel in the Desert, hosted by the University of Arizona SIFE team. There, participants will compete with 22 other teams who have hosted or won a regional event.

The Duel competitions were developed to increase financial literacy among college students. According to the credit card industry, the average American household is carrying about $9,000 worth of high-interest debt, which doesn’t include mortgages. Nationwide, the Federal Reserve says Americans have amassed $800 billion in credit card debt. To help combat this problem, SIFE students are able to enhance their awareness of money management through this case study analysis.

“By competing in a personal finance case study, we aim to increase SIFE students’ personal awareness of financial skills and background,” said Krebs. “This will help students make faster and more informed financial decisions in the future.”

Founded in 1975, Students In Free Enterprise (SIFE) has grown to become one of the largest collegiate organizations in the world. SIFE Teams are active on more than 1,700 college and university campuses in 42 countries around the world. In the United States, approximately 900 schools are enrolled in SIFE. Working together as a team, and through the mentoring of faculty advisors, SIFE students apply their classroom experiences to develop and implement educational outreach programs that teach individuals in their communities the principles of market economics, entrepreneurship, personal financial success and business ethics.

Founded in 1987, Take Charge America, Inc., is a non-profit organization headquartered in Phoenix, Ariz. TCA offers a variety of services, including financial education, credit counseling and debt management.