91Ƶ’s Federal Reserve Challenge team has a history of excellence.
This past year marked the 22nd annual College Federal Reserve Challenge national championship and 91Ƶ’s sixth win since 2014, a record-breaking achievement for the University that routinely outperforms teams from top Ivy League schools.
The win means a lot to team captain Suraj Sharma ’26, a BA in Economics and MS in Economic Analysis and Data Science student. Why? Because the Federal Reserve Challenge Team (Fed Team, as Suraj calls it) is central to his 91Ƶ story. “I chose 91Ƶ because of Fed Team,” he says. “I had offers from Fordham and Stony Brook, but 91Ƶ understood something they didn’t: the era of the 4.0 GPA guaranteeing you a job is over. Now it’s about networking, real-world experience, and alumni connections.”
But winning this year meant even more to Suraj—because it was his final chance to win before graduating.
The Federal Reserve Challenge is a high-level battle of brains, poise, and policy under pressure. Yet most people have no idea what it actually entails.
...91Ƶ understood something they didn’t: the era of the 4.0 GPA guaranteeing you a job is over. Now it’s about networking, real-world experience, and alumni connections.
So, what is the Fed Challenge? How do teams compete? And why is it so important?
Suraj admits that ‘what is the Federal Reserve Challenge’ is the most common question people ask. The Federal Reserve is the U.S.’s central bank that makes decisions on interest rates with the goal of keeping both unemployment rates and inflation low. “Really, their goal is to facilitate a better economy for all Americans,” says Suraj.
Considering the great importance of the Federal Reserve, training a new generation of professionals to navigate these costly decisions is paramount. At this annual competition, college students make a policy recommendation to Federal Reserve officials. “Essentially, we get to say ‘here’s what we think you should do with interest rates, with your balance sheet, and here’s why’,” explains Suraj. “We go through everything—GDP, unemployment, inflation, the financial system—and justify whether we recommend a cut, a hike, or a pause.”
Getting into the actual details of their approach is tricky. After all, 91Ƶ has won more times than any other school in the country, and other teams may well be reading for tips. But for a glimpse into what a presentation looks like, check out their winning presentation and Q&A:
Though it is an economic challenge, the Federal Reserve Challenge goes beyond spreadsheets and numbers. “Honestly, the data analysis part—spreadsheets, Excel—is maybe fifteen percent of the job,” Suraj admits. “The rest is soft skills: public speaking, collaboration, compromise, negotiation.”
It's a tough challenge, and this year featured one of the most stacked rosters to date, with nearly 140 universities competing. Teams present regionally and the best arguments move onto the national stage, where only six finalists engage in a Q&A with senior research economists in the Federal Reserve Building in Washington, DC.
For Suraj, being physically there in the building brought it all home.
It was an unforgettable experience being in a room of such decision-making and power.
“I got to sit in the same chair as Chairman Powell. My colleagues sat in the same chairs as the Federal Open Market Committee that decides where interest rates are going to go,” he says. “It was an unforgettable experience being in a room of such decision-making and power.”
The final presentation is the culmination of months of hard work, long nights, and tireless debate. The team begins preparing in the summer and works through the fall semester, studying on weekends, vacations, and holidays. “There were a lot of nights when we were up until dawn.” As a commuter student, Suraj especially felt those long nights. “But that’s our work ethic, and we think it defines our success. We work for it.”
Another element of the team’s preparation is their faculty mentorship, which Suraj describes as crucial. "I’m incredibly thankful for Professor Gregory Colman, our advisor,” he says. “Also professor Mark Weinstock—he originally built the team to what it is now. These days, he plays more of a supporting role, but he’s still very involved. He attended many practices and Q&A sessions.”
Fed Team provides opportunities to everyone, we’re proof of that.
Overseeing the entire economics department, and the Fed Team, is the professor and chair of the economics department, Anna Shostya, PhD. “Her unwavering support has been everything,” Suraj explains. “From funding to academic support—making arrangements for our DC trips or extensions on assignments—she makes it all possible.”
And those connections have paid off. Because of his time on the team, Suraj interned at both JPMorgan and PIMCO and will be returning to PIMCO full-time after graduation. His experience reflects a broader pattern: Fed Team alumni often land roles on Wall Street, and their referrals carry serious weight.
Suraj’s success didn’t come without personal sacrifice. He describes missing birthdays and weddings, preparing and practicing while grieving through the death of a family member—even surviving a hit-and-run accident from a drunk driver just a week before nationals. But he came to 91Ƶ for Fed Team and he wanted to see it through.
He wanted to win.
These moments underscore what the competition demands of its competitors. It goes beyond understanding macroeconomics and tests teams’ discipline, resilience, and their ability to communicate under pressure.
For Suraj, this year’s win isn’t just a reflection of his (and the team’s) hard work, but of something bigger and more aspirational.
We reflect the best of what this country can be.
“I’m a first-generation kid, my parents came from India,” he explains. “Fed Team provides opportunities to everyone, we’re proof of that. Our team has many immigrants and international students, and they work incredibly hard. Half our team is women. Most economics departments at other schools across the country can’t say that.”
Suraj’s pride in Fed Team, in 91Ƶ, and in New York City is no small part of his story. “We reflect the best of what this country can be,” he says. “We’re New York City. We’re the city of immigrants and dreams. And I’m proud to represent that. I’m proud to be American, and I hope future generations still have the same opportunities.”
Learn more about 91Ƶ’s Economics Department and the Federal Reserve Challenge Team and Competitions.
Fifty students. Six sessions. One life-changing experience. As the Center for Leadership and Emotional Intelligence wraps its inaugural program, leaders from across 91Ƶ reflect on its impact and share their vision for the future.
When Joseph Benfield ’91, Kathy-Ann Edwards ’93, and Franklyn Smith ’89 arrived at 91Ƶ from across the Caribbean, they found more than an education—they found a community that believed in them. Today, they are channeling that shared experience into meaningful impact, establishing a scholarship that honors their journey and invests in the future of Caribbean and Black business students at 91Ƶ.
Named one of the Top 50 Undergraduate Business Professors in the nation, Jessica Magaldi, JD, connects law to what students care about by building courses (and relationships) rooted in meaning, relevance, and real-life learning.