The Federal Reserve System High School Fed Challenge offers the opportunity for students to develop skills in teamwork, research, data literacy, and analytical writing. Student teams author economics research and pursue an opportunity to be selected for publication in the Journal of Future Economists.
The High School Fed Challenge is a research and writing competition that aims to encourage students in grades 9–12 to learn more about economics and promote interest in economics as a subject for study and the basis for a career. Previous study of economics is not required—only intellectual curiosity and interest in exploring an economic theme.
- Think Like an Economist, Act Like an Economist: Apply economics concepts to research and write about a topic related to the competition’s theme. Students will unearth data, unpack trends, and develop thoughtful conclusions that reflect their interest in an economic topic.
- Build Essential Skills: Students will develop data literacy, analytical writing, communications, creativity, and project management skills. These tools are essential for success in college or a future career.
- Gain Recognition at the National Level: Students’ work could be chosen for publication in the Journal of Future Economists. This Journal shares student insights and celebrates academic excellence. Select entries are published and all participating schools are recognized.
The High School Fed Challenge is an opportunity for students to collaborate with peers, sharpen critical thinking, and see their writing stand alongside the work of other future economists.
Everything you need to know about the program and rules for participation: 2025 – 2026 High School Fed Challenge rule book.
This year’s theme – Economics of Music – offers the opportunity to explore music through the lens of economics. Music plays a part in our personal experiences and collective communities. It is art and an industry shaped by culture, market trends, innovation, and economics. The Economics of Music theme encourages critical thinking about how economic principles can apply to what we listen to, how it’s produced, and who benefits. Whether examining how streaming has transformed business models, analyzing consumer choices and decision making through behavioral economics, or considering how artists earn income in a changing landscape, this year’s theme provides an opportunity to apply economic thinking to real-world questions about music as a broad and dynamic subject.
We have provided an online collection of different resources for this year's theme. We invite High School Fed Challenge teams to submit academically researched podcast scripts on any topic that relates explicitly to this theme.
Students are not restricted to using the resources made available and may use other reputable or scholarly sources for their research.
- Registration is now open! Faculty advisors must register their teams online, on or before February 17, 2026. Before registering, please review the 2025 - 2026 High School Fed Challenge rule book for everything you need to know about the program and rules for participation.
- All correspondence and communication regarding registration, submission, and participation in the High School Fed Challenge will be done electronically through the New York Fed's website or email. It is the responsibility of faculty advisors and student participants to read and understand the competition rule book for the academic year as posted on the website, check the website for notices and other materials, read all email messages carefully, and be aware of competition rules and deadlines. There will be no exceptions to this policy.
Faculty advisors will be asked to:
- Fill out all information about the team in the online registration system.
- Send a completed principal acknowledgment form via email to the High School Fed Challenge at nyeconed@ny.frb.org. This endorsement is required for team participation.
Note: Advisors may not be current employees of the Federal Reserve Board of Governors or any Federal Reserve Bank.
Who can participate in High School Fed Challenge?
The High School Fed Challenge is a national competition. Please refer to the 2025 – 2026 High School Fed Challenge rule book for details on eligibility.
How can my school register to compete in High School Fed Challenge?
To register for High School Fed Challenge, a faculty advisor from the school must complete an online registration form, on or before the registration deadline. To complete registration, the advisor must also submit a principal acknowledgement form (signed by the principal), which confirms that the team represents the school, and the faculty member is the school’s appointed faculty advisor for its High School Fed Challenge team. Each school may have one team and enter one submission.
For schools that have been approved for the New York State Education Department's Seal of Civic Readiness + 1 Civics Pathway, the High School Fed Challenge academic competition can be used as a 1-point research project to count towards the Seal of Civic Readiness 6-point requirement.
Does my school need to register? Why can’t we just submit without registering?
Teams must register for the competition before submitting their work for evaluation. We would like to know of your school’s intention to submit so that we can better communicate with faculty advisors if there are any questions along the way. Timely registration will also help us to better manage the evaluation process.
What if my school registers and then the team decides not to compete? Or doesn’t finish its submission?
If registered teams decide not to submit, we would appreciate a notification in writing to nyeconed@ny.frb.org. However, if registered teams simply do not submit their work on or before the submission deadline, they will not be eligible to compete.
When can my school register to compete? When will the theme be announced?
Registration opens in September, and teams must register on or before the registration deadline at 11:59 p.m. Eastern Time. The theme for the academic competition is announced when online registration for the competition becomes available.
Do I need to attend a virtual information session? Do I need to attend more than one during the school year?
The virtual information sessions are optional. Interested educators are encouraged to join and only need to attend one information session during the school year. The content will be consistent across sessions, so you can choose the one that best fits your schedule.
What are the rules of the High School Fed Challenge?
The High School Fed Challenge rule book is available online. Please ensure you follow the rule book for the academic year in which your team is competing.
What is the difference between the competition theme and the topic?
The annual competition theme is designated by the High School Fed Challenge. Competing teams will write academically about topics that explicitly relate to the same annual theme. However, topics can vary, will tend to be more specific, and will differ across teams.
Feel free to review past issues of the Journal of Future Economists to see how various topics can relate to the same theme. Note that the only requirement is that topics relate explicitly to the theme. A topic may be local, state, national, or global in scope. Sources may provide quantitative, qualitative, primary research, or secondary research as evidence to support the argument or perspective on the topic.
How does a team “win” the High School Fed Challenge?
The High School Fed Challenge will not designate only one winning team. Federal Reserve personnel will evaluate and select submissions to be published in the Journal of Future Economists.
When is the deadline for papers to be submitted for the High School Fed Challenge?
To be considered for publication in the Journal of Future Economists, school teams must upload their final paper on or before the published submission deadline at 11:59 p.m. Eastern Time online through the submission form. Papers must be submitted on or before the deadline. Exceptions will not be made for late submissions.
How will the High School Fed Challenge evaluate the submissions?
The selection process for publication in the Journal of Future Economists will be based on a holistic evaluation that will consider academic quality, geographic representation of the various communities within the Federal Reserve Districts, and the relevance and variety of topics submitted. The evaluation committee will be comprised of Federal Reserve personnel. More information on the evaluation process can be found in the rule book.
How many submissions will be selected for publication in Journal of Future Economists?
The holistic evaluation process will review each submission carefully. We anticipate that the committee will select as many submissions to be published as possible.
How will we be notified if our school team’s work is selected for publication in the Journal of Future Economists?
The faculty advisors for all school teams that submit on or before the submission deadline at 11:59 p.m. Eastern Time through the emailed submission form will receive a selection notification by email, on or before the notification deadline. The notification will indicate whether the paper has been selected for publication.
What if our school team’s submission is not selected for publication in the Journal of Future Economists?
All school teams that submit on or before the submission deadline at 11:59 p.m. Eastern Time through the emailed submission form will be sent individual certificates to recognize their members’ participation. A selection notification will be sent via email on or before the notification deadline, which will indicate whether the paper has been selected for publication.
What if our school team’s work is not selected for publication and I disagree with the evaluation?
Decisions regarding the evaluation and selection for publication will be final. We understand that some teams will be disappointed. There is a subjective element in all types of evaluations. Decisions are not made lightly, but they are final. We kindly ask that faculty, students, parents/caregivers, and Federal Reserve personnel conduct themselves professionally, respectfully, and with integrity during all communications and interactions associated with the High School Fed Challenge.
Who is publishing the Journal of Future Economists? How can I get a copy?
The Journal of Future Economists will be published by the Federal Reserve Bank of New York on behalf of the Federal Reserve System. It will be available in digital and print form (printed copies available as long as supplies last). We anticipate that it will be made available at no cost and at least one print copy will be provided to each participating school, as well as each individual member of the published teams.
When will the Journal of Future Economists be available? How often is it published?
The Journal will be finalized and available during the summer after the competition is conducted. It is published annually to recognize the authors of the selected submissions and acknowledge all the school teams that participate in High School Fed Challenge.
