INFORMATION FOR
Twenty-two high school students from across northern New Jersey recently participated in William Paterson University’s four-day Financial Planning Academy, now in its fifth year, which combines financial literacy education with a skills-based competition to empower the next generation with critical money management skills.
Hosted by William Paterson University’s Cotsakos College of Business, with support from Charles Schwab, the innovative program kicked off with financial literacy courses led by University faculty, advanced-standing students, and professional financial advisors. Among the essential topics covered were budgeting, saving, investing, credit management, student loans, and responsible consumer behavior.
Armed with education, high school students then moved into a capstone Financial Planning Challenge competition during which students work in teams to build realistic long-term financial plans based on hypothetical life scenarios, including careers, salaries, living expenses, and financial goals.
“Financial education is more important than ever,” says Lawrence Verzani, WP associate professor of finance, and co-organizer of the event. “This program gives students the tools they need to make informed decisions about their money — and their futures. We were amazed by their creativity, discipline, and enthusiasm.”
Student teams present their comprehensive financial plans to a distinguished panel of professional financial advisors. The teams are evaluated on the depth of their financial analysis, creativity of their solutions, and professionalism of their presentations.
This year’s winning team members were: Christopher Estevez from Hawthorne High School, William Jiang from Millburn High School, Allie Mendoza from Indian Hills High School, and Peter Royce from Chatham High School. These students demonstrated exceptional skill in developing innovative financial solutions for their assigned case study, and for that, each of them received a $500 prize.
Cotsakos College of Business Dean Anthony Bowrin notes that William Paterson offers bachelor’s degrees in finance and in financial planning & wealth management. “These are a critical area of study with huge market demand. Graduates of these programs have exceptionally high career placement rates; employers call us seeking employees,” Bowrin says. “Through initiatives such as our Financial Planning Academy, we hope to build a strong pipeline of future financial planning & wealth management majors and professionals, thereby building a stronger workforce for all.”
