Columbia. Cornell. Fordham. New York University. These are some of the schools that the Iona College Fed Challenge team finished ahead of at the 2013 Federal Reserve Bank of New York’s College Fed Challenge competition. The Gaels placed second in the competition behind Pace University.

A total of 33 teams competed in the initial competition, held on Nov. 5 at John Jay College in New York City. Iona, along with five other teams, advanced to the semifinals on Nov. 18 at the Federal Reserve Bank of New York. It was here that the Iona squad came in second, the highest finish in school history.

Baruch College, Siena College, SUNY-Geneseo and SUNY-Oneonta were the other schools to advance to the semifinals. They all received Honorable Mention.

“The College Fed Challenge is an intercollegiate competition in which students present an overview of the macro economy and prescribe a course for monetary policy,” team moderator and assistant professor of Economics, Dr. Caitlin Greatrex said. “They did great! It was a ton of work.”

The members of the team dedicated a considerable amount of time preparing for the competition. The students met during class time, but the majority of the research was conducted on their own time. One area of the competition that the team focused on was the question and answer component.

“The way the team has evolved was remarkable,” said senior Mary Ann Gallucci, who is a three-year team member. “It was a collaborative effort every step of the way, and we had veterans and newcomers all work for the same goal. It was really more about the journey than the result, but second place doesn’t hurt either.”

Furthermore, the team enlisted the help of several alumni for their expertise.

The fact that this event happens only once a year increases the student’s desire to have a good showing because of the small window of opportunity.

“What makes the Fed Challenge so intense is that you only get four chances at it,” said senior Sean Poyntz, who is a three-year team member. “If you don’t qualify you’re left with a sour note until the competition comes around again the following year. So going into the challenge for what would be my last time, the stakes were extremely high.”

Prior to this year, the Maroon & Gold’s best performance came in 2007, when they finished third. The New York Fed Challenge competition began in 2002.

“Placing at a tough competition really helps put Iona on the map,” Gallucci said. “Our success with the Fed Challenge really highlights the Economics Department. I was fortunate to be able to work with some of the brightest minds and nicest people at Iona.”

The 2013 Iona Fed Challenge team has set a standard of success for future teams to follow.