EVANSTON, Ill.--(BUSINESS WIRE)--Elk Grove High School won the 4th Annual Magnetar Academy Team Challenge, a financial literacy and portfolio management competition held today at Soldier Field. The competition brought together approximately 400 students from Chicago area high schools to compete for more than $10,000 in school grants.
The Challenge is an opportunity for Chicago area teens to earn school grants by showcasing their knowledge about personal finance and working in teams on a simulated trading floor to build and manage $100,000 in mock stock portfolios.
Top-placing teams at today’s event were:
- Elk Grove High School – first place in the portfolio management challenge and recipient of $5,000 school grant
- CICS Northtown Academy – second place in the portfolio management challenge and recipient of $2,500 school grant
- Whitney Young High School – third place in the portfolio management challenge and recipient of $1,500 school grant
- Walter Payton College Prep – first place in the financial literacy quiz and recipient of $1,500 school grant
Today’s event also featured remarks from Chicago Mayor Rahm Emanuel and Treasurer Kurt Summers.
“By preparing our children with an education in financial literacy, we can make a lasting impact on the economic future and prosperity of families throughout the city,” said Mayor Rahm Emanuel. “I want to thank the Magnetar Academy and all of the corporate partners for their commitment to providing Chicago's students with fundamental skills that will empower them for smart decisions as they forge ahead toward college and career.”
“I would like to congratulate Magnetar Academy for their continued commitment to bringing financial empowerment skills to students throughout Chicago. The opportunity for students to have a hands-on experience through a simulated trading floor and by managing mock stock portfolios will inspire many of them to pursue careers in finance. The money management skills they learn within the program will help guide their financial decisions for their future. I look forward to working with them to expand this program throughout our city so we can positively impact many more students in the years to come,” said Treasurer Kurt Summers.
More than 50 financial services professionals from Chicago area firms volunteered to serve as team coaches.
Financial services firms sponsoring the event include:
- Baird
- Bank of America
- Bay Crest Partners
- Blackstone
- BMO Capital Markets
- BTIG
- Cisco
- Goldman Sachs
- ICAP
- Northern Trust
- Wells Fargo Securities
Magnetar Academy is underwritten by the Magnetar Capital Foundation.
“It’s inspiring to see the hard work and determination the students bring to this event,” said Alec Litowitz, founder and CEO of Magnetar Capital. “And long after today, the money management skills they are learning through the Academy will benefit them throughout the many financial decisions they make over the course of their lives.”
About the Magnetar Youth Investment Academy
Magnetar Youth Investment Academy is an innovative high school-based financial education program provided for free to more than 150 Chicago high school classrooms that has reached over 5,000 teens since its inception in 2012. The Academy’s goal is to provide students – especially those from lower income communities – with the tools they need to lead financially informed and successful lives.
Through classroom learning and hands-on experience, students are prepped to make financial decisions throughout their lifetime with money management skills including budgeting, credit, saving and investing.
- Website - www.magnetaracademychallenge.org/
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- Twitter - twitter.com/MagnetarAcademy
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- Hashtag - #MagChallenge
