A group of UCLA students placed third in an annual national economics competition hosted by the Federal Reserve on Nov. 21.

Nearly 140 teams from 36 states competed in the National College Fed Challenge and finals were held in Washington, D.C. on Nov. 21. Participants modeled the Federal Open Market Committee – the body of the Federal Reserve that sets monetary policy – and analyze current economic and financial conditions.

The 2025 competition was the first in-person conference since the COVID-19 pandemic, said Chris Surro, an assistant adjunct professor of economics who served as the UCLA team’s primary advisor.

Terrence Yu, a third-year applied mathematics and economics student, said he decided to compete after hearing about UCLA’s success in previous years. UCLA has received 2 honorable mention titles and one third place previously, said Loretta Lye, a third-year economics and psychology student, in an emailed statement.

“It is the best use of your economics knowledge as an undergraduate,” said Ali Haider Ismail, a doctoral student in economics who served as an advisor for UCLA’s team. “You get to put everything you learn as an undergrad to practice.”

Surro said five students were chosen in his class – “ECON 162: Monetary Policy” – to represent UCLA in the Fed Challenge. The class covered macroeconomic theory and political history, and also gave students the chance to gain practical experience in mock federal challenge competitions, he added.

Most of the preparation for the challenge took place around August, Yu said. Ismail added that, with only six months of experience, learning federal economic strategy was challenging for the team.

“You really get to build a very tight-knit community, I’d say, through the class,” Yu said. “You build a lot of soft skills and technical skills as well within the course.”

The competition consisted of several rounds including virtual submissions and presentations, and question-and-answer rounds with judges from the Federal Reserve System, Surro said. He added that six teams – including UCLA’s – were chosen as finalists.

“They had everything down to a pat,” Surro said.

Lye said UCLA’s team gave a diagnosis of the economy – giving a rundown of inflation, unemployment and growth outlook, as well as an overview of other trends.

UCLA’s team stood out because it focused on transmission mechanisms – or dissecting how monetary policy impacts the U.S. economy, Lye said.

Surro added that the team met several times every week to run through the presentation and practice for the question-and-answer portion.

“It was a forceful learning experience that really pushed me out there to take a lot of initiative in covering recent news, economic developments and reading research papers,” Lye said. “That sort of learning style has really truly, truly benefitted me.”

Yu called the Fed Challenge a “once in a lifetime opportunity” that inspired him to work hard toward his goals.

“I learned a lot from my teammates and my advisors, and they just gave me a lot more confidence,” he said.