Analyze a real business challenge. Propose a strategy. Get judged by working finance professionals. Open to all high school students worldwide — free to enter.
Dr. Pugachev is an Assistant Professor of Finance at the University of Missouri–St. Louis. Before entering academia, he served as a bank examiner at the FDIC in New England, giving him direct regulatory experience that shapes his research.
His scholarly work focuses on banking, regulation, and corporate governance. He has published six peer-reviewed articles in journals including the Journal of Financial and Quantitative Analysis, Financial Management, and the Journal of Banking and Finance, covering topics such as fraud prediction, bank governance, and labor automation.
Dr. Pugachev received his Ph.D. in Finance from the Price College of Business at the University of Oklahoma (2019) and his B.S. from Saint Louis University (2011). He is a recipient of the Douglas E. Durand Award for Research Excellence (2025).
Naoyuki Haraoka is Executive Managing Director of the Japan Economic Foundation (JEF), a position he has held since 2007, and serves as Editor-in-Chief of Japan SPOTLIGHT, JEF's flagship policy journal. In these roles he has shaped Japan's engagement with international economic dialogue across trade, investment, and industrial policy for nearly two decades.
His career spans decades at Japan's Ministry of International Trade and Industry (MITI) and its successor METI, where he held senior posts including Director-General of the METI Training Institute and Chief Executive Director of JETRO San Francisco. He was also involved in founding the METI Research Institute of Economy, Trade and Industry (RIETI). His work spans industrial policy, Asian economic integration, and free trade agreements.
Haraoka holds a B.A. in Economics from the University of Tokyo (1978) and an M.P.A. from the Woodrow Wilson School at Princeton University, where he studied on a Japanese government scholarship. He serves on the Advisory Board of the Wong MNC Center.
The International Finance Challenge is a monthly finance competition for high school students. We believe access to serious financial education shouldn't depend on which school you attend or which city you live in.
Each competition presents a real business case — a company, a market challenge, a strategic decision. Competitors analyze the problem, build a recommendation, and submit. A panel of working finance professionals evaluates every submission.
Formerly Tokyo Finance Challenge. Now global.
Each competition opens with a real business scenario — a company at a strategic crossroads. You receive background materials, financial data, and a central question. Your job is to analyze the situation and submit a written recommendation.
No prior experience required. Cases are designed for high school students — challenging but accessible.
Meridian Financial Group is a mid-sized regional bank headquartered in the Midwest with $18.4 billion in assets under management. Following three consecutive quarters of declining net interest margins, the board has commissioned an independent strategic review to evaluate the bank's competitive positioning amid rising interest rates and an accelerating shift toward digital-first competitors.
CEO Sandra Lim has proposed two strategic paths for the board's consideration ahead of the Q3 investor call. Both carry significant trade-offs with respect to capital allocation, regulatory exposure, and long-term franchise value.
As an independent advisor, you have been asked to evaluate both strategic options and deliver a recommendation to the board. Your analysis should address the financial implications, regulatory considerations, and execution risk of each path.
Acquire a fintech startup with 340,000 active users and a proprietary mobile lending platform. Purchase price: $220M. Requires regulatory approval under the Bank Holding Company Act. Integration timeline estimated at 18–24 months.
Invest $80M over three years in internal technology infrastructure, focusing on deposit growth and cost reduction. Lower risk, slower payoff. Maintains current capital ratios above regulatory minimums.
Every student who submits a complete entry receives an official IFC Certificate of Participation — suitable for college applications, LinkedIn, and academic portfolios.
All ParticipantsTop-ranked submissions receive an IFC Winner's Certificate, signed and issued by the judging panel. Demonstrates exceptional analytical and strategic thinking to universities and employers.
Top FinishersRegistration is free. We'll notify you when the case drops and send all competition materials directly to your inbox.
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