William Paterson University recently hosted New Jersey high schoolers for the fifth year of its Financial Planning Academy. The four-day program was hosted by WP’s Cotsakos College of Business, with support from Charles Schwab. It combined financial literacy education with a skills-based competition to enable the next generation with critical money management skills.
WP associate professor of finance Lawrence Verzani spoke on the importance for students.
“Financial education is more important than ever,” he said. “This program gives students the tools they need to make informed decisions about their money and subsequent futures. We were amazed by their creativity, discipline, and enthusiasm.”
Cotsakos College of Business Dean Anthony Bowrin also said 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,” he said. “Graduates of these programs have exceptionally high career placement rates; employers call us seeking employees. 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.”
The 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.
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.
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.
The 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.
