SIFE Team Placed Third in Regional Competition
Posted on Wednesday, November 21, 2007
Four members of the Westminster College Students in Free Enterprise (SIFE) group competed and placed third in a financial case study competition Nov. 1-3 in Virginia Beach, Va.
SIFE president Nate Capello and team members Matt Saines, Louis Simeone, and Brett Turk represented Westminster in the competition. David Smith, Westminster assistant professor of accounting, is the group's adviser.
Each team was presented with hypothetical information about a woman facing financial independence as a recent divorcee, and had 36 hours to research the problem and develop an effective retirement strategy. Findings were presented Saturday morning to a panel of judges, who evaluated the quality and appropriateness of the recovery strategy.
The Westminster team interviewed local businesses, banks, and real estate agencies, and put together a financial plan to utilize local resources to help control expenses, increase earnings, allow for debt repayment, and save for retirement. A PowerPoint presentation supported their findings for the presentation.
"The many issues they got to explore will help them to manage their own lives better after graduation," Smith said.
"This competition is just one of many projects that our SIFE team gets involved in. SIFE, which is an international organization found in over 2,000 colleges and universities, was created to assist students who want to get involved in projects to help improve the business, financial and economic well-being of people in their community. Funded by hundreds of large businesses around the globe, it also allows students to learn by teaching and doing. Plus, they can build a place on their resumes for that extra difference-making experience that is so valuable to potential employers as they leave school," Smith added.
The Westminster team's current year projects include helping local businesses, educating grade school and high school students on issues of personal finance, market economics and ethics, and providing information to the college community about the financial skills needed to survive now and after graduation. Near the end of the school year, Westminster's team will compete in another regional competition in which schools will be judged on all of the projects that they complete and the impact they had on their local community.
Contact Smith at (724) 946-7161 or e-mail smithdc@westminster.edu for additional information.
More Stories
