The Online Challenge is where students compete by taking a 30+ question online exam at their school (monitored by their coach). Teams – three or four students – earning the highest combined score in their region will receive an award and the option to advance to the state finals. For many students, this academic competition is a capstone to their high school experience.

Student teams can compete in three divisions: David Ricardo Division (Economics), Adam Smith Division (Advanced Economics), and Personal Finance Division. Students competing in the Personal Finance Challenge may also participate in one of the Econ Challenge competitions.

All division exams will take place from March 2nd and must be completed by 3:00 pm ET on March 20, 2021. The state winner (a single team) will advance to the National Competition in their division.

Teachers! Learn more about each challenge and register your teams

Additional details about the competitions:
The Economics competition has two divisions – one (Adam Smith) for any two-semester econ macro and micro-course sequence or any course labeled as AP, IB, honors, or differentiated and one (David Ricardo) first-time challenge for competitors who have taken no more than one economics course. Learn more about the different divisions here


Top-scoring student teams in the online Personal Finance Division of the Governor’s Challenge will be invited to compete in a Case Study providing fictional clients with a comprehensive financial plan and as a fiduciary. Learn more about the case study round of the competition here.

Funding for this program was made available to teachers and students through the generous support of the Voya Foundation and the Council for Economic Education.


Virginia’s 2020 Winners

David Ricardo Division (Economics)

  • 1st PlaceMaggie Walker Governor’s School, Richmond City, Teacher: Allison Anthony
    Students:  Ronit Jain, Michael Kish, Abhay Duggirala, Sam Lichtman

Adam Smith Division (Advanced Economics)

  • 1st PlaceThomas Jefferson High School, Fairfax County, Teacher: Jay Wickliff
    Students: Richard Zhang, Vikram Raghu, Karen Song, Victoria Graf

Personal Finance Division

  • 1st Place: Maggie Walker Governor’s School, Richmond City. Teacher: Allison Anthony
    Students: Dominic Dao, Miles Nardi, Kevin Ren, Richard Zhai

Additional thanks to the Virginia Department of Education and members of the business community who serve as judges for the culminating State Championship Event.

Additional Information

2020 State & Regional Winners
Past Winners