The September case is live. A $18.4bn bank is losing money on every dollar it holds — two plans, one decision. 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.
The September case is out now. Meridian Financial Group is a bank at a strategic crossroads: you get the full background, five tables of financial data, and four questions to answer. Your job is to analyze the situation and recommend what the board should do.
No prior experience required. Cases are designed for high school students — challenging but accessible.
Meridian Financial Group is a bank in Columbus, Ohio, founded in 1954, with $18.4 billion in total assets, 142 branches and 640,000 customers. Its net interest margin has fallen three quarters in a row — from 3.6% two years ago to 2.8% today, against 3.3% at comparable banks. Profit has dropped from $189 million in 2024 to $137 million over the last twelve months.
CEO Sandra Lim has written two plans. The board meets on October 15 and wants a recommendation, not a vote. You are the outside adviser.
Spend $240M over three years replacing Meridian's systems and building a proper app, paid for by closing 46 of 142 branches and cutting 520 jobs. Cost to earn $1 of revenue falls from 66¢ to 56¢ — but year one takes a $119M hit, and the 46 branches hold $2.8bn of deposits.
Buy Cardinal Trust, a Cincinnati firm managing $9.4bn for 3,200 families, for $340M. Fee income rises from 21% of revenue to 30% — but book value per share drops from $34 to about $27, and twelve advisers control 58% of Cardinal's money.
Four questions, answered in one continuous report of four pages or less. You do not have to pick A or B — you can combine them, modify one, or propose something else. Whatever you recommend, say why you rejected the others.
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 FinishersEntry is free. Read the case, write four pages, and submit before 15 October, 23:59 JST. Every complete submission receives a Certificate of Participation.
Two links, two different things. Register if you haven’t started and want reminders and updates. Submit when your write-up is finished. Registration is optional — if you already have a submission ready, skip straight to the second button.
Submit your entry → Register for updates → Read the case (PDF)Free · Deadline 15 October, 23:59 JST