Frequently Asked Questions

2023/24 School Year FAQs

General Questions

What is the Personal Finance Decathlon?

The Personal Finance Decathlon is a student competition where students in grades 9-12 demonstrate their knowledge of personal finance by taking an online test covering ten areas of personal finance and how it is applied to daily life.

What are the ten areas of personal finance tested?

Who is eligible to compete? How many teams can I register?

All Minnesota high school students are eligible. Teachers can register as many teams as they like, with 3-4 students on each team.

Note: All students on a team must be from the same school or club. 

*Students enrolled in a PSEO Economics/Personal Finance class are not eligible to compete. 

Competition Details

How does the Personal Finance Decathlon work?

Teams of students (3-4 per team) will compete in an online test of the ten areas of personal finance. The top twelve schools (based on score) will advance to the state competition, where students will analyze and present to a panel of judges on a case study. 

The winning team from the state competition may advance to the National Personal Finance Challenge in June.

What are the rules for the Personal Finance Decathlon?

Team Composition

Online Competition Rules

The team score is comprised of the top three individual scores of team members. 

Qualifying for the State Competition

State Competition Format - 2022/23 Details will be updated soon!

Each team will be given a case study with incomplete financial information about a fictional individual's or family's situation. Teams will have 90 minutes to study and analyze the case study and prepare a presentation providing comprehensive financial planning for the family. Students will have access to the internet during this time. After their preparation time has ended, teams will present to a panel of judges. The top four teams will present again to the full panel of eight judges in order to select the team representing Minnesota at the National Personal Finance Challenge competition in May.

How much does it cost to participate?

There is no registration or entry fee to participate in the Personal Finance Decathlon, however all teams will need to invest time and effort to prepare for the competition. Qualifying teams will be responsible for transportation costs to, and from, the state competition venue.  Please connect with MCEE if this hinders your participation in the state competition.

When is the next competition?

Registration opens January 1.

Visit the Registration page to see more dates and information.

When and how do I register for the competition? 

Visit the  registration page which includes dates, forms, instructions, and deadlines for each competition.

Can classes from both a fall semester and a spring semester course compete in the competition?

Yes, however all of the participating students in the fall semester course must take the test at the same time and all the spring semester students must take their tests at the same time. 

The spring and fall courses can test on different dates from each other, however the students in each course cannot take the tests at a different time from their classmates.  *Students must test within two days of one another.

Does each student need to take the test at the same time?

We recommend that you try to have all team members test simultaneously, but we recognize that isn't always possible. It's not necessary for all students on a team to take the test at the same time.  *Students must test within two days of one another. 

How can I prepare for the competition?

Teacher Toolkit - Curated by the national Council on Economic Education

We recommend reviewing sample tests and practicing with some of our other resources.

The national Council on Economic Education has created a three session webinar series (on-demand) which is great for newcomers and veteran teachers.  The series covers the six standards of personal finance, features two lesson plan demonstrations for each standard, and finally, ties all the learning back to the competition. 

Webinar 1  Webinar 2  |  Webinar 3

Ready Assessments is a free educational technology tool where you can easily access ready-made K-12 personal finance and economics tests and quizzes on EconEdLink.org.  This tool offers:

Are there prizes?

Round 1 Competition:

State Competition:

What are the details of the tests and scoring?

Round 1/Regional Competition Online Format

The sum of the top three individual scores on each team makes up the team score. Scoring on individual tests are as follows:

Round 2: State Competition Format - 2022/23 Details will be updated soon!

Round 3: National Competition

Students will have 2 hours with a case study to prepare and will present afterwards.

When will I know if my team has advanced to the state competition?

The online competition runs until mid- to late-March. Shortly after the conclusion of the online competition, schools will be notified if they have qualified for the state competition. Visit the  registration page which includes dates, forms, instructions, and deadlines for each competition.

Additionally, qualifying teams will be posted on MCEE social media.

What can we expect from the in-person state competition?

The state competition will run from approximately 8 AM to 2:15 PM. A continental breakfast will be provided in the morning and lunch will be provided after the first round of presentations.

Note: This tentative schedule may be subject to change.