Remember the old College Bowl? If you're too young for that, perhaps you remember academic challenges on your high school or college campuses. CNBC News is sponsoring a new kind of contest – the Fast Money MBA Challenge.
MBA students from eight of the top 20 business schools, as ranked by U.S. News & World Report, are competing in the contest and vying for prize money of $200,000 to be provided by RD Ameritrade and which will be split among the winning team members.
Competing schools and their rankings are as follows:
University of Chicago Graduate School of Business (5)
The Tuck School of Business at Dartmouth (7)
Columbia Business School (9)
NYU Leonard N. Stern School of Business (10)
Yale School of Management (14)
UCLA Anderson School of Management (16)
The McCombs School of Business at the University of Texas at Austin (18)
In the competition, schools compete head-to-head in categories testing their financial expertise. For each correct answer, a team accumulates money (points) in a virtual "Investment Portfolio." The team with the most points advances to the next round and starts again with zero in its portfolio.
The championship game has an extra round. The team with the higher point value at the end of the third round is awarded $110,000 in virtual money and the other team is awarded $100,000 to create a "Championship Portfolio" consisting of five individual publicly traded stocks. Each team's point totals are set aside. The two final teams will be graded on the actual market performance of their "Championship Portfolio" from the beginning of trading on July 16 through the close of the market on August 22.
The team whose "Championship Portfolio had the highest value was declared the winner in a program that was broadcast on August 22, live from the NASDAQ.
The first round match was aired on Wednesday, August 1. In that match, MIT lost to Texas and NYU lost to Columbia. The second round aired August 8, at 9 p.m. and 12 a.m. EDT on CNBC. Round three aired Wednesday, August 15, and the final round aired Wednesday, August 22, at the same times. You can view the results online at the MBA Challenge web site.Wednesday, August 8 results: Yale upset Dartmouth and continues to the next round; UCLA upset University of Chicago and continues as well.Wednesday, August 15 results: Underdog Texas won again, beating Columbia, while UCLA lost to Yale. Texas and Yale face off next week for the final match.Wednesday, August 22 results: They said they would win it from the start, and in the end they were right. Students from the Yale School of Management took home the honors in the CNBC MBA Challenge.