Students win national financial planning contest

Three Virginia Tech students studying financial planning have won the 2007 Ameriprise Financial Planning Invitational, bringing home $10,000 in scholarship money to support the financial planning program in the College of Agriculture and Life Sciences.

The students--all seniors majoring in apparel, housing, and resource management in the College of Liberal Arts and Human Sciences--are Michael Kane of Waynesboro, Va.; Patrick McGonigle of Meadowbrook, Pa.; and Christina Smith of Hampstead, Md., who is also a double major in finance in the Pamplin College of Business.

These students not only won the national competition but also ranked first for best presentation of a plan to a panel of recognized planners from around the country. Each of the Virginia Tech team members received $450 in cash, a one-year membership in the Financial Planning Association, and other gifts from Ameriprise, the primary sponsor of the competition. In addition, the College of Financial Planning in Denver, a co-sponsor of the competition, provided each student with a scholarship for continued professional study in financial planning. The Certified Financial Planner Board of Standards, Inc., also provided sponsorship assistance.

The semester-long competition actually began in February when the teams prepared a comprehensive financial plan for a fictional couple. Based on plan quality, eight teams earned an invitation to the final competition. In Minneapolis, the finalists presented their plan recommendations to a panel of judges and competed in a quiz show to test their depth of knowledge. In addition, the teams had to modify their plans on-site in response to a client "twist"--in this case, the Virginia Tech team had to consider the husband's request to immediately retire and invest $300,000 in a theater venture that could yield $20,000 in retirement income a few years in the future.

"Our team members worked extremely hard to develop their plan and prepare for the final rounds of the competition," said Ruth Lytton, associate professor of agricultural and applied economics and the team's academic advisor. "I am always proud of the team effort. But given the recent tragedy on campus, it took extraordinary effort to stay focused on the competition last week. These students demonstrated their Hokie pride and tremendous courage to compete in what is recognized as a stressful competition."

This is the second time in four years that a Virginia Tech team has won the competition and the third time in five years that it has ranked first for best presentation. The 2003 team was also recognized for best plan.

This year, the College of Agriculture and Life Sciences introduced the financial planning option for undergraduate students in the Department of Agricultural and Applied Economics, adding to its already existing concentrations in agribusiness management; environmental economics, management, and policy; international trade and development; community economic development; and veterinary business management. Kevin Boyle, professor and head of the Department of Agricultural and Applied Economics, said that the department is excited to maintain and enhance this important area of study at Virginia Tech.

About the College of Agriculture and Life Sciences

Nationally ranked among the top research institutions of its kind, Virginia Tech's College of Agriculture and Life Sciences focuses on the science and business of living systems through learning, discovery, and engagement. The college's comprehensive curriculum gives more than 2,200 students in a dozen academic departments a balanced education that ranges from food and fiber production to economics to human health. Students learn from the world's leading agricultural scientists, who bring the latest science and technology into the classroom.