By: Richard L. Smith
In a decisive step toward preparing the next generation for financial independence, 22 high school students from across Northern New Jersey recently gathered at William Paterson University for a transformative four-day experience that blended education, competition, and empowerment.
According to information released by university officials, the Financial Planning Academy, now in its fifth year, is hosted by the Cotsakos College of Business and supported by Charles Schwab.
The academy is designed to arm students with practical financial literacy skills while challenging them to think critically about real-world economic decisions.
The immersive program kicked off with workshops led by university professors, top-performing finance students, and seasoned financial advisors. Together, they guided students through essential topics such as budgeting, saving, credit management, student loan responsibility, and investment strategies.
Through these sessions, students gained insight into navigating life’s financial realities, skills often overlooked in traditional classroom settings.
The capstone of the program was the Financial Planning Challenge, in which students were placed in teams and asked to create detailed, long-term financial plans based on fictional life scenarios.
These included variables such as career paths, income levels, lifestyle goals, and potential financial obstacles.
The students then presented their plans before a panel of professional financial advisors who judged them based on their analysis, creativity, and professionalism.
“This kind of education is more important now than ever,” said Lawrence Verzani, associate professor of finance at William Paterson and a co-organizer of the program. “These students are walking away with tools they can use for the rest of their lives. Their enthusiasm and innovative thinking were incredibly inspiring.”
The winning team, praised for their strategic thinking and collaborative execution, included Christopher Estevez of Hawthorne High School, William Jiang of Millburn High School, Allie Mendoza of Indian Hills High School, and Peter Royce of Chatham High School.
Each team member earned a $500 prize for their standout performance.
Dean Anthony Bowrin of the Cotsakos College of Business emphasized that the academy is more than just a summer program; it’s a gateway into a growing career field.
“We offer degrees in finance and financial planning & wealth management, and graduates of these programs are in high demand,” Bowrin explained. “Through programs like the Financial Planning Academy, we’re not only preparing students for college—we’re building a stronger, more financially savvy workforce.”
As the academy concluded, students left not only with new knowledge but with a renewed sense of confidence in their ability to plan for the future.
NOTE: Journalist, Richard L. Smith, is a 1999 Broadcast/ Communications graduate of William Paterson University