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2020-2021 Investment Competition Rules



  • Participants must be current high school students.
    • “High school” is typically secondary-level (no younger than 14, no older than 18 at the start of the competition), pre-university education, as defined by country (e.g., generally 9th – 12th grade in the United States).
    • Students of home or privately tutored education working towards a G.E.D. (high school diploma) or non-U.S. equivalent will also be permitted.
    • Participants must not have received a high school/secondary school diploma before or during the course of the competition.
    • Children of faculty or staff of the University of Pennsylvania are eligible to participate, as long as their parent or guardian is not part of the judging committee of the competition.
  • Teams are required to have one Advisor.
    • Advisors must be an educator (i.e., teacher, academic advisor, etc.) associated with the accredited school attended by at least one team member. However, we recognize that additional learning often takes place outside the classroom. If a community leader, after-school program leader, homeschooling parent, etc. would like to serve as a team’s Advisor they must contact us at for permission.  All non-educator advisor requests must be received by 11:59 p.m. EDT on Wednesday, September 16, 2020. In addition to the educator Advisor, teams are permitted to have parents, industry experts, etc. serve in an unofficial advisory capacity, subject to the ethical and Academic Integrity guidelines below.
    • Advisors must register their team(s). Students are not permitted to register for the competition on their own behalf or on behalf of their team.
    • Advisors can oversee more than one team, but must dedicate a reasonable amount of time for virtual or in-person oversight of each team throughout the competition.
  • The use of paid advisors/education consultants/agents is prohibited. Teams that use paid advisors/education consultants/agents will be disqualified.
  • Each team must maintain a minimum of four team members and a maximum of seven members from the very start of the competition. Remember, each team member is responsible for at least one industry sector; all team members must play a contributing role.
  • Students are not permitted to participate on more than one team.
  • Teams are permitted to have students from different schools. However, students and the schools must be located in the same country. For example, a student from China cannot compete on a team with an Advisor based in Canada.
  • Teams should choose their own names, and have fun with it. Please use good judgment. Team names that use offensive or vulgar language, as determined by the Wharton Global Youth Program in its sole discretion, may be automatically disqualified. The Wharton Global Youth Program reserves the right to contact teams to mandate changes in team names it deems inappropriate.
  • Teams can add or delete members, and students can switch teams until November 2, 2020, when the mid-project team reviews are due. Final team names and rosters are submitted with the mid-project team reviews.
  • You must submit two deliverables throughout the competition in order to be considered an “active” team eligible for the Regional and/or Global Finals. The mid-project team review is due November 2, 2020, and the final report is due December 11, 2020. Please refer to the Competition Deliverables for additional details.
  • All Regional Finals will be conducted virtually. If your team advances to the live, Global Final in Philadelphia, Wharton Global Youth Program will not cover your costs and will not sponsor any students or Advisors for visas or similar travel permissions. All costs, including travel and lodging of students and Advisors, are the responsibility of the participants. Wharton Global Youth Program strongly encourages an adult to accompany any team traveling to the Global Finale. Teams will be permitted to join the Global Finale via live video stream, but must provide their own equipment necessary to connect live to the Regional Finals and/or the Global Finale.
  • A Consent and Waiver of Liability must be signed by All Regional and Global finalists (or a parent or legal guardian if the student is a minor under the age of 18). Wharton Global Youth Program may use students’ names, high schools, cities, states, likenesses, photographs, and project details in various media in connection with the promotion of Wharton Global Youth Program or the Competition.
  • Video/audio recording or photography of presentations and/or participants during the Regional and/or Global Finals is not permitted. Unauthorized video/audio taping, photographs, screenshots or posting to the internet are grounds for dismissal from the competition.
  • All participants must abide by the University of Pennsylvania’s Policy of Acceptable Use of Electronic Resources.
  • All Wharton Global High School Investment competition team members are held to high personal ethical standards. The decisions you make from the moment you register for the competition should be honest and truthful to the best of your ability. This starts with your number of team members (you must have at least four active members from the beginning to compete) and ends with how you articulate your strategy and investment choices in your final papers — and includes everything in between. We trust that you will not lie about your investment decisions and outcomes, fabricate analyses, invent teamwork and experiential stories, or plagiarize existing strategies. Students must abide by the University of Pennsylvania’s Code of Academic Integrity, which states a student’s work must be their own, and not be plagiarized from any other source, including Advisors or “unofficial” advisors. Plagiarism includes, but is not limited to, the use of another’s words or ideas as if they are one’s own. Plagiarism or any kind of academic cheating is grounds for dismissal from the competition. If at any point you are unsure about a decision or situation, please reach out to the Wharton Global Youth Program staff for clarification. Ethics are an essential aspect of money management. All teams should review the CFA Institute’s Asset Manager Code and operate by these standards. We expect you to read these rules and apply them to all you do on behalf of your potential client throughout the competition. In addition, ethical considerations are fundamental to effective asset management. All competing students should review Section 4 of the Final Written Investment Policies section under Competition Deliverables in the Guidebook for more on professional industry ethics.
  • The Wharton Global High School Investment Competition code of conduct extends to how both students and advisors treat teammates, supervisors, as well as the competition organizers. We expect teams to behave politely and respectfully through in-person, email and social media interactions, and to communicate any concerns or grievances with a courteous tone and language. The Wharton Global High School Program will not tolerate negative, threatening or off-color behavior of any kind, and will sanction or disqualify teams for any such behavior in its sole discretion.
  • Each team is required to properly cite any sources used and acknowledge ownership of all images and other media that it submits as part of a deliverable or a presentation that it (or a team member) does not own or did not solely develop. Submitted materials that violate any laws, are offensive, incite violence or are otherwise deemed inappropriate for viewing by the general public (for purposes of this competition) will not be accepted. Whether or not a team is selected as a Finalist, each team (and/or the students on such team) retains ownership of their own work.
  • The University of Pennsylvania, the policies of which govern the competition, prohibits unlawful discrimination based on race, color, sex, sexual orientation, gender identity, religion, creed, national or ethnic origin, citizenship status, age, disability, veteran status, or any other legally protected class.


  • The Wharton Global High School Investment Competition is not a trading competition that requires lots of buying and selling of stocks. The competition is not judged by portfolio growth.
  • Teams must develop a unique investment strategy, with both short- and long-term goals, for the client. An investment strategy is a set of rules and behaviors that will guide the portfolio selections your team makes on behalf of the client.
  • In order to build an effective investment strategy, teams must read the client profile.
  • Teams must review the investment rules of the competition (below).
  • Wharton Global Youth Program encourages teams to identify different roles for each team member, including assigning a team leader.


  • Teams must place trades on the Wharton Investment Simulator (WInS). WInS should be used as a learning tool to help develop and implement strategies and experience what it is like to place trades and be active stock market participants.
  • Teams can only invest in stocks on the Approved Stock List. Teams will forfeit the investment if it is not on the Approved Stock List.
  • Each team must invest in at least as many sectors as it has team members. For example, if a team has five members, at least five sectors must be represented.
  • Teams can change the sectors that they invest in throughout the competition, as long as the minimum number of sectors is represented in their portfolios.
  • Team portfolios must include at least one stock from as many sectors as they have team members. For example, if a team sells a stock in the manufacturing sector, the team needs to replace the stock with another stock from that sector.
  • Teams can make as many or as few stock trades as necessary in executing their strategies.
  • A trading note (the purpose of the trade and how it fits in the overall investment strategy) must be included with each trade made on WInS. Students will be prompted to add a trading note before the trade can be executed.