Frequently Asked Questions

Team Eligibility 

1. How many students can be on a team? 

     1A.  Teams must consist of 3 or 4 students. 
 

 2. Can a student register a team for the IPFC? 

     2A.  No, teams must be registered and coached by a teacher. 
 

3. Can teams be comprised of students from different schools?

     3A.  No, teams must be comprised of students from the same school. Teams must be affiliated with the same school and registered by a teacher. This rule supersedes National Personal Finance Challenge eligibility requirements and must be followed for teams to compete in the Illinois State Finals.
 

4. Can homeschooled students participate?

     4A.  Yes, homeschooled high school students may participate in the IPFC if they team up with a local school – similar to homeschooled students participating in sports at local schools. If a team were to advance to Nationals, they would need to show that students live in the same county, school district, or within a twenty-mile radius of each other.
 

5. Can teachers have more than one team? 

     5A.  Yes, teachers are encouraged to have more than one team. Ideally, they will include their entire classroom in IPFC. There is no limit to how many teams a teacher can have. 

6. Can students be on more than one team? 

     6A.  No, students can only compete on one team. 

7. Can students participate in both the fall and spring semesters? 

     7A.  No, students who participate in the fall session are NOT eligible to participate again in the spring. 

8. Can teachers lead teams in both the fall and spring semesters? 

     8A.  Yes, as long as there is a new roster of students. 

9. If a student participated in a previous year of the IPFC, can they participate again? 

     9A.  Yes. For instance, if a student participated in Fall 2024 or Spring 2025, they may compete again this academic year. Fall 2025 and Spring 2026 are part of a new competition cycle. 

10. If a teacher participated in a previous year of the IPFC, can they participate again? 

     10A.  Yes, teachers are encouraged to register teams every year. 

Registration & Testing 

11. Do returning teachers need to register again? 

     11A.  No, returning teachers don't need to register again. They can simply log in with existing credentials.

12. How do teachers create a team? 

     12A.  Watch this video for help: Creating a Team

13. How do teachers get access codes for student testing?

     13A.  Watch this video for help: Student Codes
 

14. How do students complete the challenge?

     14A. Watch this video for help: Completing the Challenge

15. Can teams work together to complete the online test?

     15A. No, students must complete the online test individually. The test must be proctored by a teacher or other school personnel.

16. Can teachers access student test data?

     16A. Yes, teachers can access student test scores, both individual and team scores. Teachers also have access to a category report that shows student performance in each subject. Access to test scores is only active during the testing window for that season. Watch this video for help: Accessing Student Data 

17. How can students prepare for the IPFC? 

     17A.  The National Personal Finance Challenge provides a free toolkit for teachers. The toolkit provides lessons, activities, videos, quizzes, and practice case studies to help teams learn about the six core knowledge areas of personal finance featured on the test.

 

Illinois State Finals & National Finals 

18. How are winners selected?

     18A.  Top scoring teams from fall and spring testing will be invited to compete in the Illinois State Finals. The winning team from Illinois State Finals will advance to National Finals.
 

19. What if a student of a winning team is unavailable to participate in the Illinois State Finals or National Finals? Can another student serve as a substitute for the team?

     19A.  Yes, teams may substitute team member(s) for the IPFC or NPFC. However, substitutes must have taken the online test during either the fall or spring session of the current competition cycle. Teams must also comprise at least 2 members of the original team. For example, a team of 3 students may only substitute 1 student, while a team of 4 students may substitute up to 2 students if needed.
 

20. Is the Illinois State Finals in-person?

     20A.  Yes, the Illinois State Finals will be an in-person event. More details to come.

21. Does the IPFC cost money? 

     21A.  There is no fee to compete in the IPFC or the NPFC. However, top teams will need to cover transportation costs related to the in-person Illinois State Finals. More details to come regarding Illinois State Finals and National Finals.

22. Is there a prize for the Personal Finance Challenge? 

      22A.  National Finals offers cash prizes to nationally ranking teams. Cash prizes listed are for each team member and the teacher in National Finals. 

• 1st Place: $2,000
• 2nd Place: $1,000
• 3rd Place: $500 
• 4th Place: $250

 

Still have questions? Check out this library of how-to videos or contact Maggie Owen at mowen@illinoistreasurer.gov.