Business Competition Hosted by the #1-Ranked Undergraduate Business School (U.S. News)
The Wharton Global High School Investment Competition—known by its English acronym "WGHS" (formerly KWHS) and referred to in Chinese as the "Wharton Business Competition"—boasts years of successful experience and widespread recognition worldwide. It is a free, online investment competition open to high school students in grades 9 through 12 across the globe. The competition involves a multifaceted assessment covering team communication and collaboration, risk management, business analysis, and industry investment analysis. Consequently, the level of difficulty is substantial and not to be underestimated; however, it also stands as the most authoritative and prestigious international competition currently available to high school students in the field of investment.
The competition launches annually in late September and spans a total duration of eight months, running concurrently in numerous countries around the world. Students participate in teams of 4 to 7 members, guided by a teacher who serves as their advisor. Global winners will have the opportunity to take the stage at the Wharton School of Business to present their team's investment portfolio strategies.
2024–2025 Investment Competition Data:
2025–2026 Wharton Business Competition Key Dates
Registration for the Wharton Global Youth Investment Competition opens annually in June, with the official competition period running from September through April of the following year.
June 30, 2025: Registration Opens
September 12, 2025: Registration Deadline
September 29, 2025: First Day of Trading
October 10, 2025: Trading Deadline; all teams must fully execute at least one trade on WinS before the U.S. market close (4:00 PM).
December 5, 2025: Last Day of Trading; U.S. Market Close (4:00 PM ET)
December 8, 2025: Final Reports Due by 5:00 PM ET
January 27, 2026: Semifinalists (Top 50 Teams) Announced
March 9, 2026: Virtual Semifinals
April 24–25, 2026: Learning Day and Global Finals at the Wharton School, University of Pennsylvania (Philadelphia)
About the Competition
I. Eligibility
Students in grades 9–12 who are interested in financial trading, investment, and the broader field of business—including subjects such as economics, mathematics, and statistics—and who aspire to become future financial leaders. Teams consist of 4–6 members (previously 4–7 members).
II. Team Formation Requirements
1. Team members must attend the same school and be enrolled in grades 9–12; teams must consist of 4–6 members.
2. Team Structure: Advisor, Team Leader, and Members.
Each team must be assigned a School Advisor. This advisor must be a teacher or educator currently employed by the high school attended by the team members. An advisor may supervise a maximum of 5 teams.
3. Each student member is required to conduct an investment strategy analysis for a specific stock.
III. Competition Content
Teams will analyze a brief case study featuring a prospective client. They are tasked with collaborating to achieve the client's long-term investment goals while simultaneously attempting to win their business. Each team will utilize an initial virtual capital of $250,000 (previously $100,000) to make investments on the Wharton Online Trading and Investment Simulator (OTIS) platform over a period of 10 weeks.
The OTIS online platform is synchronized with global stock markets and updates in real-time.
The competition features a total of 11 investment categories, comprising approximately 400 stocks, with a primary focus on U.S. equities.
During the competition, each team is required to submit two reports:
1. A mid-term team review and a final, comprehensive description of their investment strategy.
2. Each team member must be responsible for conducting the investment analysis and writing the strategy report for at least one specific stock category.
*Regarding the evaluation of winners: the judges' primary focus is not solely on the quantitative results of investment growth, but rather on the overall quality and comprehensive performance of the team's investment strategy.
The final reports will be reviewed by a panel of judges, who will select the top 50 teams to advance to the semi-finals. These teams will be invited to present their strategies to a panel of expert judges during a virtual semi-final round. The top 10 teams from the semi-finals will advance to the Global Finals, held at the Wharton School of the University of Pennsylvania in Philadelphia.
IV. Wharton Investment Competition Awards
1. Global Top 50 Finalists: The top 10 teams from each region will qualify as finalists, comprising a total of 50 teams. 2. Global Finals Qualification: The top two teams from each region advance, totaling 10 teams.
3. Wharton Business Competition Certificate of Participation.
Why Participate in the Competition?
It is organized by the world's leading business school—the Wharton School.
The WGHS is hosted by the dream school of every aspiring business student: the Wharton School of the University of Pennsylvania! Wharton has produced a multitude of renowned entrepreneurs, such as the "Oracle of Omaha" Warren Buffett, Tesla founder Elon Musk, and the investment guru Peter Lynch—hailed as the "world's greatest fund manager."
A free investment competition designed specifically for middle and high school students!
A Significant Boost for College Admissions
The Wharton Investment Competition is hailed within the industry as a "secret weapon" for gaining admission to Ivy League schools, and it is highly regarded by students at top-tier high schools. Participating in the WGHS allows students to clearly demonstrate their strong professional aspirations—articulating their specific interests, showcasing practical application, and highlighting their professional capabilities.
Participants receive a high-value certificate and two investment performance reports. Team rankings based on investment returns are officially published on the Wharton website, making this an unparalleled opportunity for students applying to business programs to secure acceptance offers from the world's most prestigious business schools!
Comprehensive Enhancement of Professional Knowledge
Teamwork and Conflict Management Skills
Practical Financial Market Experience
Academic Writing and Presentation Skills
Asset Management Capabilities
WGHS Wharton Business Competition Essential Reading List
WGHS Premium Lecture Notes — Now Unveiled!
Course Material Highlights
01 Aligned with the Wharton Competition Structure
These course materials are specifically aligned with the various stages of the Wharton Global Youth Investment Competition, enabling students to gain hands-on experience in simulated trading using virtual capital.
The materials provide a detailed breakdown of every trading order type, empowering students to identify and utilize the specific orders best suited to their individual investment objectives, thereby fostering a clear and comprehensive understanding of trading mechanics.
02 Building Stock Valuation Models
The materials introduce some of the most widely used stock valuation models currently employed within the financial industry. Through comparative analysis of financial statements, students will learn how models—such as the Discounted Cash Flow (DCF) model—can reveal a company's true intrinsic stock value.
Furthermore, the course guides students in independently constructing these valuation models using Microsoft Excel, allowing them to practice valuing financial firms on their own.
03 Constructing a Rational Asset Management Strategy
In the Wharton competition, students are required to allocate their capital across a portfolio of selected stocks; a specialized model is introduced to assist them in constructing a rational and balanced asset management strategy. In the broader financial landscape, this model is capable of determining the optimal asset allocation based on an investor's specific investment goals.
For investors with a lower risk tolerance, the model can be configured to prioritize minimum risk, thereby achieving the objective of risk mitigation. Conversely, for investors seeking to maximize their Sharpe Ratio, the model can be adjusted to optimize for the highest possible ratio, calculating the ideal asset allocation to achieve that goal.
WGHS Organizer Introduction
The Wharton Business Competition is an officially organized business contest and practical business program administered by the Wharton School of the University of Pennsylvania—ranked the #1 undergraduate business school by *U.S. News & World Report*. Founded in 1881, the Wharton School stands as the first university-based business school in the United States, as well as one of the world's oldest business schools, distinguished by its preeminent academic reputation.
