MU Accountancy team earns spot in national tax competition

A team of students from the University of Missouri Trulaske College of Business competed in the PricewaterhouseCoopers (PwC) Challenge Tax Competition National Finals in Washington, D.C. this past January. Their mentor and assistant teaching professor of tax, Rachel Wilson, traveled with them.

Team Green Machine – Xiaoke "Jessica" Cui and Megan Libbert, both graduate accountancy students; Hai Kim, a junior in accountancy; Kenny Cygeirt, a junior in international business; and Hannah Ingram, a freshman in business – did not win, but placed well in the final round.

“As a Mizzou alum and PwC’s relationship partner for the university, I am proud of the out-of-the box thinking that the students engaged in with this challenge, which simulated real-life events,” said Bob Kimes, tax leader for PwC’s Missouri market and School of Accountancy advisory board member, who was there to support the team throughout the event.

“It’s an outstanding accomplishment and a testament to the quality education and support they are receiving from a nationally ranked accounting program. The energy and enthusiasm that the students brought to this competition was impressive, and the skills they displayed are the characteristics that will serve them well as they graduate and enter the workforce,” he said.

During the competition, the team had to present a plan for a fictional state that was experiencing declining fuel tax revenues due to increased use of fuel-efficient and green vehicles. The proposed tax solution needed to solve the crisis while remaining revenue neutral and continue to sustain the state’s culture. 

“We learned about PwC, the tax profession, real-world policy issues, and how to remain flexible under the most trying circumstances. At one point, we were even given an emergency update to the case minutes before presenting,” said team member, Hai Kim.

It was a multi-step process to even reach the final round. First, the team had to be selected as one of the top five in the country. They competed against 5,000 students and 85 other universities, including other teams within the UM System.

Their winning presentation was recorded and sent to a panel of judges from PwC who selected four finalists (the University of Delaware, the University of Florida, the University of Southern California and the University of Virginia). The fifth spot was to be determined by a vote on Facebook.

The social media competition included teams from Bentley University and University of Georgia. Team Green Machine produced a Hunger Games-inspired video within the 48-hour timeframe, and won the popular vote – earning the fifth spot at nationals.

Vairam Arunachalam, Director of the School of Accountancy & PricewaterhouseCoopers/Joseph A. Silvoso Distinguished Professor, said Team Green Machine performed credibly on the national stage.

“This competition was unique in that it was both academically rigorous and had a social media component. The fact that we competed nationally to make it to this final cut is creditable in its own respect; the subsequent social media competition highlighted our school spirit,” Arunachalam explained. “Overall, our team’s win on both the academic and social media dimensions illustrated how well-rounded our students are. This is certainly a well-earned placement.”

The national contest was held in Washington, D.C. with the University of Delaware taking the first prize of $20,000, half of which they donated to Donorschoose.org.

As for Team Green Machine, the students are thankful for the support they received during the social media contest and know that this was a once-in-a-lifetime experience.

Hai Kim said, “We learned to leverage individual members’ strengths, to consider the “big picture” at hand, and to exercise the ever-important improvisation maxim of ‘Yes, and.’ This competition taught us valuable skills in organization, time management, research, teamwork, communication, creativity, and much more.”