This month Binghamton University students are participating in PricewaterhouseCoopers’ (PwC) 8th annual xc competition, where undergraduate accounting majors will compete for a share of $300,000 total prize money.

Up to 13,000 students from 80 colleges nationwide compete in the Games, which expose them to real tax and accounting scenarios. The competition is split into two challenges: xTAX, short for “Extreme Tax” and xACT, short for “Extreme Accounting.”

The xACT competition will begin at BU on Oct. 21 and last until Nov. 4, when teams will present their challenge solutions in front of a panel of PwC partners and managers.

Teams are composed of five students that are either accounting majors, enrolled in an accounting course, or any other business major.

Each team is assigned a challenge for which they have two weeks to solve. Teams are given a PwC mentor to work with on the case, who may be a BU alum from the accounting program or a contact at PwC.

Winning teams in the first round receive $1,000. Teams will be competing for a spot at the national finals in January, where winning teams receive $10,000.

“The xTREME Games expose students to public accounting and takes them out of the confines of the college classroom, developing their team skills, communication and presentation abilities, which they will need in the real world,” said Christina Fitzpatrick, the national campus sourcing programs leader for PwC.

According to Fitzpatrick, last year BU had 22 teams — one of the largest turnouts for the competition in the country.

“Students want to participate because it’s fun, but it also gives them exposure to the PwC profession and to hot topics in the world of public accounting,” she said.

Fitzpatrick also said that the presentation component, which includes questions from the panel of judges, helps students to think on their feet and be analytical.

“The competition builds collaboration and problem-solving skills while also requiring that ideas are effectively presented — all crucial skills in a competitive job environment,” she stated in a press release.

This competition benefits students by exposing them to both real-world accounting problems and offering PwC contacts that they can reach out to in the future.

“It’s a great experience for students in a tough economy and job market,” she said.

Michael Chin, a sophomore accounting major, will be participating in the Games for the first time this semester.

“I think it’s great that a firm of PwC’s stature is so involved on campus, and that students are able to interact with members from the firm and learn from them,” he said.

Chin is taking Accounting 211 this semester and plans to apply the skills he has learned in the classroom to the competition.

“I’m looking to improve my teamwork skills, my presentation skills and to be able to solve a real-life accounting problem,” he said.

Upinder Dhillon, dean of the School of Management, acts as a mentor and a coach to two or three teams.

“PwC are partners with us [BU], they fund our PwC Scholars Program and they were looking for more student engagement on a broader level,” he said. “They wanted access to a lot more students and they thought this [competition] would enable them to attract and get involved with a larger group of students. Over 100 students are involved.”

According to Dhillon, many SOM alumni would have liked more educational opportunities to strengthen their oral communication skills while they were at BU. The competition enhances these skills.

“This competition allows them to be comfortable presenting to a group of high-level executives and that is one of the primary skills needed to be successful in the job market,” he said.

In the last five years, BU has had two teams designated as national finalists. Last year, the BU national finalist team was one of five teams selected from 629 teams at 82 universities, he said.

“PwC are our partners in education,” Dhillon said. “They help us in many dimensions and we appreciate all the support they provide.”