It's always nice to see an accounting firm put their money where their mouth is when it comes to the younger generation – and Goodman & Company has set a fine example.

The Virginia Beach, Va.-based firm has spent the past seven years sponsoring the Goodman Accounting Challenge for universities in Virginia, Maryland, Washington D.C, North Carolina and West Virginia - with winning teams taking home cash prizes. Pennsylvania, get ready, because next year you'll have the chance, too.

One of the two teams competing from Salisbury

University took home the top prize - $2,500 for the school's accounting department and each member of the team pocketed $1,500 for their participation.

The winning Salisbury University team with Tom Wilson (left), managing partner of Goodman & Company.

University of Virginia took second place in the competition, followed by teams from American

University, a second team from Salisbury

University and Mount Saint Mary's University. Each team and individual members also won monetary prizes.

Created to promote the integrity of the accounting profession and recognize outstanding junior and senior level college accounting students, the competition is two parts. Each team is emailed an six-hour exam, which can be moderated by their professors or taken online. An honor code is signed by both students and professors. The top five highest scoring teams from the preliminary exam were then invited to face off in the Final Challenge Nov. 7-9 in Richmond.

During the Final Challenge weekend, participants were treated to an evening of networking with each other along with Goodman & Company partners and staff only to rise the next day for a six-hour exam of challenging accounting situations to solve. That evening, winners were announced and the cash prizes were distributed.

Aside from hosting the Goodman Accounting Challenge, the firm has committed to donating $250,000 over three years to area colleges and universities as part of a new marketing strategy focusing on recruiting young talent and supporting the education of future accounting professionals.

"We are committed to the integrity and future of the accounting profession and wanted to celebrate our 75 years of success by investing in the education of the next generation of great accountants," said Tom Wilson, Goodman & Company's managing partner. "We hope to see some of these students eventually join our firm."

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