An insurance company has chosen St. Edward’s University to participate in its social media challenge that could result in cash prizes for participants.

This contest allows students to create a social media business plan for the Jackson National Life Insurance Company, based in Lansing, Mich. St. Edward’s was chosen out of five other universities, including the University of Colorado, University of Michigan, Virginia Commonwealth University and Vanderbilt University.

 “We’re really honored to be among such great schools,” said Russell Rains, program director of the MBA in digital media management at St. Edward’s.

Before choosing schools to compete in the contest, Jackson researched schools on the Internet and looked at their curriculum. They were looking for material geared toward teaching students social media that would provide students with the skills they needed to compete.

 St. Edward’s curriculum was just right.

“Our students study social media from a strategic management and marketing viewpoint; therefore, what we teach is what they need,” Rains said.

The St. Edward’s digital media management MBA program made the school stand out, according to Rains. The graduate program that allows students to receive an MBA in digital media management in two years is unique to any other school in the country.

“We are the only MBA program offering a concentration in digital media

management in the world,” Rains said.

Rebecca Gumley, an employee at Jackson, contacted Rains and then sent two representatives from the company to speak with the digital media management MBA students about the contest. Students were told that they would be asked to create a social media business plan for the company.

 Jackson believes that allowing students to create a social media business plan will bring a fresh perspective to their marketing strategy.

“They have a genuine business need to rethink their social media strategy,” Rains said.

Students had until Sept. 23 to register and could sign up individually or in teams. However, only graduate students who are a part of the digital media management MBA program were eligible to apply.

 Rains said that this is a great opportunity for students to apply what they learned in class to a real world situation. The top three groups or individuals to win will receive cash prizes of $15,000 for first place and $10,000 and $5,000 for second and third place. Each university will be awarded $20,000 if it has at least one group or team submitting a complete entry.

About four teams from St. Edward’s have registered for the contest, which ends on Dec. 2, according to Rains. The teams consist of two to three people.

 Once their entries are submitted, students will be judged on creativity, innovation, timeline, budget and alignment, according to a press release sent out by Jackson. The groups will first be judged by Jackson’s marketing and communications committee. On Jan. 20, 2012, the five finalists that are chosen from the first round of judging will be asked to present their plan to judges from Jackson’s senior management team.