The Society administers, on behalf of the Royal Bank of Scotland Group, the Younger Memorial Medal Essay Competition. This competition is targetted at undergraduate students studying economics in Scotland. The Medal, with a cheque for £500, is awarded to the best undergraduate essay on a policy-related theme relevant to the Scottish economy. There are two runner-up prizes of £200. The essay is expected to be no more than 3000 words in length in a style accessible to a broad audience. An undergraduate dissertation on a similar theme may be considered if it is of exceptional quality, although a distillation into an essay format would be preferred.