The New York Photo Festival, in addition to its four main exhibitions, runs a programme of talks, lectures and panel discussions on the future of contemporary photography. On Thursday 13 May, the Aperture Foundation, under the impulsion of Aperture's editor Denise Wolff, presented the first of two panel discussions on Emerging Artist Support Systems. Three young and emerging photographers - Justine Reyes, Hank Willis Thomas and Brian Ulrich - presented their career path and tips on how to succeed in an increasingly competitive market - the usual advice was, of course, to make as many connections as possible.

But the panel took on an interesting questions from the public: what should young photographers do about competitions and contests that have entry fees? Should they spend the money? Are these institutions abusing photographers' needs for recognition?

Ulrich, who earned an MFA in photography from Columbia College Chicago and had his first monograph, Copia, published by Aperture in 2006, says that photographers should spend the time researching the contest's likely impact on their finances and careers. "It's always a good thing to spend the time to do the research, to see if it's worth the $50. Some aren't worth it."

Reyes does the same thing. The photographer, who most recently received the Individual Artists Initiative from the Queens Council on the Arts as well as a workspace residency from the Lower Manhattan Cultural Council, prepares, each year, a budget for competitions. She selects the best and most interesting competitions she thinks will benefit her career the most, and set aside $300 per year to enter them. "I select who I want to see my work and what will be the rewards. I also see if it's an organisation I want to support."

Thomas, on the other hand, emphasises the fact that some contests can get you in front of people you might not reach any other way. "If it cost you $50 to be seen by a high-profile curator, [that could be worth it]. It all depends on who is on the panel [of judges]."

Denise Wolff, who runs an annual Portfolio international photography prize (which costs $25 to enter), adds that in such competitions, where entrants must pay, judges often feel a duty to spend the time looking closely at the different contesters. "I feel I have to be there," she says.

[Disclosure: BJP also runs an international photography competition, which costs £25 for each entrant].