Daily Times

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) in collaboration with Unilever Pakistan organized National Finance Olympiad 2017, the Grand Finale of which was held at a local hotel in Karachi. The event, organized by the ICAP’s Professional Accountants In Business (PAIB) Committee, was attended by the top management of renowned national and multinational organizations. The top six qualifying teams who competed against each other included Engro Fertilizers Limited, EY Ford Rhodes, Grant Thornton Anjum Rahman, Haleeb Foods Limited, Linde Pakistan and Midas Safety Pakistan.

In his opening remarks, Khalilullah Sheikh, FCA, Chairman PAIB Committee and Council Member ICAP welcomed the participants and revealed the concept and objectives for the Pakistan’s first ever Finance competition. He said that the main purpose of the event was to engage finance professionals in their professional development in a unique way, place them against each other in a healthy competition and encourage them to discover their potential, exhibit their talent and celebrate their competence in a befitting manner.

Shakaib Arif, FCA, Member PAIB Committee briefed the audience about the newly introduced Simulation Round in the NFO 2017. The competition kicked off with a quick introduction of the teams followed by the Debate Round which was judged by a panel of three distinguished judges; Yacoob Suttar, Deputy Managing Director, Pakistan State Oil; Zafar Iqbal Sobani, Board Member, Privatization Commission and Maria Paola, Co-Founder, Family Educational Service Foundation (FESF).

The topics debated by the teams included, “Now is the right time to invest in Pakistan’s Equity Market?”, “Bell curve in performance appraisal – losing its charm?” and “E-business to replace the retail business in a decade?” The second and last round of the competition was the Buzzer Round, which was all about the agility and technical knowledge of all finalist teams. While the teams made efforts to outscore others, the audience remained captivated and supported all the teams wholeheartedly. Once the judges evaluated the debate, results were announced; EY Ford Rhodes claimed victory while Midas Safety Pakistan and Engro Fertilizers Limited became the 1st and 2nd Runner Ups respectively. The winning team was awarded a majestic Champions Trophy, Mac Book Air and shields for each of the three team members. The 1st Runner Up received iPhone6s and shields for all team members and the 2nd Runner Up received iPad and shields for all team members. Certificates were also given to all finalist teams. The Institute presented a gift for ICAP Best Individual Performance Award to Saad Shaikh from Midas Safety Pakistan. The last three teams also received gifts and souvenirs.

The jury members; technical partners, A.F. Ferguson & Co. and KPMG; learning partner, Karachi School of Business and Leadership (KSBL); ICAP PAIB Organizing Committee and the Master of Ceremony; Mr Arif Kamal Saifee Financial Controller UBL were also recognized. Maria Paola (Jury Member), commenting on the occasion said that she was much impressed by the performance of young participants. She termed the NFO the best platform, where participants got an opportunity to learn from each other.

The closing remarks were presented by President ICAP, Riaz Rehman Chamdia. He emphasized the importance of finance professionals working in the industry and how ICAP introduces initiatives to facilitate them. The President congratulated the proud winners and showed gratitude to the NFO organizing committee, technical partners, learning partner, media partners, jury members, ICAP Examinations Department, Information Technology Department, Unilever Pakistan and everyone who made this event a success. He hoped more participation and momentum in NFO 2018.

The National Finance Olympiad 2017 started with registrations of 30 teams from renowned organizations across Pakistan. After a 3-hour intense MCQ-based examination held simultaneously in Karachi and Lahore on December 12, 2017, fifteen teams qualified for the Simulation Round. The Qualifying teams then went through a Harvard Case Study Simulation at Karachi School of Business and Leadership (KSBL) wherein top 6 Finalist teams emerged to compete in the Grand Finale. The entire testing material was developed by the technical partners; A.F. Ferguson & Co. and KPMG.

The National Finance Olympiad is a unique initiative by ICAP providing a distinctive platform to finance professionals working in industry and firms to come together, compete and celebrate their competence. NFO 2017 aims to exhibit and celebrate the talent of finance professionals in Pakistan while providing a networking opportunity to meet the bright young minds of the profession.

Published in Daily Times, December 22^nd 2017.