Despite being the pioneering batch of students who represented NUS at the 10th Inter-Collegiate Finance Competition that was held in Manila on the 13th Oct 2008, Ashish Goel, Ng Chi Ching Eddie and Zhao Haobo came in 5th among the 24 schools that participated in the Finals. The Financial Executives Institute of the Philippines (FINEX) and CFA Philippines were joint organizers of the competition. Competition questions were set based on the Level I Qualifying Examinations for Chartered Financial Analyst Program (“CFA”).

There were four (4) rounds (AM/PM) in the final league of the competition, consisting of a total of fifty (50) technically, mind-stimulating questions. Each round had either 12 or 13 difficult questions in total and each correct answer was awarded 20 points. The questions were given in a multiple-choice format and teams were given 150 seconds to answer. The questions were varied in areas of economics, statistics and not definitely finance. It actually requires the quick-thinking of participants while having to deal with the pressure of facing an audience.

We found this competition extremely rewarding as it provides a platform for NUS undergrads to pit against the best brains in Asia. Essential skills like analytical skills, teamwork, and time management, not forgetting the diversity of knowledge were stretched to the limit. We learnt that it was not entirely impossible to utilize 150 seconds to solve a technically advanced question but fast speed in reading, analyzing and problem solving is imperative. In addition, teamwork was essential in tackling the questions by prior solving them in subparts, especially so when we were racing against time. Hence, trust between members becomes important.

Due to the synergy of our team and prior project working experience, we managed to clinch the 5th position. Also, this is attributed to the good knowledge and learnt from the modules taken in NUS. This rigorous training gave us the ability to think on our feet and we managed our 150 seconds effectively. Another notable fact was that certain questions were supplemented with excessive information, and hence, filtering data becomes all the more important.

A disadvantage of the team would probably be the fact that none of us had a strong accounting background. 20% of the questions were based on pure accounting. Also, none of us in the team had taken the CFA Level 1 exam. Only CFA affiliated calculators, (HP12c/12c Platinum and Texas Instruments BA II Plus) were allowed and this constitutes a major disadvantage for the team. This is because calculators used and promoted in NUS are not CFA approved and familiarity of the calculator plays a major role in problem solving. I would strongly recommend the implementation of CFA approved calculators beginning from year 1, especially so when NUS is a CFA affiliated university. The approved calculators were very different from the ones bought in NUS. Another lacking aspect will probably be competitive coaching. Based on our understanding, participating schools had started preparations since January with assigned coaches.

FINEX was very impressed with the performance of NUS and we should be expecting an invitation next year. We propose NUS to commence team coaching as soon as possible so as to be able to demonstrate our prowess of being amongst the best universities in the world. We would like to recommend the future team to have at least 1 or 2 team members who have cleared CFA Level 1. Also, a member with specialized accounting knowledge would be good. Assigned coaches are vital in the competition preparations.

Our host in Manila FINEX demonstrated great hospitability. They organized a welcome dinner with E&Y for both the organizing committee and us, on the day of arrival in Manila. It was indeed a great experience to be part of the networking event. Also, visits to the Central bank and Philippine Stock Exchange (PSE) trading floor proved to be an enriching experience.

We see this as a great learning experience. Though winning or losing is part of the competition, the exposure and skills learnt are the underlying purpose. The competition gave us a realistic view of the competitive world around us. We look forward for more opportunities alike in the future. Hereby, we hope that NUS will obtain the top spots in the near future at the 11th Inter-Collegiate Finance Competition.

Ranking of the first 10 universities:

  1. University of the Philippines – Diliman
  2. Ateneo de Manila University
  3. De Le Salle University – Manila
  4. AssumptionUniversity of Thailand
  5. NationalUniversity of Singapore
  6. University of the Philippines – Iioilo
  7. De Le Salle – Dasmarinas
  8. University of Baguio
  9. SingaporeManagementUniversity
  10. University of Cebu – Lapu Lapu & Mandaue