ICAP marks 10th National Finance Olympiad

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) is proud to mark a milestone with the grand celebration of the 10th National Finance Olympiad (NFO). This landmark event celebrates a decade of financial brilliance, innovation, and leadership, serving as a beacon of excellence for Pakistan’s financial community.

Since its inception, the National Finance Olympiad has been a flagship initiative of ICAP’s Professional Accountants in Business (PAIB) Committee. Over ten years, it has grown into a premier platform for finance professionals to showcase their expertise. A total of 52 teams representing various sectors and organisations participated in the rigorous competition, which spanned two challenging rounds.

The top 6 teams, Unilever, Lipton Teas & Infusions, Engro Fertilizers, KPMG, KnS School of Business Studies and K-Electric, showcased exceptional financial expertise and secured their places in the Grand Finale, vying for the coveted title of “National Finance Champion 2024”

The NFO’s dynamic structure continues to evolve, challenging participants to tackle real-world scenarios through the newly introduced simulation-based assessment which was evaluated by industry leaders. The competition also tested the participant vigorously through case studies, board room challenges and interactive sessions that include the thrilling ‘Spin the Wheel’ activity.

The evening commenced with a warm networking session, setting the stage for an engaging competition. Samiullah Siddiqui FCA, Chairman PAIB Committee and Council Member ICAP, welcomed attendees with an inspiring address.

The President ICAP, Farrukh Rehman FCA, recognized finance professionals’ critical role in the nation’s socioeconomic development and praised the participants’ exceptional performance. He congratulated all the participating teams and the top contenders, emphasizing how platforms like the NFO 2024, organized by ICAP, serve as catalysts for nurturing the next generation of finance leaders. He highlighted ICAP’s commitment to fostering excellence, resilience, and innovation in the field, ensuring that finance professionals continue to contribute meaningfully to Pakistan’s progress on the global stage.

A panel discussion featuring industry leaders, further enriched the evening, offering their insights into the grand decade-long journey of the National Finance Olympiad. The panelists comprised of Shakaib Arif FCA, Chief Executive Officer, Naymat Collateral Management Company Limited, Ali Tariq, CEO Unilever Sri Lanka (former CFO Unilever Pakistan) and Khalilullah Shaikh FCA, Board Member, IFAC. The session was moderated by Samiullah Siddiqui FCA, Chairman PAIB Committee and Council Member, ICAP.

Aijaz Haq, Head of Growth & External Linkages, Karachi School of Business & Leadership (KSBL), addressed the audience sharing his perspectives regarding NFO being a stellar platform that not only celebrates financial expertise but also cultivates strategic thinking and leadership among professionals.

The event unfolded with the introduction of the finalist teams which was followed by an intense Board Room challenge, where each of the 6 teams presented to the esteemed Jury their proposals on different scenarios. The scenarios ranged from Environmental, Social, and Governance, Corporate Social Responsibility, Geo-Political Conflicts and Business Sustainability, Export potential, Strategic Investment Evaluations, and Supply Chain.

The esteemed Jury comprised of Gulzar Khoja FCA, Chief Financial Officer, PSO; Khalid Zaman Khan, Group Head of Human Resources, Learning and Organization Development at Meezan Bank Ltd; and Mr. Rayomond Kotwal, Chief Financial Officer, HBL. The Grand Finale comprised of three intense rounds, each designed to test the participants’ financial acumen and strategic thinking. From qualifying assessments to simulation-based challenges, the competition built up to the climactic moments of the Board Room, the rapid-fire 100-second round and Spin the Wheel. The “Spin the Wheel” challenge forced the teams to make strategic choices from six distinct categories while incorporating an element of risk that added unprecedented excitement to the competition.

After a rigorous competition, the KnS School of Business Studies emerged triumphant as the National Finance Olympiad Champion 2024, securing the esteemed trophy. K-Electric and KPMG claimed the titles of 1st and 2nd Runners-up, respectively.

Samiullah Siddiqui FCA, Chairman PAIB Committee and Council Member ICAP, expressed gratitude to the NFO organizing team of ICAP’s PAIB committee, collaborator Unilever Pakistan Limited, Learning Partner KSBL, Technical Partners A.F. Fergusons & EY Ford Rhodes, ICAP team from Examinations Department, Information Technology Department, MARCOM, and Administration were also appreciated in making NFO 2024 a grand success.

The evening concluded with the distribution of mementos, group photos, and a celebratory dinner.

The National Finance Olympiad has consistently inspired finance professionals to lead with confidence, adapt to evolving challenges, and excel on both national and global stages. The event was attended by a diverse audience including; students, seasoned finance leaders, ICAP members, Past Presidents, Southern Regional Committee members and finance leaders from prominent companies across Pakistan.