National Finance Olympiad 2024: ICAP Marks a Decade of Financial Brilliance

December 21, 2024 Ayanskipper

The Institute of Chartered Accountants of Pakistan (ICAP) proudly commemorated a remarkable milestone with the grand celebration of the 10th National Finance Olympiad (NFO) 2024. This landmark event highlighted a decade of financial excellence, innovation, and leadership, establishing itself as a cornerstone for Pakistan’s financial community.

A Decade of Excellence in Finance

Since its inception, the National Finance Olympiad has been the flagship initiative of ICAP’s Professional Accountants in Business (PAIB) Committee. Over the past ten years, it has evolved into a premier platform for finance professionals to demonstrate their expertise, leadership, and problem-solving skills. The 2024 edition witnessed participation from 52 teams representing diverse sectors and organizations, reflecting the competition’s growing prestige.

The competition unfolded in two intense and challenging rounds, culminating in the selection of the top six teams for the Grand Finale. The finalists—Unilever, Lipton Teas & Infusions, Engro Fertilizers, KPMG, KnS School of Business Studies, and K-Electric—displayed exceptional financial acumen as they contended for the coveted title of “National Finance Champion 2024.”

Innovative Format and Engaging Challenges

NFO 2024 featured a dynamic and evolving structure, introducing simulation-based assessments that closely mirrored real-world business scenarios. Evaluated by industry leaders, these assessments tested participants through case studies, boardroom challenges, and interactive activities like the high-energy ‘Spin the Wheel’ segment. These elements ensured that participants were rigorously evaluated on their analytical, strategic, and decision-making abilities.

The evening began with a networking session that fostered connections among finance professionals, setting the stage for an engaging and intellectually stimulating competition.

Inspirational Opening Remarks

Mr. Samiullah Siddiqui FCA, Chairman PAIB Committee and Council Member ICAP, delivered an inspiring welcome address, emphasizing the importance of continuous learning and leadership development in the finance industry.

ICAP President Mr. Farrukh Rehman FCA acknowledged the critical contributions of finance professionals to Pakistan’s socioeconomic development. He congratulated all participants and finalists, reinforcing the role of platforms like NFO in shaping the next generation of financial leaders. His remarks underscored ICAP’s unwavering commitment to promoting resilience, innovation, and excellence in the finance sector.

Insightful Panel Discussion

The evening also featured an enlightening panel discussion, where industry leaders reflected on the decade-long journey of NFO. The panelists included:

Mr. Shakaib Arif FCA, CEO, Naymat Collateral Management Company Limited
Mr. Ali Tariq, CEO Unilever Sri Lanka (former CFO Unilever Pakistan)
Mr. Khalilullah Shaikh FCA, Board Member, IFAC

The discussion, moderated by Mr. Samiullah Siddiqui FCA, provided valuable insights into the evolving finance landscape and the role of strategic thinking in shaping the future of the industry.

The Thrilling Finale

The climax of the event was marked by the intense Grand Finale, comprising three rigorous rounds. Teams were tested through simulation-based challenges, the rapid-fire 100-second round, and the unpredictable ‘Spin the Wheel’ activity. These segments required teams to make strategic decisions across categories, adding excitement and risk to the competition.

The finalists showcased their expertise in addressing scenarios focused on Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), geopolitical challenges, business sustainability, export potential, strategic investments, and supply chain management. The scenarios were evaluated by an esteemed panel of judges:

Ms. Gulzar Khoja FCA, Chief Financial Officer, PSO
Mr. Khalid Zaman Khan, Group Head of Human Resources at Meezan Bank Ltd
Mr. Rayomond Kotwal, Chief Financial Officer, HBL

Crowning the Champions

After a fierce competition, the KnS School of Business Studies emerged as the National Finance Olympiad Champion 2024, lifting the esteemed trophy. K-Electric and KPMG secured the positions of 1st and 2nd Runners-up, respectively.

The winners were celebrated for their strategic brilliance, innovative thinking, and ability to tackle complex financial challenges under pressure.

Acknowledgments and Gratitude

Mr. Samiullah Siddiqui FCA expressed heartfelt gratitude to the NFO organizing team, ICAP’s PAIB Committee, Unilever Pakistan Limited (collaborator), Karachi School of Business & Leadership (Learning Partner), and technical partners A.F. Fergusons & EY Ford Rhodes. He also appreciated the efforts of ICAP’s Examination Department, IT Department, MARCOM, and Administration teams for making NFO 2024 a grand success.

A Platform for the Future

The event concluded with the distribution of mementos, group photographs, and a celebratory dinner, marking the end of a successful decade and the beginning of another era of excellence.

The National Finance Olympiad continues to inspire finance professionals to lead with confidence, adapt to emerging challenges, and excel on both national and global fronts. The event attracted a diverse audience, including students, experienced finance leaders, ICAP members, past presidents, and representatives from prominent organizations across Pakistan.

Looking Ahead

As the National Finance Olympiad enters its second decade, ICAP remains committed to fostering excellence and empowering finance professionals. With evolving challenges and opportunities on the horizon, NFO will continue to serve as a beacon of learning, collaboration, and strategic thinking, propelling Pakistan’s financial sector to greater heights.

For more information and updates on future events, visit the official ICAP website.