ICAP Honours Ten Years of Financial Excellence at the National Finance Olympiad 2024

The 10th National Finance Olympiad (NFO) was celebrated with great fanfare, marking a significant milestone for the Institute of Chartered Accountants of Pakistan (ICAP). This historic occasion serves as a light of excellence for Pakistan’s financial community as it commemorates ten years of financial leadership, innovation, and brilliance.

The National Finance Olympiad has been a hallmark project of the Professional Accountants in Business (PAIB) Committee of ICAP since its beginnings. It has developed into a top venue for financial professionals to demonstrate their skills during the past ten years. Over the course of two difficult rounds, 52 teams from a variety of industries and organisations competed in the demanding tournament.

The top six teams, which competed for the coveted title of “National Finance Champion 2024,” were Unilever, Lipton Teas & Infusions, Engro Fertilisers, KPMG, KnS School of Business Studies, and K-Electric. They demonstrated outstanding financial skills and earned their spots in the Grand Finale.

Industry professionals assessed the recently implemented simulation-based evaluation, which challenges participants to address real-world issues as the NFO’s dynamic structure continues to change. Through case studies, boardroom challenges, and interactive sessions that included the exhilarating “Spin the Wheel” exercise, the competition also put the competitors to the test.

A friendly networking session kicked off the evening, laying the groundwork for an exciting competition. In his motivational speech, Mr. Samiullah Siddiqui FCA, Chairman of the PAIB Committee and Council Member of ICAP, greeted the guests.

In addition to praising the participants’ outstanding performance, ICAP President Mr. Farrukh Rehman FCA acknowledged the crucial role that finance professionals play in the socioeconomic growth of the country. In addition to congratulating all of the teams that took part and the top candidates, he emphasised how events like ICAP’s NFO 2024 act as catalysts for developing the next wave of financial leaders.

In order to guarantee that finance professionals continue to make a significant contribution to Pakistan’s advancement on the international scene, he emphasised ICAP’s dedication to promoting excellence, resilience, and innovation in the industry.

The event was further enhanced by a panel discussion with prominent figures from the industry who shared their perspectives on the National Finance Olympiad’s remarkable ten-year journey. The panellists were Mr. Ali Tariq, CEO of Unilever Sri Lanka (formerly CFO of Unilever Pakistan), Mr. Khalilullah Shaikh FCA, Board Member of IFAC, and Mr. Shakaib Arif FCA, Chief Executive Officer, Naymat Collateral Management Company Limited. Mr. Samiullah Siddiqui FCA, Chairman of the PAIB Committee and an ICAP Council Member, moderated the meeting.

Mr. Aijaz Haq, Head of Growth & External Linkages at Karachi School of Business & Leadership (KSBL), spoke to the audience and shared his thoughts on NFO as an excellent platform that fosters professional leadership and strategic thinking in addition to celebrating financial expertise.

After the finalist teams were introduced, there was a fierce Board Room battle in which all six teams gave their suggestions to the distinguished Jury on various scenarios. The scenarios included supply chain, export potential, geopolitical conflicts and business sustainability, corporate social responsibility, environmental, social, and governance, and strategic investment evaluations.

Mr. Khalid Zaman Khan, Group Head of Human Resources, Learning and Organisation Development at Meezan Bank Ltd.; Mr. Rayomond Kotwal, Chief Financial Officer, HBL; and Ms. Gulzar Khoja FCA, Chief Financial Officer, PSO, made up the distinguished jury.

Three challenging rounds made up the Grand Finale, each intended to assess the competitors’ strategic thinking and financial savvy. The competition progressed from qualifying tests to simulation-based tasks, culminating in the Board Room, the fast-paced 100-second round, and Spin the Wheel. Teams were compelled to make strategic decisions from six different categories in the “Spin the Wheel” challenge, which also included a risk element that gave the tournament an unparalleled level of excitement.

The KnS School of Business Studies won the prestigious award as the National Finance Olympiad Champion 2024 after a fierce contest. First and second runners-up were K-Electric and KPMG, respectively.

The NFO organising team of ICAP’s PAIB committee, collaborator Unilever Pakistan Limited, Learning Partner KSBL, Technical Partners A.F. Fergusons & EY Ford Rhodes, and the ICAP team from the Examinations Department, Information Technology Department, MARCOM, and Administration were all acknowledged by Mr. Samiullah Siddiqui FCA, Chairman of the PAIB Committee and Council Member of ICAP, for helping to make NFO 2024 a huge success.

A celebratory dinner, group photos, and the delivery of keepsakes marked the end of the evening.

Finance professionals have continuously been motivated by the National Finance Olympiad to lead with assurance, adjust to changing circumstances, and succeed on a national and international level. Students, seasoned finance leaders, ICAP members, past presidents, members of the Southern Regional Committee, and finance leaders from well-known companies around Pakistan were among the varied audience members that attended the event.