AMP's university challenge more than doubles field
The financial planning university challenge run through AMP's Horizons program has attracted more than twice the number of entrants than in its first year, with a La Trobe entrant again taking the top prize.
Students submit a business case for a financial planning scenario, and the top five are selected for the finals. The number of submissions more than doubled from 24 last year to 57 this year.
"Because of the success of last year we were able to build on that momentum and get deeper engagement from the universities," said Horizons director Tim Steele.
La Trobe University in Melbourne this year embedded the business case study, which also served as the entry to the challenge, into its program - effectively making it more realistic for time-poor students to participate.
"Last year it was just a voluntary part of the assessment, and if they did it, it was part of their assessment," said Marc Olynyk, senior lecturer, Faculty of Business, Economics and Law at La Trobe.
"This year I thought it was useful to embed it into our assessment so all the students have to do it as part of their assessment, and I thought the link between industry and academia was really important for students."
He said that last year the students had the best intentions, but that time pressures were too great for some. "We have to do more as an academic community to engage more with the industry," he added.
He also said that while the technical skills of the students were good, the process highlighted the fact that there was more work needed around the students' client engagement skills.
The five finalist teams were flown to Sydney to complete a role play of an advice consultation and deliver a speech on the likely effects of Future of Financial Advice changes, and also to take part in a "who wants to be a financial planner"-style quiz session.
Following the presentations, they are given an honest and blunt appraisal from a panel including practising planners and academics as well as AMP's Steve Helmich and the Financial Planning Association's Deen Sanders.
One half of the winning team, Nathan Nicolaou, said the biggest appeal of the program came in exposure to those practising in the industry talking about issues that students have previously only learnt from a textbook.
"Just to get feedback on something you wouldn't normally do outside of university is invaluable," he said.
The winning team receives a $5,000 cash prize from AMP.
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