More than 160 students from 19 universities have taken part in the 2017 AMP University Challenge, and five teams will be notified next week that they’ve made it through to Finals Day in Sydney on October 27.
The number of universities in this year’s challenge is up by three over last year, and 77 teams, comprising 165 students, entered. Each team – which may have up to three members – was required to submit a discussion paper on a hypothetical case study. The submissions are assessed by a panel of experts AMP has assembled to determine which teams advance.
The final consists of two components: a technical quiz run like an episode of Who Wants to be a Millionaire that accounts for 20 per cent of the final score; and a series of presentations, including a mock client meeting conducted in front of a judging panel of industry experts and senior planners, accounting for 80 per cent.
The winning team receives $5000, and their university receives $3000. Each member of the winning team receives complimentary registration for the 2018 AMP Summit, the 2017 FPA Professionals Congress (and one year of FPA student membership), and a 2018 AMP professional development day. The winning students also receive a copy of The Trusted Adviser and a subscription to Professional Planner.
Industry leaders, academics and senior AMP executives attend Finals Day to witness the teams being put through their paces in a stern test of each team member’s ability to perform under pressure and interact effectively with clients and peers – a key skill for a future adviser.
AMP’s director of channel strategy and services, David Akers, says he is “delighted with the high levels of interest” in this year’s University Challenge.
“It’s great to see so many students from leading universities participating, which gives us confidence about the potential attractiveness of financial planning as a career,” he says. “The challenges set by our team help entrants get a good insight into the type of work undertaken by financial advisers, and the finalists get direct feedback from leading practitioners on the day.
“It’s a good way to get to know a potential career from the inside out, and each year, students tell us they’re attracted by the prospect of helping others achieve their personal goals and aspirations.”
Akers says AMP launched the University Challenge seven years ago in recognition of the importance of fostering a new generation of financial advisers. He says there is “an enormous wealth of talent and enthusiasm in our universities” and an event like Finals Day gives students a live experience of how challenging and rewarding a career as a planner can be.
“It’s important for us to bring these roles to life for students to help attract more people to the profession,” Akers explains. “A number of finalists have gone on to forge careers as planners and in related fields. If we can create that spark in only a fraction of the students who participate, we will be helping make a contribution to the development of the profession.”
Entry to the University Challenge is open only to students who are enrolled in a university-level undergraduate or postgraduate course or qualification.