The Inter Collegiate Finance Competition (ICFC) was initiated by the Financial Executive Institute of the Philippines (FINEX) in 1999 through its Junior Finex Committee. The competition started with less than 17 participating schools in Metro Manila. By the fourth year it became nationwide with the most prestigious schools participating. Nationwide eliminations were held at different venues in Manila, Cebu, Bacolod and Cagayan de Oro. The fifth edition in 2003 had simultaneous eliminations in three venues through the marvels of the Internet, courtesy of corporate sponsor Infocom Inc. The sixth edition in 2004 had seventy nine schools from various provinces of the Philippines participating in simultaneous eliminations and in four different venues. These schools represented the best in Philippine finance education. As a partner institute, the AIM - Gov. Jose B. Fernandez, Jr. Center for Banking and Finance prepares the questions through finance practitioners and professionals whose identities are kept secret. The Center also holds the databank of questions from past competitions.
Objectives of the ICFC
The main objective of the ICFC is to expose colleges and universities to world-class finance education standards. It also serves as a bell weather to ascertain the quality and level of finance education nationwide. The ICFC not only serves as a breeding ground for future financial professionals, but also leaders that will lead the country towards economic development with high ethical and professional standards. The ICFC also serves as a forum for identifying and developing the nation’s most promising students majoring in finance. Thru the participation of the country’s best colleges and universities it aims to promote networking and friendship, exchange of ideas, and cooperation among participants.
Questions asked in the competition are patterned after the Chartered Financial Analyst (CFA) Level 1 Examination. These questions are distributed based on assigned weight given in the exams covering the following topics; Ethics and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Finance, Portfolio Management, Equity Investments, Fixed Income Investments, Derivatives Investments and Alternative Investments. The competition starts with the elimination round and ends with finals round. The eliminations have easy, moderate and difficult rounds and questions asked for each round have assigned points. Hard copies of questions are distributed to the participants in envelopes and participants are given a time within which to answer the questions. The top twenty schools move to the Finals wherein all questions asked are difficult divided into four rounds.
In the 2010 competition, the organizers decided to include in the curriculum topics covered in the Certified Management Accountant Examination. The purpose of which is to have a comprehensive function of a Chief Finance Officer (CFO). The curriculum will continue to be change as the need arises due to the demands of the relevant function of the CFO.
Awards and Prizes
In addition to the important role of the JBF Center in the ICFC, the Asian Institute of Management through its Graduate School of Business has pledged scholarships as prizes to the winning team worth Php3.15 million. AIM also gives the winning team free attendance in CFA Level 1 Review course (worth Php45 thousand) that it conducts. The Elimination round is held in the third week of September while the Final round is held on the third week of October.