A team of students from the UGM Faculty of Economics and Business (FEB UGM) has achieved a top-three finish in the international business competition organized by The Institute of Chartered Accountants in England and Wales (ICAEW).
The ICAEW Mainland China & Southeast Asia Business Challenge 2024 occurred in Jakarta on May 11, 2024. The FEB UGM team secured third place and won the Most Agile Team award.
The team, named Six Sigma, comprised Airyn Nabiel Karaputri (IUP Economics 2022), Ancilla Patsy Martani (IUP Management 2021), Dinda Redinata Fadilah (Accounting 2021), Elizabeth Christy Go (IUP Management 2021), Grace Zefanya Octovella Situmorang (Economics 2021), and Yovania Maria Angelita (Accounting 2021), with guidance from Professor Ainun Naim and Professor Fu’ad Rakhman and mentor Dr. Okkie Putriani.
In addition to winning third place and the Most Agile Team award, team member Elizabeth Christy Go received the Best Presenter award.
FEB UGM went up against ten teams from various universities in China, Singapore, Malaysia, Vietnam, and Indonesia. Alongside Singapore Management University (SMU) and VinUniversity, Vietnam, Six Sigma achieved a third-place finish (2nd Runner-Up).
“We are very grateful and still can’t believe we won amid such competitive international teams. From the beginning, we felt considerable pressure as Indonesia was the host, but thankfully, we managed to bring honor to Indonesia and UGM,” said Yovania Angelita, the team leader, on Monday (May 13).
“This is the first time UGM has won the ICAEW at the national and international levels, and we hope to maintain and improve this achievement in the future.”
Angelita mentioned that they secured third place after solving a business case related to a London-based game company. Each team was given 90 minutes to read, analyze, perform financial calculations, create strategies, prepare decks, and submit their analysis.
In the competition, teams acted as company consultants, addressing internal and external company issues, identifying risks, and analyzing whether to develop a project predicted to meet market demand and support company growth.
“Additionally, we were challenged to decide whether to pursue a joint venture, which was a dilemma for the company. The case provided was extensive and complex, over 20 pages long,” Angelita explained.
The journey to winning third place took work. They first competed at the regional level in the ICAEW Indonesia Business Challenge 2024, where 28 teams from 18 universities in Indonesia participated.
They tackled problems, offered innovations and solutions within 48 hours, and demonstrated effective communication skills as chartered accountants.
The first-place winner was a team from Universitas Padjajaran, and the second place went to the FEB UGM team. In this regional grand final, the top two teams earned the opportunity to represent Indonesia globally in the ICAEW Mainland China & Southeast Asia Business Challenge 2024.
Angelita added that their achievement was not only due to the team’s hard work. It was also due to the support and facilitation provided by FEB UGM through the Career and Student Development Unit (CSDU), which offered guidance, mentoring, scheduled practice sessions, and support from faculty advisors.
“The presence of faculty advisors and CSDU truly provided a support system, personally and professionally,” she said.
Dr. Arizona Mustikarini, Head of CSDU at FEB UGM, stated that the unit facilitates students participating in national, regional, and international competitions. This support includes talent selection, expert mentoring, presentation, public speaking training, funding, and sending FEB UGM delegations.
These programs reflect FEB UGM’s commitment to developing future leaders in economics and business to enhance sustainability aspects.
Dr. Mustikarini emphasized FEB UGM’s strong commitment to supporting all students in competitions. CSDU and mentors work together to guide FEB UGM student delegations toward achieving their best performance.
“At the national level, the FEB UGM team came in second place but qualified for the international round. We then prepared thoroughly for the international level, ultimately making it into the top three, along with SMU and VinUniversity. This is a proud achievement for FEB UGM,” she said.
The ICAEW Mainland China & Southeast Asia Business Challenge is designed for university students in Southeast Asia and China. This competition allows students to showcase their talents and innovative thinking in finance, preparing future leaders to face global business challenges.
Author: FEB UGM/Kurnia Ekaptiningrum