15 June 2020, Shanghai – Students from Xi’an Jiaotong Liverpool University were crowned the champions in North Asia Final of the CGMA 2020 Global Business Challenge (GBC), organised by the Chartered Institute of Management Accountants (CIMA). The students – called Team Cooper-win – competed against eight universities from Mainland China, Hong Kong, Macau and Taiwan, and Mongolia. Team YS Nabobess from Guangdong University of Foreign Studies gained second place. Both of Team Happiness chaser from University of Macau and Team IdeaBank from City University of Hong Kong gained third place respectively.
The GBC competition was launched in 2009. It provides an opportunity where undergraduates can enhance their business and team working skills, aiming to find the future international business leaders. It also helps students utilise the digital working environment to deliver quality outcomes and demonstrate problem solving and leadership skills demanded by employers.
For the first time, this year’s competition was held virtually due to the COVID-19 pandemic. It required students through a simulation game to play the role of financial managers for a chain hotel called Alpaca Hotel Group. They listed out the feasible plans for the organisation, considering evaluating quality control, dealing with HR planning, supply chain selection, marketing and budgeting issues. These plans were presented to a panel of Chartered Global Management Accountant (CGMA) designation holders, experts in finance, who evaluated and ranked each team’s submissions.
Vicky Li, FCMA, CGMA, Regional Vice President, North Asia, the Association of International Certified Professional Accountants (the unified voice of CIMA and the AICPA), said: “The North Asia GBC is a business competition for undergraduates, designed to bring out the best in the young business leaders for tomorrow and prepare them through real life scenarios for the world of work.”
She continued: “This year, things have been done differently as a result of the COVID-19 pandemic. We have moved this competition from a physical event to a digital online experience, reflecting the new normal and remote working. Congratulations to Cooper-win on winning this tough competition under this new environment. GBC would be a valuable experience for all the teams as I am truly impressed by all of the teams’ outstanding performance."
The chair of judge panel, Dr. Aidan Goddard, FCMA, CGMA, VP and Director of Finance, Kaercher Investment Co., Ltd commented: “The world of business is fast changing and requires people with strong commercial and financial acumen. Participants in the competition showed us they have the skills to become both good business leaders and management accountants. It was encouraging to see strong evidence that these universities are producing a strong pipeline of talent ready for a career in business."
Nan Shen, student from the Champion team, said: "GBC provides us with opportunities to communicate with excellent undergraduates of Chinese or even North Asia universities, and gains suggestions from financial professionals. We learned how to apply the theoretical knowledge to practice during the competition. Thanks to CIMA and GBC, and we will keep on working hard towards our career aims.”
Team Cooper-win from Xi’an Jiaotong Liverpool University
Team YS Nabobess from Guangdong University of Foreign Studies
Team IdeaBank from City University of Hong Kong
Team Happiness chaser from University of Macau
Future Business Leader:
Yilun Li from Guangdong University of Foreign Studies
Awards of Commendation as follows:
Team Teamovation from National Chengchi University
Team T.O.P from Hubei University of Economics
Team LOT from Tianjin University of Finance and Economics
Team ACE PLUS from Jiangxi University of Finance and Economics
Team Next+ from University of Finance and Economics, Mongolia
Nine finalists participated in the North Asia Final 2020. They are from University of Macau, Taiwan’s National Chengchi University, University of Finance and Economics in Mongolia, City University of Hong Kong, and 5 teams from Mainland China including Tianjin University of Finance and Economics, Jiangxi University of Finance and Economics, Hubei University of Economics, Xi'an Jiaotong – Liverpool University and Guangdong University of Foreign Studies.