Accounting students win national challenge

Accounting students from Monash University have once again come out on top in the Institute of Chartered Accountants Australia’s (ICAA) national Student Challenge. The Challenge involved solving a real life business problem for a not-for-profit organisation.

The Monash team Cameron Low, Alexei Berezner, Jarrod Bayliss-McCulloch and Daniel Hui, entered the competition as Assurance Associates Australia, developing an assurance program outlining the expectations of the Cancer Council Australia (CCA).

They developed a model for CCA which will allow them to evaluate proposals for licensing and campaign partnerships with third parties.

“We entered the Student Challenge this year because we wanted to use our skills and abilities to make a difference in the real world and the Challenge presented us with a unique competitive forum to test out our understanding and grasp of the knowledge we have gained at University.

“There is no doubt in our minds that winning this challenge has provided us with an edge for our future careers. The Challenge allowed us to demonstrate our professional capabilities across a wide range of media, to really show what we are able to achieve through teamwork and cooperation, and reflects the reality that chartered accounting is about more than just numbers; it is about practical and meaningful solutions to real business problems,” Cameron Low said.

According to Jarrod Bayliss-McCulloch the Challenge has given them the opportunity to use their skills and abilities to help solve a business problem faced by one of Australia's great charitable organisations. “It is an amazing forum for professional and personal development”.

As overall winners they won air tickets to one of the following major business capitals Shanghai, London, New York and Sao Paulo as well as the Ultimate Power Lunch at Sydney’s exclusive Level 41 restaurant where they will present their submission to some of Australia’s leading companies and accounting firms.

In their report, they proposed a model which will enable decision makers at CCA to evaluate Licensing and Cause Related Marketing (CRM) proposals based, not only on financial objectives, but also on the organisation's purpose, vision, values and market position.

Deciding whether to accept a Licensing or CRM proposal is not solely a financial issue and the evaluation criteria for their proposal reflected the Cancer Council Australia’s strong not-for-profit mission. By including non-financial criteria, the evaluation process provided a clear framework for decision-making that reflects both the economic and political realities in which Cancer Council Australia operates.

In the Best Presentation category Accounting students George Georgiades and Anton Petrov took out best presentation for their YouTube video and PowerPoint slides outlining the step by step process of obtaining a licensing or cause related marketing agreement, from first contacting CCA to actually obtaining the license or agreement.

Photo: From left: Cameron Low, Jarrod Bayliss-McCulloch, Alexei Berezner, and Daniel Hui. In front are Anton Petrov and George Georgiades.