CFA Society Malaysia, CFA Society Pakistan and CFA Society Singapore recently collaborated to host the first ever APAC Ethics Challenge.
The initiative, led by Alan Lok, CFA, Director, Ethics Education & Professional Standards, CFA Institute, APAC, was launched to bring the ethics curriculum out of the classroom and into practice by giving university students exposure to real ethical situations and dilemmas through a case study.
The issues raised in the case studies focused upon an investment professional’s duties to clients, duties to employers, conflicts of interest and supervisory responsibility. The case study for the APAC Ethics Challenge was written by Michael McMillan, CFA, Director, Ethics and Professional Standards at CFA Institute.
The challenge was conducted virtually, due to Covid-19, and each local society nominated two teams to participate. A high-profile panel of judges comprised of two senior directors from CFA Institute, a regulator from Singapore, an academic professor from Malaysia and an industry practitioner from Pakistan. There was also an audience of over 60 observers, including regulators from Pakistan, aspiring society leaders from India and Japan, and board members from each of the participating societies.
The six national champion teams were armed with their best analytical and presentation skills and the competition was fierce! The team from the Institute of Business Administration (IBA), Karachi, Pakistan, was announced as the winner of the APAC Ethics Challenge. Nanyang Technological University from Singapore won the runner up place and the University of Nottingham Malaysia Team B was awarded the second runner up slot.
The Journey to the APAC Ethics Challenge
CFA Society Pakistan
The first Ethics Challenge in Pakistan was organized by CFA Society Pakistan on 5 September 2020. A total of 14 teams participated in the local challenge, designed to enhance students' awareness of the ethical dilemmas they may face as future finance and investment management professionals. The student teams analysed a case that was written locally by CFA charterholders and presented to an international panel of judges who were also CFA charterholders.
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The Institute of Business Administration (IBA) and Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST) won the Pakistan Final and proceeded to the APAC Ethics Challenge.
Mr. Mohammad Shoaib, Director Advocacy and GIPS, CFA Society Pakistan said: “During the local and sub regional competition, despite having virtual events, I could observe the enthusiasm of students to excel in knowledge of ethical standards. I am sure they will continue to have same zeal to implement these ethical standards in their practical lives and as result I see a very bright future for Finance and Investment Management!’’
He added, “Developing an ethical mindset at a very young age going in the market will hopefully change the way things are operating in different countries and the whole process will lead to trust being improved over time.”
CFA Society Malaysia
CFA Society Malaysia recently organised its second annual University Ethics Challenge 2020. It received a tremendous response and registered 11 competing teams from seven local universities.
The local society hosted an Ethical Decision-Making workshop for all competing local teams and used the opportunity to engage with regulators and leading employers – securing a prestigious line up of judges:
- Lailatul Akma, Acting Deputy Director of Bank Negara Malaysia
- Fung Ru Huey, CFA, General Manager of Securities Commission Malaysia
- Daniel Wong, CFA, Deputy Manager of EPF Malaysia
- David Meow, CFA, Director of CFA Society Malaysia
- Cindy Sim, Senior Vice President of Bursa Malaysia
- Ahmad Nabil Nazri, CFA, Director of CFA Society Malaysia
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The University of Nottingham Team B and Sunway University Team A emerged as the national top two champions. Trainers – Chong Jin Yoong, CFA, Director, CFA Society Malaysia; Su Je Hui, CFA, Director, CFA Society Malaysia; and Alfatanah Ibrahim, Manager, Deloitte – provided feedback on the presentation skills of these two teams. They went on to represent CFA Society Malaysia in the APAC Ethics Challenge and the University of Nottingham Malaysia Team B was awarded second runner-up in the regional final.
“CFA Society Malaysia introduced the University Ethics Challenge to Malaysia to promulgate three objectives," said Faridq Ridzuan, CFA, Ethics Challenge Chair, CFA Society Malaysia. “We wanted to give students a taste of the real world and the ethical dilemmas prevalent in it. We also wanted to equip the students with the right tools and skills to navigate those areas. Finally, we wanted to gear-up students for success by building on their soft skills, presentation skills and to put into practice their ethical analysis and reasoning abilities in an ever increasingly subjective environment.”
According to Dr. Roy, University of Nottingham Malaysia Faculty Advisor, "Ethics should be nurtured from young. This Challenge provides a platform for students to learn the Do's and Don'ts in the Finance world. In addition, this problem-based learning challenge is a more effective method of instilling ethical behaviour among the next generation of professionals."
Caroline Ng, Executive Director of CFA Society Malaysia, added: “Even though the University students are going through the CFA Institute Code of Ethics and Standards of Professional Conduct for their first time, it was heartening to see them embodying the spirits of the University Ethics Challenge, in understanding and putting ethics into practice as how one would experience in a real-world business environment. It is important to instil ethical behaviour from the start.”
The challenge led to students being more invested in the topic and more committed to successfully resolving ethical issues that will confront them in the business environment.
CFA Society Singapore
CFA Society Singapore hosted its local Ethics Challenge on 26 September 2020, with a total of 22 teams from local universities competing. The local society had hosted an Ethics Challenge previously, but this was the first time it was held in a virtual format.
After a tough local competition, two teams progressed to the regional challenge: The Moral Compass, from the National University of Singapore, and Prior’s Paradox, from Nanyang Technological University (NTU).
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CFA Society Singapore worked with CFA Society Pakistan and CFA Society Malaysia to support the organization of the regional challenge and shared its experience of previous ethics challenges. To ensure that everyone was working to the same set of official rules and judging standards, the three regional societies worked closely on the operations of the APAC Ethics Challenge.
The local society was proud that its team, Prior’s Paradox, from the National University of Singapore, came in second place at the Regional Finals. Since it was the first time the local Ethics Challenge was held virtually, it was an interesting experience for both the local society and the student teams. There were logistical challenges with the virtual format versus the usual physical presentations. However, the local societies learned the various functions on the Zoom platform, such as utilising break-out rooms, and enhanced the overall experience for the participating teams and audience.
"When organising the challenge there will be kinks and bumps along the way. But my advice for societies contemplating organizing their first challenge next year, is to just get on with it", said Fook Leong Chan, Advocacy Director, CFA Society Singapore.
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