Finance students today have more knowledge than previous generations, and they need to in order to keep up with the rapid pace of technological innovation. I made this remark during the Intercollegiate Finance Competition (ICFC) finals held last year at the Bangko Sentral ng Pilipinas. This event was organized by the Junior FINEX Committee of the Financial Executives Institute of the Philippines (FINEX) in partnership with JP Morgan Chase & Co. This year, we are holding our 24th iteration of the ICFC, and we are inviting schools nationwide to participate so that we can see the future of Philippine finance.
Financial markets have become increasingly volatile due to higher leverage, more automated trading,
and volatility in underlying asset classes such as commodities and foreign exchange. This is why finance students and professionals need to be armed with as many tools as possible to guide our businesses and economies to make the right, risk-adjusted decisions. JFINEX is fortunate to have the CFA Society of the Philippines and IMA Philippines, representing the pre-eminent organizations of financial analysts and management accountants, respectively, as our knowledge partners. We aim to engage the country's top finance students and prepare them for their careers as best as possible.
Why do we do this? A strong education provides students with the foundation to have professional success, uplifting their lives and the lives of their families. Having many students be successful has a carry on effect to our economy especially as finance professionals play a critical role in advising companies and driving corporate performance. The finance students of today will become the FP&A Managers, Comptrollers, Investment Bankers and CFOs of tomorrow.
Beyond the technical knowledge, we also want to teach responsible business ethics. We have also partnered with FINEX’s Ethics Committee to distribute volume 2 of FINEX’s ethics book, "Ethics: Enduring or Evolving.” This book was launched in 2022 in the presence of BSP Governor Felipe Medalla and Department of Trade and Industry Secretary Alfredo Pascual among other dignitaries. It counts many known personalities as contributors to the book. FINEX will send one copy of the book to each participating school of the ICFC to share real-life case studies with their students.
UNESCO says that higher education matters because it “is a rich cultural and scientific asset which enables personal development and promotes economic, technological and social change… For students in vulnerable circumstances, it is a passport to economic security and a stable future.” Despite this, many students do not enroll in higher education, as only 7% of eligible youth among 84 million refugees are enrolled in higher education. In 2023, tertiary enrollment among the college-aged population globally was 40.32%, while in the Philippines, it was only 35.52%. Getting students to school is step one towards providing them with that stable future, but our students also deserve the highest quality education that we can provide them which is why the financial community does events like ICFC.
JFINEX is also embarking on our first college tour this month when we visit Guagua National Colleges in Guagua, Pampanga. This was a regular activity of ours before the pandemic which we are now reviving so that we can really interact with students. Our event, entitled “Preparing for Careers in Finance” features successful professionals such as Rey Abilo, CFO of Shell Pilipinas, Joel Dabao, Stakeholder Relations Head of Pasudeco Development Corporation, Acting Deputy Director Jeniessa Espinosa of the Economic and Financial Learning Office of the BSP and Doris Pastoriza, the Principal of technology Consulting for KPMG R.G. Manabat & Co. They will share their experience with almost 300 finance and business students.
Appropriately, John Pierpont Morgan, the founder of JP Morgan, said “the wise man bridges the gap by laying out the path by means of which he can get from where he is to where he wants to go.” There are many exciting events for JFINEX this year which we hope will truly benefit the students. We are grateful for the support of our partners in making these endeavors successful.
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EJ Qua Hiansen is the Director of the Financial Inclusion Committee and the Chair of the Junior FINEX Committee of the FINEX Research & Development Foundation.
The views and opinions expressed above are those of the author and do not necessarily represent the views of FINEX.