Strathmore tops business accounting competition

Corporate News

Safaricom’s head of innovation Veronica Ogetto-Tchoketch and iLab director Joseph Sevilla congratulate Mosoti Derdus of Safaricom Academy last week. Photo/Diana Ngila 

 

By Sandra Kiogora

In Summary

• The country head of ACCA Kenya, Anthony Kariuki, indicated plans of making the event bigger in subsequent years and possibly opening the platform to universities from other African countries
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Strathmore University students have emerged top in a business accounting challenge, beating 19 other institutions of higher learning.

The three-month nationwide challenge organised by the Association of Chartered Certified Accountants (ACCA) and the Standard Chartered Bank (StanChart) saw 338 students battle it out to prove their mastery of accounting.

Sanjay Rughani, head of the bank’s finance operations in Africa, pointed out the importance of nurturing youth into future leaders through forums where students can gain practical experience.

“We are committed to support developing capacity for youth and in particular the accounting profession locally by enabling the effective adoption of global standards in both professional training and practice,” he said.

Strathmore’s Ashna Patel, Winnie Onserio and Nishita Bakrania formed the team that beat eight others that made it to the finals held at the University of Nairobi Thursday.

“The challenge has provided much-needed practical exposure which a classroom experience alone cannot fulfill,” said Ashna Patel.

Participants were required to analyse financial statements of StanChart in three stages; financial management, investment analysis and the business simulation stage.

Each of the eight teams that made it to the final stage comprised of three students who assumed the role of chief executive officer (CEO), chief financial officer (CFO) and chief operations officer (COO) of the bank.

Each of them explored possible strategic business and investment opportunities for the bank in line with their roles.

Mentors were also assigned to each of the teams, guiding the students through the process.

“This entire effort has played a huge role in motivating and exciting students pursuing the accounting profession,” said James McFie, a lecturer in management accounting and financial reporting at Strathmore who mentored the top two teams.

The country head of ACCA Kenya, Anthony Kariuki, indicated plans of making the event bigger in subsequent years and possibly opening the platform to universities from other African countries.

The winners were each awarded iPads, while the 1st runner-ups received laptops with the 2nd runner-ups taking home smartphones.