2017 Inter-Collegiate Finance

Competition

The 19th ICFC

The Search for the Best College Finance

Team

COMPETITION MECHANICS
 1. Team Composition
Participants should be enrolled as a regular student with at least 12 units as certified by
the school registrar (or equivalent official in the absence of a registrar). Any exemption
must come with a request for exemption from the Dean. The ICFC committee has the
right to approve or disapprove the request made. Participants in any previous ICFC are
not allowed to compete. Should a participant be discovered that he or she has
competed in previous ICFC; the school will be immediately disqualified.

Eliminations Finals
Each team is composed of a minimum of 3
and a maximum of 5 participants /
students. The team composition should be
based on the line-up submitted to the
Junior FINEX Committee.
During the competition 3 participants must
be on stage at the start of the first
question. While the 2, if any, will serve
as alternates. The team defaults the
Competition if it does not have all 3
participants on stage by the time the
first question is asked by the
quizmaster

Substitutions will be allowed during the

breaks between rounds. Members of the
school teams will be the only allowed
alternates.

2. Competition Rounds
The competition consists of the Elimination round and the Finals round. The host school
shall sponsor its own welcome / opening activities.

3. Format and Time Limit

 Eliminations Finals
3 rounds: easy, moderate and difficult
Will consist of 50 questions.
EASY (20) = 5 points each
MODERATE (15) = 10 points each
DIFFICULT (15) = 20 points each
Easy questions should be answered
within 30 seconds.
Moderate questions should be
answered within 90 seconds.
Difficult questions should be answered
within 150 seconds
All questions are in multiple choice format.

4. Materials
Calculators to be used will be provided by Hewlett-Packard and the ICFC Committee.
No other electronic device, including cellular phones, shall be allowed during the
competition proper.

Eliminations
Hewlett-Packard (HP8s)

Paper and pencils will be provided by the ICFC Committee

5. Contest Procedure
During the eliminations, the same question will be asked simultaneously in all the
contest venues.

For the eliminations, the Board of Judges will announce the question number. The
corresponding numbered envelope with the question slip will be distributed to each
team. Each envelope and the question slip should have the same recipient school
printed on their face. Each team will then be asked to check whether they have their
names on the envelopes and whether they have the same number in their envelopes as
the question number that the quizmaster has announced.

Upon signal by the Quizmaster, the teams shall simultaneously open their envelopes. A
team that opens their envelope prior to the signal given by the quizmaster will be
given a zero for the specific question. To make sure everyone has the right question,
the quizmaster will read a portion of the question once before the teams are given the
go-signal to commence answering the question.
At the end of the time limit, and only upon the instruction by the quizmaster, all
teams will be asked to hold up their Answer Cards, Each team should have
also written the same answer in the answer slip. The Chairman of the Board of
Judges or his duly appointed representative will then give the right answer to the
Quizmaster by raising the correct Answer Card. After all the cards are raised and
the correct answer given by the Judges, the Quiz Master will ask those with wrong
answers to put down their cards to make it easier for the auditors to mark and tally
the scores of the Team(s) with correct answers. Nobody will be allowed to raise
his card anew once it has been put down. Furthermore, teams with the
correct answers could only put down their cards upon the advice of the Board
of Judges; otherwise, they will be penalized with a zero score for the specific
question.

Additionally, competition personnel shall collect the question slips of teams with the
correct answers. The auditors shall then verify if the answer written in the question
slip is the same as the raised answer card of the team. Teams who fail to write
their answer on the question slip and teams with conflicting answers will be
penalized with a zero score for the specific question. The question slips shall
then be checked and filed by the onsite Auditor and will serve as an additional audit
trail in the verification of scores. Conflicting answers should be brought immediately
to the attention of the Board of Judges.

Late raising of Answer Cards or changing of Answer Cards beyond the time allowed for
each question or shall be penalized with a zero score, to be decided accordingly by
the Board of Judges. The Board of Judges has the full authority to impose penalties
against any form of cheating, i.e. signals from the audience, non-surrender of cell
phones and other electronic devices, use of unofficial calculators, looking at another
teams answer card and similar infractions. Penalties can range from a zero score
for a particular question to outright disqualification from the competition.

The Board of Judges shall be present in all sites for the purpose of arbitrating the
Competition. Protests and queries must be filed by any of the team members
actively participating in the round as registered with the ICFC Committee and
brought to the attention of or addressed to the Chairman of the Board of Judges of
the concerned site immediately prior to the next question. The Quizmaster shall
refer all questions raised to the Chairman of the Board of Judges. In case a query
has merit, the question will be completely invalidated.

The decision of the Board of Judges is final and all participating teams must
abide by its decision. The Board of Judges has the prerogative to penalize any
unacceptable behavior of the contestants via point deductions. Teachers,
coaches, school officials, and other team members not currently participating
in the specific round are all barred from raising questions.
 6. Test Bank

The Easy Bank of Questions will be composed of the topics mentioned below as well as
general information on the local investment industry while the Moderate and Difficult
Bank of Questions are solely based on the topics outlined below. All questions are
formulated and vetted by the Asian Institute of Management Gov. Jose B. Fernandez Jr.
Center for Banking and Finance, CFA Society of the Philippines, and members of
FINEX.

The Bank of Questions will cover the following

I. Tools/Foundation (CFA Curriculum)
A. Economics
B. Quantitative Analysis
C. Ethics

II. Financial Reporting and Analysis (FRA - IFRS) Controllership (CFA

Curriculum)
A. Financial Statements Balance Sheet, Income Statement, Cash Flow
Statements
B. Financial Ratios
C. Assets and Liabilities

III. Management Accounting Controllership CMA/CFA

1. Financial Planning and Performance
A. Planning, Budgeting and Forecasting
B. Performance Evaluation
B.1 Cost and Variance Analysis
B.2 Responsibility Centers and Reporting Segments
B.3 Performance Measures
C. Cost Management
C.1 Measurement Concepts
C.2 Costing System
C.3 Overhead Costs
C.4 Operational Efficiency
C.5 Business Process Performance
2. Financial Decision Making
A. Financial Statement Analysis
B. Corporate Finance (CFA Curriculum)
B.1 Working Capital
B.2 Capital Budgeting
B.3 Cost of Capital
B.4 Capital Structure
 C. Decision Analysis & Risk Management
C.1 Cost Volume Profit Analysis
C.2 Marginal Analysis
C.3 Pricing Decisions
D. Investment Decision (CMA Curriculum)

IV. Valuation CFA Curriculum

A. Debt Fixed Income
B. Equity Securities Market
C. Derivatives plain vanilla
D. Portfolio Management

The questions and the order that they shall be asked will be pre-determined. The pre-
drawing will be observed by the ICFC Board of Judges, and representatives from the
CFA Society of the Philippines Asian Institute of Management and our independent
auditor. However, because of the randomness in the question selection procedure, the
questions drawn may not necessarily reflect the distribution of the Bank of Questions.

7. Qualification for the Final Round

The Registered competing schools are divided into the following groups, namely NCR1,
NCR2, NCR3, NCR4, Luzon 1, Luzon 2, Visayas 1, Visayas 2, Mindanao1 and
Mindanao 2

NCR1

NCR2

NCR3

NCR4

LUZON 1 (Northern Luzon: Ilocos Norte/Sur, CAR, Baguio, Tuguegarao, Isabela, and Pangasinan)

LUZON 2 (Central Luzon: Tarlac, Zambales, Pampanga, Nueva Ecija, Nueva Vizcaya, and Bulacan)

VISAYAS 1(Western Visayas; Antique, Aklan, Capiz, Iloilo, Negros Occidental)

VISAYAS 2 (Eastern/Central Visayas; Negros Oriental, Cebu, Bohol, Samar, Leyte)

MINDANAO 1 (Northen Mindanao; Davao, Cotabato, Agusan)

MINADANAO 2 (Southern Mindanao; Cagayan de Oro, Bukidnon, Iligan)

The top scoring school in each group after the Elimination Round shall automatically
qualify in the Finals. The Board of Judges shall determine how many schools are
required to fill the remaining cast to complete a roster of twenty (20) finalists. The
remaining schools shall then be ranked nationally based on their scores. The top-
scoring schools shall then qualify until the roster of twenty finalists is complete.

In case that after the Elimination round, there are teams that tied for the top spot in their
group, these teams shall be subjected to a Group Sudden Death using difficult
questions, exclusive to their group. The top team at the end of the Sudden Death
shall be declared as the winner of the group and will gain an automatic Finals slot.
The remaining teams shall then be ranked nationally, similar to other teams.

In case of a tie for the 20th Finals slot at the end of the Elimination round, such tie shall
be broken under a National Sudden Death Elimination format. National Sudden
Death Elimination is performed after all Group Sudden Deaths are resolved.

Scores shall be tabulated throughout the Competition in each regional site by a

computer and score-keeping panel composed of auditors from independent auditing
firms. Regional scores will be fed centrally to the NCR site, where they will be tallied
by the Board of Judges and audited by independent auditor. Reconciliation will be
done after each round. Questions on the score tally for a particular round should be
raised before the start of the next round. Results at the end of the Elimination
Round will be submitted to the Board of Judges. The Chairman of the Board of
Judges will announce the teams that will advance to the Finals.

8. Awards and Recognition

There will be medals for each member of the Champion Team plus a Team Trophy. The
1st Runner-up and 2nd Runner-up Teams will be given Team Trophies. Plaques of
Appreciation will be given to all participating schools.

The ICFC Roving Trophy will be kept by the Champion Team for one (1) year. The
Team/School that becomes Champion for three (3) times, will be entitled to a replica
of the Roving Trophy.

The Champion Team will receive prize money of Php 100,000.00, 1 st Runner-up team
will receive prize money of Php 60,000.00 and 2 nd Runner-up team will receive prize
money of Php 40,000.00.