CMA launches University Financial Literacy Competition
Nairobi 25 September, 2018… As part of its strategy of empowering the youth through financial literacy, the Capital Markets Authority (CMA) has launched the Capital Markets University Challenge 2018. The inter-varsity competition primarily seeks to promote capital market knowledge and will take place from 25 September to 31 December 2018.
The Challenge will see 6,015 university students drawn from 37 participating local universities compete for the grand prize. The grand prize includes a Kshs150,000 portfolio of listed securities of their choice. Additionally, the three overall winners will participate in a fully-paid educational trip to a competitive Securities Exchange and a capital markets regulator in a country within the African continent for a period of 3 days. The university that produces the grand prize winner will also receive capital market-related text books worth Kshs 75,000 for its library.
‘The Capital Markets University Challenge 2018 is one of several initiatives designed to advance the Authority’s strategic priority of enhancing awareness and delivery of capital markets education among the youth as outlined in the recently launched CMA Strategic Plan 2018-2023.’ CMA Chief Executive, Mr Paul Muthaura said. He added that it will also support economic transformation as envisaged in the 10-year Capital Market Master Plan, 2014-2023.
The ‘Challenge’ is a timely response to findings of Authority’s recent studies on Low Uptake of Capital Markets Products and the Capital Markets Investor Behavioural and Situational Analysis respectively. ‘It will demystify the sustainable long-term nature of capital market investments in the face of competition from other investment and quick-return instruments which are redirecting the savings of the youth.’ Mr. Njoroge Kamunyu, Manager Investor Education and Public Awareness noted’
The ‘Challenge’ is anticipated to achieve stronger and more measurable results in improving uptake of capital markets products by the youth. The competition which leverages technology will take place in five stages. The ‘Challenge’ comes ahead of the World Investor Week 2018, taking place 1-7 October 2018, which seeks to promote financial literacy and capability globally. The Authority conducted similar competitions in 2008, 2014 and 2015 respectively.
Background Information on the Capital Markets Authority
Structure of the Challenge
The challenge will comprise five stages which will be staggered over time through various delivery mechanisms for maximum impact and to allow for effective participation.
- 1.Stage One (Online Examination) - Elimination Stage
- Leverage technology through scheduled online multiple choice examinations where no participants will be able to repeat or reenter to take an exam;
- Only the top 100 winners from each university as identified by the system will proceed to Stage Two.
- 2.Stage Two (Online Examination) - Scavenger Hunt Stage
- Online multiple choice questions will require one to actually go through CMA website and Resource Centre Portal to locate specific information within a specified timeframe;
- The objective of this stage is to select the top 1o students with the highest scores from each university to proceed to the next level.
- 3.Stage Three (University Presentation Stage)
- Top ten student from each participating university will make public presentation to fellow students and judges from CMA and selected university faculty members/lecturers;
- The topics will be chosen by the student and approved by CMA;
- The objective of this stage is to have the top 2 students from each university to compete in the Semi Finals.
- 4.Stage Four (Semi – final stage)
- The two short-listed students from each participating university will be invited to the Authority Conference Room to present and respond to structured questions from a panel of judges comprising of CMA staff members and other stakeholders;
- The output of this stage is for the top 12 students overall to proceed to the Grand Finale.
- 5.Grand Finale
- The top 12 students overall who will make a 20 minute presentation to invited public and university students from all participating universities, CMA staff and stakeholders at a Hotel in Nairobi CBD;
- A cocktail to celebrate the winners will also be included as part of the program in the evening.