The team of Young Economists' Forum of NSU which will arrange Econsilium, a consultancy based competition Young Economists' Forum (YEF), the first academic student-run organisation of North South University, has been devoted to bridge the gap between the everchanging demand for relevant skillsets and the supply of those very same skills. Since its inception, it has studied with a keen eye the problems ailing the economy of Bangladesh and both promoted and organised platforms for dialogues to steer the nation in the right direction.
Established in 1998 to nurture excellence in the minds of aspiring economic thinkers, Young Economists' Forum has dedicated its existence to the furthering of knowledge. Some of YEF's prominent events include 'EconProdigy', 'EconFest', and 'BudgetTalk'. Ever evolving within the context of modern economy, YEF has always risen to the challenge of meeting the needs of the day. YEF is all set to launch its new initiative--Econsilium-- aimed at synthesising in-depth knowledge and business exposure.
Econsilium is the country's first consultancy-based competition. Participants take on the role of business consultants whose job it is to provide tailor-made solutions to large companies based on present economic trends and relevant development data particular to the case provided.
Econsilium's mission is to train aspiring would-be consultants in the nuances of understanding data, large macroscopic socio-economic trends and opportunities that these paradigm shifts entail for businesses.
The structure
Econsilium is a team-based competition and will be divided into three main phases. Each team will consist of two or three members. Students from every major discipline from any university of the country can participate in Econsilium as long as they are enrolled in an undergraduate programme.
Phase one: Abstract submission
Phase one begins with the distribution of the case. A corporation will need to enact a set of strategic decisions, which requires the company to have access to specific large-scale data and development trends. Based on this premise, a particular case situated within a critical vital industry will be provided to the participants. This case will be segmented into multiple parts. Each segment will be evaluated by pre-set criteria, which will test participants by their analytical and problem-solving ability.
Upon receiving this case, teams will have to prepare a short abstract detailing their solution. This solution will need to be justified by data and development trends examined and analysed. The best solutions will then be shortlisted, and respective teams will move on to the next phase.
Phase two: Impromptu role play
In phase two, teams will be given an impromptu business case, which they will have to solve within a set amount of time. Teams will have two to three hours to analyse and prepare an adequate solution to the provided case. A panel of professional consultants and business executives affiliated with prestigious firms will assume the role of the Board of Directors for the company mentioned in the case while participating teams will assume the role of a consultancy agency and have a thoroughly engaging discussion with their allocated panel of experts. This panel of experts will then evaluate participants' knowledge, understanding of the issue and quality of the solution.
During this whole process, the panel will draw upon their years of professional experience not only to offer critical feedback but also to provide guidance on how to improve participants' work should they move on to the next phase. This stage is not just feedback and evaluation round but also an informal mentoring session.
Phase three: Grand finale
The five best teams will make it to the grand finale. This is a textbook presentation round where teams will aggregate everything they have done so far into a final presentation detailing the situation, data examined, current trends and final solution. The presentation will conclude with a thorough Q and A session with the esteemed judges, all of whom will be industry leaders.
The writer is team leader of Academic Practices at Young Economists' Forum, North South University. He can be reached at [email protected]
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