University and TAFE students from around Australia have begun their quest to win the 2018 AMP University Challenge, the ultimate contest for those with career ambitions in financial advice and financial services.

Competitors this week received a hypothetical client case study, for which they will have to devise a financial plan to impress the judges.

The teams or individuals with the best responses will be chosen to compete on Finals Day at AMP Headquarters in Sydney later in the year.

Finalists are flown in from around the country to compete in an intense, exciting day of technical quizzes, role playing and public speaking.

First prize includes $5,000.

The AMP University Challenge is a key pillar of AMP’s strategy to support high standards of education and professionalism in financial advice.

AMP Director of Advice Strategy & Services David Akers said the competition was a unique opportunity for students to test their skills and knowledge in a close to real world scenario.

“The competition takes the capabilities that students have developed during their degree and puts them through their paces in a number of simulated experiences including client interviews,” Mr Akers said.

“The students who come out on top will have shown that they can bring together their interpersonal skills and technical knowledge, the hallmark of a professional adviser.”

Now in its eighth year, the AMP University Challenge is a key pillar of AMP’s strategy to support high standards of education and professionalism in financial advice.

Mr Akers said that identifying and cultivating the next generation of financial advisers through initiatives like the AMP University Challenge was vital to the industry, particularly with the pending introduction of new, higher education standards for advisers.

“We want to help build a sustainable, trusted profession in touch with the needs and aspirations of Australians,” he said.

“The enthusiasm and idealism of the students we meet through the competition is heartening for all of us who want to see more Australians get the benefits of quality financial advice.”

The competition is open to all full or part time Australian tertiary students. Enter at www.ampuniversitychallenge.com.au