HR Corner National competitions hone specialist acumen by Charles Mak Leading professional services firm nurtures tomorrow's professionals China's soaring economic growth has brought unprecedented challenges and opportunities not only for Hong Kong professionals but also for the region's youth. In view of this, responsible corporations are eager to offer young students a taste of business and a sense of professionalism, in preparation for a challenging future. For the fourth year running, Deloitte Tax Research Foundation has held the Deloitte Tax Championship, a nationwide competition for university students in Greater China. The competition challenges student teams in a simulated business context. Teams must identify issues and opportunities then formulate and present sophisticated business solutios related to China's tax laws and recent tax reform developments to a panel of judges. "One of our objectives is to arouse university students' interest in tax studies and practice, helping them build competences which will ultimately contribute not only to the industry but also to society at large," says Yvonne Law, national chief knowledge officer & tax partner, Deloitte Touche Tohmatsu. Learning platform Concluded in Guangzhou earlier in October, the Deloitte Tax Championship (case study competition) attracted participation from 47 universities from 20 cities in the Greater China region. While Nanjing University won the top accolade, the Hong Kong University of Science and Technology (HKUST) was Hong Kong's only team who made it to the national final and won second place, beating nine other finalists from the mainland, Macau and Taiwan. Students participating in the regional and national rounds were able to display a thorough understanding of China's tax regime, tax issues and best practices by analysing the given scenario and providing solutions to the problems, says Mrs Law. They also showcased valuable attributes. "Textbook knowledge alone will not meet the needs of businesses in today's sophisticated corporate environment. For example, a tax advisor deals with many different tax and business issues for a broad range of clients every day. He or she must demonstrate exceptional oral and written presentation skills and a flair for interpersonal communication," she adds. "Our business needs people well versed in those areas." The four HKUST representatives are Hong Kong students who do not speak Mandarin as mother tongue. Naturally, mainland students have the advantage in terms of language proficiency. However, Mrs Law stresses that the panel sought analytical skills, logical thinking and team spirit over language ability. New perspectives Hui Kai-wai, assistant professor, Department of Accounting, Business School, Hong Kong University of Science and Technology notes that the selection criteria for the university's representatives were straightforward. Academic performance was the primary benchmark. "Most importantly though, they must have an interest in the Chinese taxation system and the confidence to surmount challenges," he says. "Selected candidates spent the entire summer familiarising themselves with taxation policies on the mainland. They undertook extensive reading and organised sharing sessions with past participants as well as attending technique and strategy workshops." Furthermore, Dr Hui points out that the concept of the championship is in line with contemporary teaching philosophies. "Our job as educators is not the mere transfer of knowledge," he asserts. "Business education is very much about analysing market phenomena. Through case studies, students learn not to seek correct answers but instead explore options and prepare contingencies. In a nutshell, we cultivate thinking skills and the competition does exactly that." Geo Lo, final year accounting student from the HKUST and leader of the four-person team says, "Through this competition, we put our analytical and logical thinking, as well as organisation and presentation skills to the ultimate test." At the moment, no Hong Kong higher education institutions have a dedicated China tax discipline. "There's just so much scope for exploration," Mr Lo adds. "The competition gave us a wider career perspective while also helping to broaden our horizons and prepare us for challenges later in our career." His classmate and fellow team member Queenie Lai agrees. "Throughout the Deloitte Tax Championship, we had many opportunities to meet and learn from Deloitte's partners, managers and associates about the tax profession and the firm's culture. These are truly invaluable," she says. To her, preparing for the championship was like working on a school project, only on a national scale. "We've learned to consolidate and modify ideas, appreciate and utilise each other's strengths, distribute work and most importantly formulate an efficient workflow," she says. Mr Lo agrees, "It's also an excellent opportunity for all of us to appreciate the value of teamwork." Dr Hui believes the competition can boost students' interest in the specific field and offers an ideal opportunity to exchange academic ideas and insights with reputable universities in Greater China. Demand for tax advisors constitutes only a tenth of Deloitte's recruitment needs. However, this niche discipline is as interesting and significant as any other accountancy disciplines such as audit and financial advisory. "Businesses all over the world have great respect for tax professionals because of their expert knowledge," Mrs Law remarks, adding that through activities like the championship and campus talks, the firm can strengthen its bond with academia. "The Deloitte Tax Research Foundation also organises seminars and an array of events for both clients and students," she explains. "In addition, winners of the championship share their experience with other students, revealing the many facades of the industry. Whatever their career aspirations, the championship offers a great opportunity for whole person development, making it a momentous event." Salient points Student teams challenged in a business context Hong Kong team made national finals Ideal opportunity to exchange academic ideas Niche discipline interesting and significant Taken from Career Times 21 December 2007, p. A16 Your comments are welcome at [email protected]