On Monday 27 January, the Economics and Business Studies Department welcomed Dave Payne from the Chartered Institute of Accountants (ICAEW).
Mr Payne ran an interactive business game for 30 members of the Sixth Form, where they had the chance to take on the role of a trainee Chartered Accountant, advising a toiletries-based company on a number of key business issues. After being fully briefed on the company, and undertaking a SWOT analysis, the students worked in teams through four tasks before finally presenting their thoughts to the judging panel.
The tasks encompassed a wide range of scenarios and required the students to call upon different skills. They were:
Task 1 – Decide which one of two new customer contracts is best and advise the firm as to the most suitable for their business needs.
Task 2 – Decide which one of three suppliers would be the most appropriate for the firm.
Task 3 – Complete a three year forecast for the business, including the calculation of a new bundle price for the customer they chose in Task 1.
Task 4 – From additional information about the cosmetics and toiletries market, advise the firm about the best future direction.
All of the students performed very well, making good, well-supported decisions despite being faced with time pressures and information overload! The afternoon gave those studying A Level Business Studies a chance to use the finance and accounting knowledge and skills that they have acquired over the course, while being a great opportunity to get an insight into what a career in accountancy might entail.
Many thanks to Dave Payne and all at the ICAEW for an excellent afternoon.
Teacher of Economics and Business Studies