Motivating SA's talented students in economics and finance

The Nedbank Old Mutual budget speech competition has been a stalwart in the field of economics and finance since its inception in 1972. The competition, designed to motivate and incentivize the country's most talented students in economics and finance, has played a crucial role in fostering the growth of young economists in South Africa. In its 46th year, CNBC Africa's Karabo Letlhatlha sat down with Joel Baepi, Director of governance, regulatory, and corporate affairs at Old Mutual, to discuss the competition's evolution, impact, and the future of the industry. Baepi reflects on the competition's origins, noting the importance of developing competence in economics for NetBank and later Old Mutual. As organizations in the financial services sector, a deep understanding of economic systems and markets is essential. By sponsoring a competition that nurtures young talent in this space, both the students and the sponsoring organizations benefit. The competition initially targeted postgraduate students but expanded to include undergraduates in the 90s. This expansion aimed to widen the pool of young talent available to both the public and private sectors, providing a diverse range of candidates equipped with essential economic skills. One key aspect of the competition is the interaction it provides for young economists with influential figures in the industry, including lawmakers, legislators, and market experts. Baepi emphasizes that the competition goes beyond theoretical knowledge, allowing students to engage with real-world problems such as corruption. This hands-on experience offers participants a unique opportunity to apply their economic competence to analyze and address pressing societal issues. In terms of mentorship, Baepi highlights the invaluable networks that participants build throughout the competition. By meeting fellow contestants, alumni, adjudicators, and industry leaders, students create connections that can guide them in their professional development. The top 10 finalists from both the postgraduate and undergraduate categories also benefit from spending a week together, fostering relationships that may have never formed otherwise. These networks, whether at a senior or peer level, serve as a support system for young economists as they navigate their careers. The Nedbank Old Mutual budget speech competition stands as a beacon of excellence for aspiring economists in South Africa. As it continues to nurture talent, facilitate meaningful interactions, and provide essential mentorship, the competition plays a vital role in shaping the future of economics and finance in the country.