Business Simulation Competition of UNEC – “Developing Together (with Knowledge)”
A business simulation competition on Securities supported by the Youth Fund under the President of the Republic of Azerbaijan, Youth Fund towards the Innovation and Azerbaijan State University of Economics (UNEC) has been held under the motto “Developing Together (with Knowledge)”.
The event was attended by the employee of the youth organizations sector of the Socio-Political Department of the Presidential Administration Sabuhi Rzayev, Chief of the Sector of the Youth Fund under the President of the Republic of Azerbaijan Vusala Niftaliyeva, Head of the Department on Youth Affairs of the Ministry of Youth and Sports Indira Hajiyeva and Head of Sector of the Ministry of Youth and Sports Narmin Aslanbayova.
UNEC’s Vice-rector for International Affairs and Programs Shahin Bayramov said the purpose of the contest is to teach young people the process of purchase and sale of securities and the brokers’ functions in the mediation process and to develop students’ communicative skills. Noting that the business simulation is one of the models of “practical Education” conceptions, Sh.Bayramov added that the simulation is a game where different situations are modeled in securities market, the participants are being taught all aspects of management- time, cost, risk, the ability of making decisions and other factors. The simulation lasted for two days. 10 teams consisting of 4 students acted as the participants of securities market. On the first day of competition the youth were conducted a Master- class on developing management skills; they were made familiar with simulation stock market. The instructions on modeling available situation on the market have been given and the race was held in test mode. On the second day the teams demonstrated their abilities to compete in the virtual market and making proper decisions. The team ensured the increase of the capital driven by giving rapid reaction to changing condition, incidents and prices of virtual market.
The independent jury consisting of the experts of financial market determined the winners in the end. The team of the students of UNEC’s International School of Economics which showed best results making optimal use of time and corporate resources became the first of the competition. The team consisting of the students majoring in Finance and Accounting, International School of Economics and graduate students of Master Center won II place and the team of SABAH Groups became the III. The team consisting of the students of School of Business and Management became the winner of the nomination “User of all Financial Instruments”.
Winners of the first place- students of UNEC International School of Economics Amil Aliyev, Arzu Amirova, Sabina Nazafzade and Nazrin Heydarova gained chance of participating in the Internship Program of “ZZ Group” out of competition. Note that the students usually pass a two- stage exam to get this chance.