National Economics and Financial Management Challenge - NEFMC

National Economics and Financial Management Challenge - NEFMC NEFMC is an annual competition organised by the NUS Economics Society for pre-tertiary students, sin

Each year, NEFMC is graced by guests of honour who share their economic and financial wisdom with young scholars. For th...
22/08/2021

Each year, NEFMC is graced by guests of honour who share their economic and financial wisdom with young scholars. For this year's 14th NEFMC, we were honoured to have Deputy Prime Minister Heng Swee Keat as our guest of honour.

DPM Heng Swee Keat shared his insightful commentary on economics and finance. While we are aware that economics deals with the distribution of scarce resources, we often miss the fact that this translates to the mission of having to overcome the threat of misallocation. Climate change is one such consequence we face and must address today. COVID-19 and the aging demographic are also actively altering the country and the world as we know it, increasing uncertainties against people’s livelihoods. Under such circumstances, we must equip ourselves with economic and financial acumen, linking concepts to real-world problems, while developing our abilities to think critically and work in teams.

DPM Heng inspires us to continue our academic journey and use our knowledge to better the lives of billions. The 2021 NEFMC once again thanks DPM Heng for his warm encouragement for the competition's young scholars, and wishes the students to engrave the economic and financial mission in their hearts.

NEFMC 2021 is highly grateful for our judges who advised on the students' economic and financial knowledge.Thank you Dr....
31/07/2021

NEFMC 2021 is highly grateful for our judges who advised on the students' economic and financial knowledge.

Thank you Dr. Ngee-Choon Chia, Mr. Chew Mun Yew and Ms. Sophia Gao for gracing us with your presence last Sunday during our third and final round of NEFMC!

Dr. Ngee-Choon Chia has consulted for renowned international financial agencies such as the World Bank. Mr. Chew Mun Yew is currently the market head in Taiwan for the prestigious Julius Baer. Ms. Sophia Gao is Assistant Vice President (Business Environment) at Economic Development Board (EDB).

We would also like to thank our economic lecturers, Mr. Chua Yeow Hwee and Mr. Chan Kok Hoe! Mr. Chua Yeow Hwee teaches quantitative and financial economics while Mr. Chan Kok Hoe teaches macroeconomics and economic development.

We would like to take this opportunity to thank Associate Professor Leong Ching, Vice Provost (Student life), Dean of St...
31/07/2021

We would like to take this opportunity to thank Associate Professor Leong Ching, Vice Provost (Student life), Dean of Students, for gracing us with her presence.

In our closing ceremony, she shared 3 main points - the importance of the mastery of the technical aspect of economics, recognising the limits of these models that we have mastered and developing a sense of judgement as economists. She challenges two assumptions of the Classical Economy - the effectiveness of price in influencing certain behavioural change and the notion that people are always acting in their self-interest. Very often, we do not recognise that price does not reflect the true value of resources, especially for water and fresh air. Thus, we have to think about the limits of price as a motivational change. People also do not act in their self-interest sometimes and we as economists have to decide on a course of action to either intervene or not. Along with recognising the limits of the models that we have so carefully mastered, we also have to develop a certain sense of judgement as economists, especially in this era of highly accessible big data. Professor Leong Ching also shared an insightful commentary regarding the emergence of a more resilient and stronger post-Covid 19 economy. Other than the economic aspect, the human responses to the incentives, specifically our collective spirit are what play a huge role.

Once again thank you Associate Prof Leong Ching for taking the time to join us on our 14th NEFMC and sharing such meaningful insights with the participants.

The 14th National Economics and Financial Management Challenge has come to its end! During our third round, both the jud...
26/07/2021

The 14th National Economics and Financial Management Challenge has come to its end! During our third round, both the judges and the audience were surprised by the level of economic and financial knowledge the participants demonstrated. NEFMC is extremely proud to have created a chance for the young scholars to foster friendship and knowledge with each other.

We also congratulate Flow-rishing, Team Panda, and Sheeesh for their exceptional performance during the island-wide challenge and for receiving first, second, and third place in the competition.

The Inland Revenue Authority of Singapore (IRAS) is our national tax administrator.Each and every member of the IRAS fam...
01/07/2021

The Inland Revenue Authority of Singapore (IRAS) is our national tax administrator.

Each and every member of the IRAS family plays a part in redefining taxpayer experiences, facilitating compliance and enhancing the competitiveness of our tax regime. From tax to service to tech specialists, they are looking for adaptable thinkers with a passion to serve, to help shape the future tax landscape.

Explore exciting internship and scholarship opportunities with IRAS. Get insights into IRAS’ work, discover tax administration in a variety of functions and uncover career possibilities.

Check out the Agile@IRAS: Business as (Un)Usual video on our IGTV to find out more about how IRAS responded and pivoted quickly with much agility, collaboration and innovation in the face of new and unique challenges.

Get details on IRAS’ IMPACT internship opportunities at www.iras.gov.sg/irashome/Careers/Work-At-IRAS/Internships/
For scholarship opportunities with IRAS, visit https://brightsparks.com.sg/profile/iras/

HI ALL! The deadline for the registration is getting closer! 😄 , you Register as a team of 3 to 4 people before 4 June!....
20/05/2021

HI ALL! The deadline for the registration is getting closer! 😄 , you Register as a team of 3 to 4 people before 4 June!. Do keep an eye out on this page and stay tuned for more details!

If you have any questions, submit your queries in the link below ⬇️⬇️
https://app.sli.do/event/f8ia6xgu

✨ Also, huge thanks to Shopback for sponsoring us! Shopback is a one-stop rewards and discovery platform where users can earn cashback while shopping at over 4,000 merchants ranging across general merchandise, travel bookings, fashion, health and beauty, groceries, and food delivery. ✨

What words does Dr. Kelvin Seah, the guest of honor for the 2018 NEFMC and the senior lecturer of NUS, have for the 2021...
24/02/2021

What words does Dr. Kelvin Seah, the guest of honor for the 2018 NEFMC and the senior lecturer of NUS, have for the 2021 NEFMC and the tertiary students who will be participating in it? Let's find out together😉😉

-What do you think are the benefits of joining NEFMC?

Apart from broadening content knowledge in Economics, participants will also have the opportunity to hone their critical thinking, teamwork, and time management skills, and build networks with each other. These life skills hold a premium in the labor market and are valued highly by employers.


-Given our current financial climate, how important/relevant is it for students to possess financial/economic literacy?

It is important to be financially and economically literate. Many important decisions like where to put your savings in, how much to save, and even what jobs to work in after you graduate, all require a sound understanding of economics. Because economics is really a decision science, it will help you make good decisions.

Dr. Seah finishes his advice with encouragement,

"Enjoy the NEFMC experience!"

(photo by 2018 NEFMC; Dr. Seah is the man at the left)

HELLO! If you are wondering why you should join us for NEFMC 2021, read on to understand what our PD and VPDs have in mi...
17/02/2021

HELLO! If you are wondering why you should join us for NEFMC 2021, read on to understand what our PD and VPDs have in mind 😉

First, we have our PD Cynthia Lew, a Y1 Business and Econs major. Next, we have our first VPD Justin Goh, is a Y1 Business and Econs major. Lastly, our second VPD Hui Yann, is a Y3 Econs and Maths major!

Swipe to find out more on what made them want to join NEFMC as part of the planning committee and why you should join us on this exciting journey this year 🤩

NEFMC is designed to introduce pre-tertiary students to university-level Economics and Financial Management. By particip...
15/02/2021

NEFMC is designed to introduce pre-tertiary students to university-level Economics and Financial Management. By participating, students better understand Singapore’s economic and financial landscape, and also form new and stronger friendships with enthusiastic peers! 🤩😆
This year, our theme is "Building A Resilient Post Covid-19 Economy". Indeed, Covid-19 is one of the biggest keywords in the global economy, and undoubtedly influenced and changed our economies in many ways.
NEFMC is asking you, how can we build a resilient post-Covid-19" economy?
We can't wait to hear your brilliant ideas! 😄
Excited about the challenge? Follow us () and stay tuned for our NEFMC Trivia!

Drums roll please…!The results of NEFMC are out. Congratulations to the winning teams of NEFMC 2020! All participating t...
28/08/2020

Drums roll please…!
The results of NEFMC are out. Congratulations to the winning teams of NEFMC 2020!

All participating teams should receive their performance report and the Quiz Hemsworth solutions via email today.

As for certificates or prizes (if applicable), we will be mailing out to all participating teams to their respective schools latest by the 3rd week of September. Do keep a look out for it!

Once again, thank you for being a part of NEFMC 2020! We hope that it has been a fruitful and beneficial experience for everyone.

A big thank you to all sponsors and event partners of NEFMC 2020! Without the support from our sponsors and partner, NEF...
11/08/2020

A big thank you to all sponsors and event partners of NEFMC 2020! Without the support from our sponsors and partner, NEFMC 2020 would not have been possible. Once again, thank you and we are extremely appreciative for your generosity for this event.

The Organizing Committee is pleased to have a partnership with and support from the Land Transport Authority (LTA) Land ...
11/08/2020

The Organizing Committee is pleased to have a partnership with and support from the Land Transport Authority (LTA) Land Transport Authority – We Keep Your World Moving. A statutory board under the Ministry of Transport, the LTA spearheads the planning, development and maintenance of Singapore’s land infrastructure with the main aims of creating a greener and more inclusive transportation network.

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