The global economic downturn and the increased costs being introduced through the emissions trading scheme, are just some of the challenges currently affecting Australian businesses. 
 
Fourteen teams representing Melbourne's business community were confronted with these issues when participating in the Institute of Chartered Accountants’ ‘Masters of their Game’ competition held on Monday, 10 and Thursday, 13 November.  
 
'Masters of their Game' required participants to devise a business solution for an international company, Advance Pty Ltd, looking to expand its revenue. Each team was allocated just 90 minutes to prepare their strategy before presenting their ideas in front of a judging panel. Teams were then assessed on their ability to present their strategy, its content and their response to the panel's questions.  
 
The Institute's Victoria and Tasmania General Manager, Mr Michael Nazzari said: "'Masters of their Game' is a part of our leadership strategy implemented to assist younger members in developing their professional skills in a real world environment.  
 
"Presentation skills, innovative thinking in a short space of time and fluency in presenting a logical case to a theoretical Board of Institute members, form an integral part of skill development for young professionals and are qualities that are not easy to come by," continued Mr Nazzari. 
 
Some of the recommendations presented by the teams included, addressing the issue of emissions trading and leveraging the resulting good publicity as a competitor advantage. Acquiring businesses exposed to the US sub-prime market in an effort to boost the US arm of Advance Pty Ltd and a proper Governance model to replace the terminally ill Chief Executive Officer, were also recommended. 
 
"This year's scenario is a clear example of what businesses are currently facing in today's volatile market. It also demonstrates the broad range of skills that are required by Chartered Accountants to fulfil the role of a business manager or financial advisor, far from tax and auditing," said Mr Nazzari. 
 
Team GMK Centric who won the challenge included members, Vladimir Shchelkunov, Aminda De Mel, Stella Italiano and Tim Chan. Mr Tim Chan said: "The scenario provided us with the opportunity to utilise some of the technical skills we use on a day-to-day basis and challenged us to deal with current issues, such as the emissions trading scheme and its impact on business. In addition, it provided valuable experience for presenting strategies to potential clients." 
 
In second place was Jeffrey Thomas & Partners, third place AXA and fourth place, Nexia ASR.