For the second year in a row, university students will be able to compete in a city-wide financial planning competition that will see the winners walk away with summer internships at a top financial institution in Hong Kong. The student category of the SCMP/IFPHK Financial Planner Awards 2008 is open to all first or second year Hong Kong university students reading finance or business related degrees. Angeline Chin, the institute's chief executive, said the student category could jump-start careers in financial planning. It will also honour university students who show sound financial acumen and raise awareness of financial planning. 'At the same time, they get to understand that financial planning encompasses several concepts,' she said. 'The competition provides an excellent teaching tool to apply this knowledge.' Among the prizes are a summer internship for the winning team at a prestigious financial institution, to be named when the winners are announced in November. They will also get a HK$8,000 scholarship, trophy and certificate. The second and third prizes are scholarships worth HK$6,000 and HK$3,000 respectively, plus certificates and trophies. The two consolation prizes are scholarships worth HK$800 and certificates. All first-round winners will also receive a one-year student membership to the institute. Unlike the practitioner category, participation will be in groups of three or four students from the same university. The competition will be divided into two rounds. In the first round, students will have to write a detailed financial plan in English or Chinese and submit it by March 17. A maximum of five groups will then be selected in May to enter the second round, where they must give an oral presentation in English or Chinese of their written plan. Each presentation will be limited to 15 minutes, and there will be a 10-minute question and answer session. Judging will be based on how students are able to apply financial knowledge in crafting the plans, demonstrate understanding of financial planning concepts, and the relevance and comprehensiveness of their plans.