Matifadza Bingudza, an honours student in Investment Management at the University of Pretoria, has been crowned the winner of the undergraduate category of the annual Nedbank and Old Mutual Budget Speech Competition.
‘Powering Africa’s brightest young minds’ was the theme for the 48th edition of the Competition, which seeks to expose economics and finance students to fiscal and economic policy planning processes. The main awards of the competition were handed out by the Deputy Minister of Finance, Dr David Masondo; Iain Williamson, Interim CEO: Old Mutual; and Mr Mike Brown, CEO of Nedbank, during a gala dinner on Budget night on Wednesday, 26 February 2020 in Cape Town.
Matifadza’s winning essay saw her beating nine other hopefuls from universities around the country to claim the top prize and R60 000 in the undergraduate category by building a case for and against investment in South Africa. She explains: "My essay focuses on the fact that institutions (economic, social and political conventions) form the fundamental building blocks of any economy. Not only do institutions such as property rights and the rule of law, amongst others, hamper or foster economic growth, but also directly influence the rate of return investors will derive."
She further argued that prospective investors will need to undertake a vigorous and careful analysis of the strength of institutions, as well as broader economic factors within the South African context to ultimately determine whether South Africa proves to be a viable investment destination.
Matifadza will be receiving her BCom (Investment Management) degree with distinction during the 2020 autumn graduations and says, "I can emphatically say that the lecturers we have at UP are world class and uphold a level of excellence that I am extremely grateful to have been taught under". She adds that the emphasis that is placed on the ability to synthesise information and form meaningful opinions is extremely valuable both within the competition and in the world of work.
"Not only are our lecturers able to cover the prescribed course content in a professional and understandable manner, but perhaps more importantly the fact that we were continuously encouraged to be cognisant of the world we live in and actively analyse, internalise and subsequently apply what we learn in class to real life." She conveys special thanks to Dr Sansia Blackmore, Mr Frederik Scholtz and Prof Martin Breitenbach for their support during various stages in the process.
She describes the competition experience as surreal: "Often during my time in Cape Town, I could not believe the generosity and commitment that Old Mutual and Nedbank have made into investing in young people and the value they place on providing a platform to share ideas and views with one another as well as industry experts. The process and experience were daunting at times and slightly out of my comfort zone, but worth it."
Once she completes her current studies, she plans to explore the possibility of gaining some work experience and pursuing earning her Chartered Financial Analyst designation. She advises those considering entering this year's competition: "If you are considering it, just do it. You never know what could happen, how far you could go and what opportunities could come your way. Put in the work and take the chance to challenge yourself."
Frederik Scholtz, Senior Lecturer in the Department of Economics and mentor to the third-year Economics students, said he is very proud of Matifadza’s performance. “The competition invests in future capacity of African leadership by creating a stimulating environment for innovative thought on some of South Africa’s most pressing economic issues. Several past winners are presently employed in key positions in both government and the private sector,” he said.
Matifadza was part of a group of four UP students who made it into the finals, with Michelle Hartzenberg and Wihan van der Heever making it to the undergraduate category and André Lourens representing UP in the postgraduate category.
From left: Iain Williamson, Interim CEO: Old Mutual; Dr David Masondo, Deputy Minister of Finance; Matifadza Bingudza, Budget Speech Competition winner and Mike Brown, CEO: Nedbank
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