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18 November 2020 | Story Dr Nitha Ramnath | Photo Supplied
The UFS team, from the left: Monique Harcourt, Dawid Potgieter, Atalanta Watson, and Zoe Travers.

One of two teams from the University of the Free State (UFS) performed exceptionally well and made it to the top four in the extremely competitive local Chartered Financial Analyst (CFA) University Challenge.

The CFA Society South Africa recently hosted the 12th annual local edition of the CFA Institute University Research Challenge. The research challenge is an annual global competition in equity research hosted by the CFA Institute, a global representative body for chartered financial analyst (CFA) charter holders. During the research challenge, teams from different universities locally and internationally compete on three levels – more than 1 000 universities compete annually.  

"Taking part in the CFA challenge was a wonderful opportunity where we learnt new skills and gained industry-specific experience, which will be invaluable to us as we graduate and embark on our journey as professionals. We are proud to have represented Kovsies in the finals and this proved to us, once again, that hard work pays off, " said the UFS team.

Two teams of four were selected to represent the UFS during the 2020 challenge. Team selection was based on students’ performance during the first semester of their BCom Honours (specialisation in Financial Economics and Investment Management) in the Department of Economics and Finance. During the challenge, students assumed the role of a (sell-side) research analyst and had to write a concise report that covered various aspects related to the company’s business activities, structure, governance, finances, etc., which was presented via Zoom to a panel of judges from the CFA Society South Africa. 

Dr Ivan van der Merwe, the team’s adviser from the Department of Economics and Finance, commented: “It was a pleasure to work with a team that showed so much dedication and was willing to go the extra mile. The experience they gained during this challenge will stand them in good stead and it was a real confidence builder for them to successfully complete a very stressful live presentation and subsequent question session. They made us proud and set the standard for aspiring Finance students at Kovsies.” 

News Archive

Expert in Africa Studies debunks African middle class myth
2016-05-10

Description: Prof Henning Melber Tags: Prof Henning Melber

From left: Prof Heidi Hudson, Director of the Centre for Africa Studies (CAS), Joe Besigye from the Institute of Reconciliation and Social Justice, and Prof Henning Melber, Extraordinary Professor at the CAS and guest lecturer for the day.
Photo: Valentino Ndaba

Until recently, think tanks from North America, the African Development Bank, United Nations Development Plan, and global economists have defined the African middle class based purely on monetary arithmetic. One of the claims made in the past is that anyone with a consumption power of $2 per day constitutes the middle class. Following this, if poverty is defined as monetary income below $1.5 a day, it means that it takes just half a dollar to reach the threshold considered as African middle class.

Prof Henning Melber highlighted the disparities in the notion of a growing African middle class in a guest lecture titled A critical anatomy of the African middle class(es), hosted by our Centre for Africa Studies (CAS) at the University of the Free State on 4 May 2016. He is an Extraordinary Professor at the Centre, as well as Senior Adviser and Director Emeritus of the Dag Hammarskjöld Foundation in Sweden.

Prof Melber argued that it is misleading to consider only income when identifying the middle class. In his opinion, such views were advanced by promoters of the global neo-liberal project. “My suspicion is that those who promote the middle class  discourse in that way, based on such a low threshold, were desperate to look for the success story that testifies to Africa rising.”

Another pitfall of such a middle-class analysis is its ahistorical contextualisation. This economically-reduced notion of the class is a sheer distortion. Prof Melber advised analysts to take cognisance of factors, such as consumption patterns, lifestyle, and political affiliation, amongst others.

In his second lecture for the day, Prof Melber dealt withthe topic of: Namibia since independence: the limits to Liberation, painting the historical backdrop against which the country’s current government is consolidating its political hegemony. He highlighted examples of the limited transformation that has been achieved since Namibia’s independence in 1990.

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