Students of the Faculty of Economics and Business, Universitas Gadjah Mada (FEB UGM), who were part of the UGM contingent, achieved outstanding results at the 2026 National Student Competition in Business, Management, and Finance (Kompetisi Mahasiswa Nasional Bidang Ilmu Bisnis, Manajemen, dan Keuangan/KBMK). The UGM contingent secured first place in both the Investment Research and Investigative Audit categories and third place in the Scientific Paper category. These achievements led UGM to claim the Overall Champion title at KBMK 2026 and further strengthened its record as the contingent with the highest medal tally for three consecutive years.
Investment Research
In the Investment Research category, Team Siwan secured first place. The team consisted of Ibnu Zidan Alfarij (Accounting 2024), Satrio Dwi Arisetyo (Accounting 2024), and Naufal Razan Aqilah (Economics 2024). During the competition, the team faced the challenge of preparing a comprehensive investment analysis within a limited timeframe for case solving.
With only a short period available for research, the team sought to maximize the quality of their analysis during the presentation. They also worked to formulate an investment thesis that was highly relevant to the circumstances of the company featured in the case.
“Our strategy was to make the most of the presentation because we had very limited time for research only 12 hours and to develop an investment thesis that was most relevant to the company,” Naufal explained.
Another challenge arose when the team had to analyze a company structured as a superholding. Within the available time, they had to break down the subsidiaries’ business lines before conducting valuations and analyses for each business segment. This situation required the team to prioritize their analyses while ensuring the relevance of their investment recommendations.
For students interested in participating in similar competitions, Naufal suggested starting preparations by forming a team and finding mentors who share their goals. He also encouraged students to gain experience through smaller-scale competitions before advancing to more competitive events.
Investigative Audit
First place in the Investigative Audit category was secured by Team Pemula, consisting of three students: Keyra Audrey Annabelle Christian (Accounting 2023), Nayla Phui Amazona (Accounting 2023), and Tiffany Aida Puspa Ashri (Accounting 2023). For the team, the victory was the result of a collective effort amid time constraints and coordination challenges throughout the competition.
Keyra revealed that one of the greatest challenges emerged during the final round. The team had only around 12 hours to complete the case. After submitting their presentation in the morning, they still had to prepare their delivery and anticipate questions from the judges before presenting.
“We felt that all the effort we put in finally paid off. During the competition, we were only given around 12 hours to work on the case,” Keyra said.
In working on the case, the team relied on the division of responsibilities they had implemented since the preliminary and semifinal rounds. Each member was responsible for a different component, ranging from tests of controls and substantive testing to preparing the audit report and recommendations. Group discussions complemented this division of tasks to align their understanding and refine their answers.
The experience highlighted the importance of technical skills acquired through coursework. Keyra noted that knowledge from courses in auditing, information systems auditing, and internal auditing provided relevant preparation for the competition. She encouraged students to put the knowledge they acquire in class into practice by participating in audit competitions.
Scientific Paper
The UGM contingent also recorded another achievement as Team Pajak Ditanggung Pemenang secured third place in the Scientific Paper category. The team consisted of Sabiq Muhammad Al Ghozi (Economics 2023) and Bitha Cahya Rumansya (Public Sector Accounting 2024). In the competition, the team developed Palmio, a business model concept that utilizes empty fruit bunches (EFB) from oil palm as raw material for bioplastics.
Rather than focusing solely on converting waste into bioplastic products, the team sought to develop a business model that could generate value across multiple dimensions. The Palmio concept integrates the use of EFB as a raw material, carbon credits, and a group-buying mechanism into a single platform.
Ghazi also expressed his pride in being part of the UGM contingent that maintained its achievements for three consecutive years. For him, the accomplishment represents a responsibility to continue bringing recognition to the university through the ideas and innovations they develop.
UGM contingent supervisor Choirunnisa Arifa, S.E., M.Sc., Ph.D., Ak., CA., expressed her pride in the achievement. According to her, the success reflects the consistent efforts and commitment of both students and supervisors in maintaining UGM’s national achievements.
“I am proud of the achievements of the UGM contingent at KBMK 2026. Becoming the contingent with the highest medal tally for the third consecutive year demonstrates UGM’s consistency, effort, and commitment to maintaining its achievements,” she said.
According to Choirunnisa, the students’ dedication was also evident when they continued practicing their presentations with their supervisors in the morning after working on the case throughout the night. She hopes the achievement will motivate FEB UGM students to continue developing their skills and competing in fields in which they excel.
The success of the UGM contingent at KBMK 2026 demonstrates how competitions can provide students with opportunities to apply academic knowledge, develop analytical skills, and test their ideas in situations that demand both precision and creativity. Choirunnisa hopes that this achievement will inspire other FEB UGM students to continue striving for excellence and sustain UGM’s accomplishments in future competitions.
Reporter: Dwi Zhafirah Meiliani
Editor: Kurnia Ekaptiningrum
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