The Institute of Financial Planning’s University Team Challenge is now open for entries for the 2012 competition.

The competition, run in association with IFP-sponsor firm Seven Investment Management (7IM), is open to all undergraduate students and aims to support the Financial Planners of the future.

Teams of four are required to submit a detailed financial plan based on a case study scenario. To help with the process, the IFP provides students with experienced Financial Planning mentors.

The case study is similar to those used by Financial Planners attempting CFP^CM certification. The prize for the winning team is a trophy and a cheque for £1,500.

Last year’s competition was won by Sarah-Jane Davies, Josh Guile, Tom Parker and Carla Gardner from Manchester Metropolitan University.

Josh went on to win the IFP Financial Planning Student of the Year at the IFP Conference in October 2011.

Sue Leech, education director at the IFP, said: “Attracting highly skilled new entrants into a rewarding career in Financial Planning is a key strategic aim of the IFP and this competition is a great way to help this along.

“Financial Planning is bucking the trend, showing strong demand for graduates who are suitably skilled to enter jobs in Financial Planning practices all around the UK.”

Justin Urquhart Stewart, marketing director at 7IM, said: “With RDR almost upon us, there has never been a more important time to be encouraging students into such a vibrant profession with excellent career prospects.”