A team of students from Otago University's School of Business have come runner-up at a top international business competition in Canada.

The Scotiabank International Case Competition is considered one of the most prestigious in the world.

Twelve nations were represented, including teams from Belgium, Italy, the UK and the US.

The Otago contingent progressed to the final round, up against Hong Kong and Thailand.

Chef de Mission Doctor John Guthrie says the competition is tough, and after three attempts they're beginning to understand what's required.

He says students analyse a case and develop strategies for the future direction of a company, which is judged by alumni from the hosts, the Richard Ivey School of Business.