To any of you guys wondering, I did end up going to the case study competition. Not only that, but our team came runners up!!

No regrets of doing it at all; it was an awesome experience. I'd argue that I learnt more in that 3 hours than all my time at uni thus far. The content was never overwhelming, but certainly challenging at times. I was one of two first years amongst a cohort of mostly third years. I kinda expected this from the start, but the best part was getting help from 3rd year kids who had interned at Big 4 companies (EY, Deloitte, kpmg, pwc). Funniest part was that I forgot to mention I was a first year to anyone there until the very end, so all along they assumed I was a 3rd year actuarial student LOL
No wonder they asked me to crunch the numbers..................
To any other first years, I'd highly reccomend you apply for these case study comps from now on, if you have the time. The real world application skills you gain is nothing short of crucial for any commerce student.