The CFA Institute Research Challenge offers students the unique opportunity to learn from leading industry experts

and compete with peers from the worlds top finance programs. This annual educational initiative promotes best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.
How the Challenge Works
Local CFA societies work in conjunction with participating local universities to assemble teams of 35 business and finance students. Each team works directly with a mentor to research and prepare an equity research report on a publicly traded company. Each teams findings are locally evaluated by high-profile panels of heads of research, portfolio managers, and chief investment officers from the worlds top firms. Local champions advance to regional competitions in the Americas, Asia, and Europe, and then to the global finale.

The Challenge Components

Analysis of a Public Company Each team works directly with a publicly traded company while preparing their research. This involvement may include company management presenting to teams and participating in Q&A sessions. Mentoring by an Experienced Professional Each team is paired with an investment professional who mentors the team throughout the research process and reviews and critiques the report. Writing a Research Report Each team produces an initiation of coverage report on its chosen company. The report is reviewed and scored by a group of judges. Research Presentation to Panel of Industry Experts and Leaders Each team presents their research to a panel of experts from top financial institutions. The team with the highest combined report and presentation score is the winner. Advancement to the Regional and Global Finals The winners of the local Challenges advance to compete against teams from within their geographic region, culminating in a global finale.

20102011 PARTICIPATION
2,500+ Students 1,200+ Industry Volunteers 546 Universities 102 CFA Society Hosts 79 CFA Local Level Challenges

Benefits of Participation
Students Develop your resume/CV through hands-on mentoring and intensive training in company analysis and presentation skills. Universities Showcase your university on a global scale and provide your students with practical training and invaluable exposure to top industry professionals. Mentors and Panelists Encourage best practices in research within the next generation of investment professionals and help give back to the investment profession in a high-impact manner. Societies Promote your society and the CFA designation within a global forum. Attract volunteers and new members and receive significant media coverageall through a real-world educational endeavor.

Frequently Asked Questions

Who is eligible to compete? Both undergraduate and graduate students. What is the timing of the Challenge? Local society-level Challenges are held from September-February of each year. Regional Finals are held in March/April, followed by the Global Final in mid-April. How is the Research Challenge different from a stock-picking competition? Students conduct in-depth analysis on a single company and produce a full equity research report. The winning team is chosen based on the thoroughness of its analysis and knowledge of one company rather than whether their predictions of the stock price are correct.

For more information, please email researchchallenge@cfainstitute.org Look for us on

Politecnico di Milano wins the 2011 CFA Institute Research Challenge.