University of Waterloo Team Wins 2026 CFA Institute Research Challenge, Emerging from 8,000 Global Competitors
CFA Institute, the global association of investment professionals, has announced that a student team from University of Waterloo in Canada has won the 2026 CFA Institute Research Challenge. The team emerged from a field of more than 8,000 students worldwide, advancing through national and regional rounds to win the Global Final in Hong Kong SAR.
Chris Wiese, CFA, Managing Director, Education, CFA Institute, who presented the award to the winning team, said:
“The CFA Institute Research Challenge gives students the opportunity to do the work of an investment professional. They analyze a company, develop an investment thesis, and defend their conclusions with clarity and discipline. Along the way, they build the judgment, communication skills, and ethical grounding that define strong practitioners. As AI continues to shape the investment process, those human capabilities only become more important, and this competition provides a powerful way to develop them early.”
The CFA Institute Research Challenge is widely regarded as one of the most prestigious global competitions for aspiring investment professionals. It provides students with hands-on mentoring and intensive training in financial analysis, equity research, and professional ethics.
The winning team from University of Waterloo comprised five students, including Jei Raman Gnaneswaran, Michael Huang, Quynh-Anh Le, Alicia Wen, and Ethan Alexander Fraser. The team was supported by faculty advisor Steve Balaban, CFA and industry mentor Jeannine LiChong, CFA.
Christopher Hui, GBS, JP, Secretary for Financial Services and the Treasury,
Hong Kong SAR Government, said:
“Congratulations to this year’s winners and all participants. This global event brings together outstanding finance students from around the world and highlights academic excellence on an international stage. As a leading financial center, Hong Kong is an ideal place for emerging talent to connect, grow, and get a taste for a career in investment management. We are delighted to have hosted this remarkable event in conjunction with CFA Institute.”
Fred Pinto, CFA, ICD.D, CEO of CFA Society Toronto added:
“We are extremely proud of the University of Waterloo team for winning this year’s global Research Challenge finals. Their journey from the local competition hosted by CFA Society Toronto to their success against teams from around the world is a tremendous achievement. It reflects the talent, discipline, and professionalism of these emerging investment professionals, and on behalf of CFA Society Toronto, we congratulate them on this outstanding accomplishment.”
Finalist teams represented universities from Canada (University of Waterloo), Mainland China (Peking University and Shanghai Jiao Tong University), Jordan (Princess Sumaya University for Technology), Slovenia (University of Ljubljana), and the United States (California State University, Fullerton).
The judges were:
• Glenna Anderson, CFA, CFA Society Chicago
• Emma Mugo, CFA, CFA Society Kenya
• Mohammad Shoaib, CFA, CFA Society Pakistan
• David Ching, CFA, CFA Society Hong Kong
Visit here for more information about the CFA Institute Research Challenge.
About CFA Institute Research Challenge
The CFA Institute Research Challenge is an annual global competition that tests the equity research and valuation skills of university students. Working in teams, students gain real-world experience as they assume the role of research analysts, supported by faculty advisers and industry mentors. The competition promotes best practices in equity research and emphasizes the highest standards of ethics and professional excellence.
About CFA Institute
As the global association of investment professionals, CFA Institute sets the standards for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across more than 160 markets, CFA Institute has 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn.