CFA Institute Research Challenge
This annual global equity research competition provides university students with hands-on mentoring and intensive training in financial analysis.
What is the challenge?
The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis and professional ethics. Each student will be tested on their analytical, valuation, report writing, and presentation skills. They gain real-world experience as they assume the role of a research analyst.
How it works
Local level competitions are organized and judged by CFA Institute society members and volunteers who function as local hosts.
The winning university team from each local competition advances to the sub-regional competition.
The sub-regional, regional, and global competitions are hosted by CFA Institute in the Americas; the Asia Pacific; and the Europe, Middle East, and Africa regions. The winning teams from each sub-regional competition advance to the regional competition. Regional winners advance to the Global Final, where one team emerges as the global champion.
View the sub-region breakdown (PDF)
Competition Schedule
University teams begin their activities in the fall, with local competitions occurring throughout the world at various times early in the calendar year. Sub-regional, regional competitions and the global final are held in March, April, and May.
Sub-Regionals
The Sub-Regional round will take place during the month of March. After all local competitions have completed, local winners will receive specific instructions for recording their sub-regional presentations. Teams advancing from the sub-regionals to the regional semifinals will be announced at the end of March.
Regional Semifinals
8-9 April 2025
Regional Finals
10-11 April 2025
Global Final
Week of 5 May in Chicago, USA
Get involved
University students
University teams consist of three to five undergraduate or graduate students that produce the written report and the presentation. To participate in the Research Challenge:
- Confirm your eligibility
- Find out if your university participates
- Follow up with a faculty advisor
Volunteers
Volunteers are essential to the success of the Research Challenge. Please consider one of these roles:
- Faculty Advisor: Typically employed by the team's university, a faculty advisor provides guidance and direction to the team throughout all levels of competition.
- Report Grader: Selected by the local host, report graders evaluate the team’s written reports.
- Hosts: Include the CFA Institute Member Society, CFA Institute, or CFA Institute approved third-party responsible for sponsoring either the local level, sub-regional level, regional level, or global level of the Research Challenge.
- Industry Mentor: These industry professionals, preferably CFA charterholders, are assigned to the team by the local host to review the team’s written report and provide critique of their presentation.
- Presentation Judge: Selected by the competition host, judges evaluate the presentations (ten-minute oral and visual presentations prepared by the team).
Industry
The subject company is a publicly traded company assigned by the host to the team as the basis for the written report and presentation.
Consider becoming the subject of the competition to gain unbiased research about your company or explore sponsorship and exhibitor opportunities.