CFA Society Netherlands

A Member of the CFA Institute Global Network of Societies

 CFA Institute Research Challenge

The CFA Institute Research Challenge is an equity research competition among student teams from the world’s top university business and finance programs. CFA Society Netherlands introduced the Challenge to the Netherlands as a means to promote best practices in research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.

In 2010 the Challenge was expanded to include Belgium and in 2013 Luxembourg was added to create the CFA Institute Research Challenge in the Benelux!

Introduction to the challenge - View the two-minute Flash video about the Research Challenge

PRESS Coverage 2015


 How is the Challenge organized?

Upon invitation from CFA Society Netherlands, local universities assemble teams of 3 to 5 persons each. Under guidance of a mentor, students write an equity research report on a publicly traded company, and present their findings to a distinguished panel of experts. ​

The teams are judged on their written reports and the accompanying presentations and a winner is selected. Every member of the winning team receives a CFA scholarship as well as a €1000 check. Furthermore, the winner will advance to the EMEA and possibly even the global Research Challenge Finals. Throughout the competition, CFA Society Netherlands’ investment professionals volunteer as mentors and judges and teach students best practices in equity research and corporate analysis.

The 2016/2017 program will run as below:

  • 17 October 2016: Kick-off
  • 30 November 2016:  Company Visit and In-house Day Sponsor
  • 20 January 2017:  Deadline for Report
  • 16 February 2017: Local Finals
  •  Week of 24 April 2017:  Regional  & Global Finals (Prague)

​Research Challenge 2016/2017: 14 Teams Competing:   

University of Groningen

HEC-University of Liège

ICHEC Brussels

Luxembourg University

Maastricht University

Tilburg University

Louvain School of Management

Erasmus University (two teams)

University of Amsterdam (two teams)

Vlerick Business School

VU University Amsterdam

University of Antwerpen

To view summaries of past Research Challenges.

  • Report 2016; winning team Belgian/Dutch Finals
  • Report 2015; winning team Belgian/Dutch Finals
  • Report 2014; winning team Belgian/Dutch Finals
  • Report 2013; winning team Belgian/Dutch Finals
  • Report 2012; winning team Belgian/Dutch Finals
  • Report 2011; winning team Belgian/Dutch Finals
  • Report 2010; winning team Dutch Finals
  • Report 2009; winning team Dutch Finals

For more information please contact:   

 Supporters of the Research Challenge

CFA Society Netherlands is pleased to welcome as a Benelux Sponsor of the CFA Institute Research Challenge:


And supporters of the CFA Institute Research Challenge:



 February 2016 CFA societies of the Netherlands, Belgium, and Luxembourg announced that Team RSM Erasmus University  won the CFA Research Challenge.  Congratulations!



March 2015: CFA societies of the Netherlands, Belgium, and Luxembourg announced that Team HEC-ULg School of Management / University of Liège  won the CFA Research Challenge in the Benelux  and advanced to the EMEA Regional competition in Amsterdam. Congratulations.