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:

  • 16 February 2017: Local Finals (see below for details)
  •  Week of 24 April 2017:  Regional  & Global Finals (Prague)



​Research Challenge 2016/2017: Teams Competing in the Local Final:

Tilburg University

Louvain School of Management

Rotterdam School of Management


During the final of the Research Challenge, these three teams will pitch their investment case on Nedap. Nedap is a Dutch technology company which was established in 1929 and has been listed on the Dutch stock market  since 1947. Analyst coverage on the company is very limited, so attending the final will give you a lot of insight into this relatively unknown company. In addition, it will give you insights in best practices and new talent in equity research.

-      The programme is as follows on 16th February:

o    13.30 Welcome reception

o    14.00 Introduction

o    14.15 Start presentations & Q&A

o    15:00 Break

o    15:15 Last presentation & Q&A

o    15:45 Drinks

o    16:15 Announcement of the winner

o    17:00 End of the event

-      Edit start time to 13:30 and end time to 17:00


To view summaries of past Research Challenges.​

  • Report 2017; winning team​ Belgian/Dutch Finals
  • 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 2017  CFA Research Challenge Benelux Final Winners - Team RSM Erasmus for a 2nd year in a row! 


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.