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, whilst the team receives a €1000 check. Furthermore, the winner will advance to the EMEA and possibly even Research Challenge Finals. Throughout the competition, CFA Society Netherlands investment professionals volunteer as mentors and judges and teach these students best practices in equity research and corporate analysis.

The 2015/2016 program will run as below:

  • 12 October 2015: Kick-off
  • 20 November 2015:  Company Visit and In-house Day Sponsor
  • 15 January 2016:  Deadline for Report
  • 18 February 2016  Finals
  •  Week of 11 April 2016:  Regional  & Global Finals (Chicago)


Research Challenge 2015/2016 Competing 13 Teams:   

University of Groningen

HEC-University of Liège

ICHEC Brussels

Luxembourg School of Finance

Maastricht University

Tilburg University

UC Louvain

Erasmus University

University of Amsterdam (two teams)

Vlerick Business School

VU University Amsterdam

University of Antwerpen

To view summaries of past Research Challenges.

  • 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:



 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.