Research Challenge

CFA Institute Research Challenge

The CFA Institute Research Challenge is an annual global competition that connects university students with investment professionals from within the CFA Society^® network. The competition provides students with hands-on mentoring and intensive training in financial analysis and ethics and tests participants' analytical, valuation, reporting writing, and presentation skills.

Members of our society, along with a faculty advisor and an industry mentor, work with teams of students to value a stock, write a research report, and present their recommendations. Teams then compete with peers from other schools at local-level competitions organized and judged by CFA Society members and volunteers. The winning university team(s) from each local competition then advances to see who will become the sub-regional, regional, and global champions.

Learn more and read FAQs See the schedule and get involved

CFA Institute Research Challenge Pakistan Final

Members of CFA Society Pakistan, along with faculty advisors from participating universities and volunteer industry mentors, work with teams of students to value a stock, write a research report, and present their recommendations.

Teams then compete with peers from other universities at the local-level competition organized and judged by CFA Society Pakistan members and volunteers. The winning university team(s) then advance to the sub-regional, regional and global championships.

16^th Pakistan Final

Pearl Continental Hotel Karachi

February 2024

Subject Company: Interloop Limited

The finalists for the CFA Institute Research Challenge 2023-24 included:

Bahria University Karachi Campus (BUKC) – Team 2
International Islamic University Islamabad (IIUI) – Team 1
Institute of Business Management (IoBM) – Team 2
Karachi School of Business and Leadership (KSBL)
Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST) – Team 2
University of Central Punjab (UCP)

A high-profile panel of judges for the event included:

- Humaira Qamar, Head of Equities & Research, Habib Bank Limited
- Imtiaz Gadar, CFA, Chief Executive, JS Global Capital
- Jafar Khan, CFA, Co-Founder / Executive Director, Hilal Invest
- Khurrum Schezad, Founder & Chief Executive, Alpha Beta Core
- Muhammad Asim, CFA, Chief Investment Officer, MCB Funds

Dr. Mukhtar Ahmed, Chairman, Higher Education Commission (HEC), graced the event on a video call as the Chief Guest and Syed Hamza Gillani, Deputy CFO and General Manager, Interloop Limited, was the Guest of Honor.

Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST) – Team 2 was pronounced the winner and Karachi School of Business and Leadership (KSBL) emerged as the Runner-up of the Pakistan Final of CFA Institute Research Challenge 2023-24. Both teams proceeded to the sub-regional round of the competition.

15th Pakistan Final

Pearl Continental Hotel, Karachi

February 2023

Subject Company: Maple Leaf Cement

The finalists for the CFA Institute Research Challenge 2022-23 included:

Institute of Business Administration (IBA), Karachi - Team 1
Institute of Business Management (IoBM) - Team 1
Karachi School of Business and Leadership (KSBL) - Team 1
Lahore University of Management Sciences (LUMS)
Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST)

A high-profile panel of judges for the event included:

Ms. Ayesha Aziz, CFA, MD / CEO, Pak Brunei Investment Company
Mr. Imtiaz Gadar, CFA, CEO, JS Global Capital Ltd.
Mr. Syed Shahnawaz Nadir Shah, CIO, State Life Insurance Corporation
Mr. Asim Wahab, CFA, CIO, NBP Fund Management Ltd.

Dr. Ishrat Husain, Economist & Former Governor State Bank of Pakistan, graced the event as chief and Mr. Mohsin Naqvi, Group Director Finance, Kohinoor Maple Leaf Group was the guest of honor.
Karachi School of Business and Leadership (KSBL) Team 1 was pronounced the winner of the Pakistan Final of CFA Institute Research Challenge 2022-23 and proceeded to the sub-regional round of the competition. Lahore University of Management Sciences (LUMS) emerged as the Runners-up.

14th Pakistan Final

Avari Towers Hotel, Karachi

February 2022

Subject Company: Pakistan Stock Exchange Limited

Out of a total of 26 participating teams from all over Pakistan, the following teams qualified for the Local Final:

Institute of Business Administration (IBA) - Team 1
Institute of Business Administration (IBA) - Team 2
Institute of Business Management (IoBM)
Karachi School of Business and Leadership (KSBL)
NED University of Engineering and Technology

Our panel of esteemed judges included the following:

Mr. Asif Ali Qureshi, CFA, Chairman & Chief Executive, Optimus Capital Management
Mr. Muhammad Asim, CFA, CIO, MCB-Arif Habib Savings and Investments Limited
Mr. Najam Ali, CEO, Next Capital Limited
Mr. Sajjad Anwar, CFA, CEO, AWT Investments Limited

Mr. Farrukh Khan, CEO, Pakistan Stock Exchange (PSX) was the Chief Guest and Dr. Shamshad Akhtar, Chairman, Pakistan Stock Exchange (PSX) was the Special Guest for the evening.

Team 2 of Institute of Business Administration (IBA) was pronounced the Winner of the competition by our esteemed judges and Team 1 of Institute of Business Administration (IBA) was the Runner up. Both teams proceeded to compete at the Asia Pacific Sub-Regional round held in March 2022. The teams
competed with full rigor and efforts were highly praiseworthy!

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