CFA Society Switzerland

Ethics and Professionalism for the Finanzplatz

​CFA Institute Research Challenge 2011-2012

 University of Zurich has won the CFA Institute Research Challenge in Switzerland

Join me in congratulating the team from the University of Zurich represented by Philipp Dillinger, Stefan Grossmann, Dino Lüssi, Marco Müller und Jan-Thomas Schöps, who won the Swiss CFA Society's heat of the CFA Institute Research Challenge, which was held on February 8th 2012. During the Swiss heat, 21 teams of three to five Master students from 7 of Switzerland's leading universities have competed for a place in the regional final in London in March, where they will meet 25 teams from their region. The successful team will then compete in the global final, to be held in New York in April 2012.

The CFA Institute Research Challenge offers students the unique opportunity to develop and present an equity research report and compete on a global basis. This annual educational initiative is designed to promote best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills. This year the students had been asked to analyze and write a report and present their findings on Orior –a Swiss food products manufacturing company who focuses especially on manufacturing and distribution of fresh convenience products as well as meat processing.

The student teams were evaluated on the basis of their research report, the delivery of their presentation and their ability to respond to detailed questions by eight distinguished judges. Every team's report was graded and commented by at least 6-7 senior finance professionals and CFA Charterholders on a completely anonymous basis.

Category Winners
The team from the University of Zurich also won the category of best report together with the University of St. Gallen (Hendrik Froese, Tomasz Grzelak, Robert Guetter, Mark Lemnitz und Till Schwalm), while the team from the University of Neuchâtel (Christian Goelz, Fabio Merlo, Morgan Pauwels und Ismaël Renggli) gave the best presentation winning that category. Each team received CHF 1'000 for being a category winner.

At the ceremony, which was held in the Aula of the University of Zurich, Professor Markus Leippold held a brief speech highlighting the ethical dangers of greed as evidenced by some current happenings in Switzerland and Andreas Russenberger, Co-Head of Global Multi Asset Class Solutions at Credit Suisse, who spoke candidly about the banking industry today and perspectives for students.

We would like to thank Credit Suisse, who strongly supports the CFA Institute Research Challenge in Switzerland as well as Tamedia as our media partner. Of course, great thanks are also owed to the management of Orior for their excellent collaboration and the generous and favorable support of our challenge. Further, we would like to thank the eight judges, the 21 mentors and the 17 graders, who volunteered their precious time to make this the most successful CFA Institute Research Challenge to date in Switzerland. Last but not least, I would like to thank Olivier P. Müller, CFA and Florian Esterer, CFA for heading the CFA Institute Research Challenge in Switzerland dedicating countless hours to the organization and successful completion of the competition and event.

Anne-Katrin Scherer, CFA
Executive Director
Swiss CFA Society


The CFA Institute Research Challenge comprises:

  • Analysis of a publicly-traded company
    Teams research a publicly traded company. The company's management presents information to the student teams and is available to answer student questions.
  • Mentoring by a professional research analyst
    Each team works with a CFA charterholder who mentors the team during the research process and reviews and critiques its report.
  • Writing a research report
    Each team produces an Initiation of Coverage report on the chosen company. The report is reviewed and scored by a group of graders.
  • Presentation of research to a panel of experts
    The teams' final presentations are locally evaluated by panels of experts from top financial institutions. Panelists include heads of research, portfolio managers, and chief investment officers from top firms. The team with the highest combined written report and presentation score is the winner and advances to the regional level of the Research Challenge.
  • Advancement to the CFA Institute Research Challenge Global Finale
    Regional winners then progress to compete at the global finale. At the regional and global stages of the Research Challenge, teams are evaluated solely on their presentations.
For more information visit the CFA Institute Research Challenge website.

 Description of Orior

​Orior is a traditional Swiss food products company. With around 1'300 employees, the group achieved 2011 sales of CHF 506 mio. Orior focuses on manufacturing and distribution fresh convenience products inducing vegetarian specialties as well as meat processing. Its innovative products are branded Rapelli, Ticinella, Spiess, Le Patron, Pastinella and Natur Gourmet which are market-leading in rapidly growing niche markets in the Swiss retail market, in the gastronomy and in selected sales channels in neighboring countries.


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