CFA Societies Texas


 CFA Institute Research Challenge of the Southwest Overview


****Winners for 2018-2019:  Baylor University (1st) with West Texas A&M University (2nd)

Rules for the Challenge are posted.  Please review closely. 10 Finalist teams competed at TIPS (Texas Investment Portfolio Symposium), held at University of Texas - San Antonio.  These ten teams were from  Baylor University, Louisiana State University, Rice University, Southeastern Louisiana University, Texas A&M University, Texas State University, Trinity University, University of Texas - El Paso, University of Texas - San Antonio, and West Texas A&M University.  Members of the top winning team will be entitled to CFA $1000 scholarships.  

*****CONGRATULATIONS TO ALL 28 Teams who participated in this year's Challenge!


Overview/History of the IRC: In 2006, the CFA Society of Dallas/Fort Worth and the CFA Society of Houston teamed up to launch an exciting new initiative, the Investment Research Challenge-Texas.  In the initial year of the Challenge, student teams from Rice, A&M, TCU and SMU competed with each other on analyzing, writing, and presenting a report recommending a “Buy”, “Sell”, or “Hold” position on a publicly traded company.  The societies assisted in providing education tools; the goal being to provide a value-added real-world application for these students.  The teams were then assigned the company (i.e. the target company) to analyze with access to the CEO and CFO. Teams were given a template to follow in completing their written analysis/report.  All four Texas societies, Austin, Dallas-Fort Worth, Houston and San Antonio provided mentors for the teams, judges or graders. Finalist teams competed before an oral panel made up of leaders in our investment community at the Texas Investment Portfolio Symposium (TIPS).  The winning team went on to compete regionally against other winners hosted by CFA Institute in New York City.

2017 - 2018 Summary - Out of a total of 25 teams across three states (LA, OK, TX) competing in last year's local CFA Institute Research Challenge, 10 teams competed in the Finals held in conjunction with TIPS (Texas Investment Portfolio Symposium) on February 17, 2018 at Southern Methodist University.  The CFA Institute Research Challenge - Southwest U.S., is managed and supported by the CFA Societies Texas (Austin, Dallas-Ft. Worth, Houston, and San Antonio) as well as the CFA societies of Louisiana and Oklahoma. The top two winners, Rice University and University of Texas San Antonio represented our area at the Americas Regional Final in Boston where teams from across the Americas; Canada, U.S., and Latin/South America competed.         

2018 -  2019 Update - The CFA Research Challenge - Southwest U. S. began September 2018.  Timelines and up-to-date announcements are available on the website starting August 2018. The Target Company for 2018 - 2019 is Trecora Resources (TREC) headquartered in Sugar Land, Texas.

From its beginnings twelve ago, the Challenge now involves more than 5,700+ students from over 1,100 of the world’s top universities.  Over 150 societies participate utilizing thousands of dedicated volunteers.  IN OUR SOUTHWEST U.S. RESEARCH CHALLENGE WE RELY ON OVER 100 OF THOSE DEDICATED VOLUNTEERS!  

AND therefore a very, very special thank you to all the members of the CFA Societies of Texas, Louisiana, and Oklahoma for their assistance in our Southwest U.S. Challenge including the many university liaisons, faculty advisors, instructors, team mentors, graders and judges.  Each of your contributions has made it possible for the Southwest US Challenge to become the success it is today!  Volunteers interested in signing up for the next competition in 2019 – 2020, please contact John Keeton ( or Sharon Criswell ( 

Benefits of the CFA Institute Research Challenge:

  • Students receive real-world training in equity analysis
  • Investment professionals make an impact on the profession
  • Public companies promote education and analyst independence
  • Universities gain global exposure
  • Corporate sponsors reach universities, students, and finance professionals

For additional information on the CFA Institute Research Challenge, please download our Powerpoint presentation.



A sincere thanks to all three of our sponsors, Bloomberg, Kaplan Schweser and FactSet.