CFA Societies Texas


 CFA Institute Research Challenge of the Southwest Overview


****Winners for 2020-2021:  Texas State University (1st) and Rice University (2nd)

Rules for the Challenge are posted.  Please review closely. 8 Finalist teams competed via Zoom on Saturday, Feb.27th.    These eight teams were from  Baylor University, Loyola University New Orleans, Nicholls State University, Rice University, Texas A&M University, Texas State University, University of Houston and West Texas A&M University.    

*****CONGRATULATIONS TO ALL 16 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.

2019 - 2020 Summary - Out of a total of 21 teams across from LA  and 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 22, 2020 at Rice 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 society of Louisiana. The top winner, Texas Christian University represented our area at the Americas Regional Final.         

2020 -  2021 Update - The CFA Research Challenge - Southwest U. S. began September 2020.  Timelines and up-to-date announcements are available on the website starting August 2020. The Target Company for 2020 - 2021 is Carriage Services (CSV) headquartered in Houston, Texas.

From its beginnings thirteenyears 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 DEDICATED VOLUNTEERS!  

AND therefore a very, very special thank you to all the members of the CFA Societies of Texas, and Louisiana 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 2020– 2021, 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 research-challenge-La - Tx-for-19-20.pptx powerpoint presentation.



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