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 2018-2019 CFA Institute Research Challenge Rules


The CFA Institute Research Rules for 2018 - 2019 have been announced and can be found at this link:

Research Challenge Rules 


Written Reports

The written research report will comprise 50% of the total score based on the following 100 point criteria.

SectionMaximum Points
Business Description5
Industry Overview & Competitive Positioning15
Investment Summary20
Financial Analysis20
Investment Risks15
Corporate Governance5



Oral Presentation

Each presentation will be comprised of:

  • 10 minutes of presentation by the students.
  • 10 minutes of Q&A by our judging panel. 

    The oral presentation will comprise 50% of the total score based on the following 100 point criteria
  • Financial Analysis:
    • How thorough was their analysis of the industry, company, and competitors?
      1. Maximum 25 points
  • Valuation
    • Were the valuation methodologies appropriate and detailed?
      1. Maximum 25 points
  • Presentation
    • How effective/convincing was their presentation?
    • Was it logical and did the facts support the recommendation?
      1. Maximum 20 points
  • Question & Answer
    • Were the students able to answer the questions effectively and with confidence?
      1. Maximum 20 points
  • Team Involvement
    • Team involvement in the presentation/questions and answers
      1. Maximum 5 points
  • Materials
    • Quality of the slides
      1. Maximum 5 points

        In the event of a tie, the team with the higher overall oral presentation score will be declared the winner. 

        Graders of the written reports are separate from the judging panel for the oral competition.