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 CFA Institute Research Challenge

The Research Challenge  is an equity research competition among student teams from the world’s top university business and finance programs. CFA Society Belgium partnered with CFA Society VBA Netherlands and CFA Society Luxembourg to introduce the Challenge in the region as a means to promote best practices in research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.


 How does it work?

Local level competitions are organized and judged by CFA Society members and volunteers who function as local hosts.

The winning university team from each local competition advances to one of the three regional competitions.

The regional and global competitions are hosted by CFA Institute in the Americas; the Asia Pacific; and the Europe, Middle East, and Africa regions. The winning teams from each regional competition advance to the Global Final, where one team emerges as the global champion.

The program typically runs as below:

  • October: kick-off
  • November: company visits
  • January: deadline reports and semi-finals (four best teams)
  • February:  local finals
  • March: EMEA regional finals
For information on how your university can participate contact us at

 Challenge components

  • Analysis of a Public Company
    Teams research a publicly traded company. Company management presents to the teams and participates in a Q&A session.
  • Mentoring By a Professional Research Analyst
    Each team works with an investment professional, who mentors the team on research process and reviews and critiques its report.
  • Writing a Research Report
    Each team produces an initiation of coverage report on its chosen company. The report is reviewed and scored by a group of judges.
  • Presentation of Research to a High-Profile Panel of Experts
    Teams present their research to a panel of experts from top financial institutions. The team with the highest combined report and presentation score is the winner.
  • Advancement to the CFA Institute Global Challenge
    The winners of local competitions advance to compete against teams within their geographic region, culminating in a global finale competition.


  • Universities:
    Showcase your university on a global scale; provide students with practical training and exposure to top industry professionals.
  • Mentors and Panelists:
    Promote best practices in research to the next generation; give back tot he investment professional in a high-impact, time-compressed manner.
  • Sponsors:
    Show active promotion of industry best practices, professional excellence, and the highest ethical standards. Gain worldwide exposure and brand recognition.