CFA Society Calgary

A Member of the CFA Institute Global Network of Societies


 CFA Institute Research Challenge

The CFA Institute Research Challenge is a global competition that tests the equity research and valuation, investment report writing, and presentation skills of university students. This annual educational initiative promotes best practices in equity research among the next generation of analysts through hands-on mentoring an intensive training in company analysis and presentation skills.

How the Challenge Works

Local CFA Institute volunteers work in conjunction with participating local universities to assemble teams of 3-5 business and finance students. Each team works directly with a mentor to research and prepare an equity research report on a publicly traded company.

Each team's findings are locally evaluated by high-profile panels of heads of research, portfolio managers, and chief investment officers from some of the world's top firms. Local champions advance to regional competitions in the Americas, Asia Pacific, and EMEA, and then to the global final.

Benefits of Participation

Students: Develop your resume/CV through hands-on mentoring and intensive training in company analysis and presentation skills.

Universities: Showcase your university on a global scale and provide your students with practical training and invaluable exposure to top industry professionals.

Mentors and Panelists: Encourage best practices in research within the next generation of investment professionals and help give back to the investment profession in a high-impact manner.

Frequently Asked Questions

Who is eligible to compete?
Both undergraduate and graduate student.

What is the timing of the Challenge?
See the 2017 Schedule of Events on the sidebar for the Canadian Prairies timeline.

How is the Research Challenge different from a "stock-picking" competition?
Students conduct in-depth analysis on a single company and produce a full equity research report. The winning team is chosen based on the thoroughness of its analysis and knowledge of one company rather than whether their predictions of the stock price are correct.

 Student Resources

​​Official Rules​​


KS_hor_purple_rgb.png​                  factset.png

 Local Challenge Information

​Subject Company: 
Canadian Western Bank (TSX: CWB)
Inspired by dealings with financial institutions that didn’t fully understand the unique dynamics of doing business in Western Canada, CWB’s founders, Dr. Charles Allard and Eugene Pechet, decided to start a bank headquartered in the West for the West. They envisioned a bank that would provide levels of service unheard of at other financial institutions. Management practices would be nimble and non-bureaucratic, with local decision-making based on prudence and common sense. The overall goal was to achieve continuous, sustainable growth. Since then, we’ve come a long way as an organization, but share those same fundamental ideals. We’ve broadened our financial service offerings—now providing service in banking, trust services and wealth management—and have expanded our reach into select locations across Canada.​

2017 Schedule of Events

October  2016
Subject Company Presentation
Conference Call

January 29, 2017
Team Written Report due
11:59 pm

March 3, 2017
Networking Reception
Westin Hotel, Calgary
5:30 pm - 9:00 pm

March 4, 2017
Team Breakfast
Westin Hotel, Calgary
7:00 am - 8:30 am

Team Presentations
Westin Hotel, Calgary
8:30 am - 11:00 am

Awards Luncheon
Keynote:  TBD
Westin Hotel, Calgary
12:30 pm

April 6-7, 2017
Americas Regional Final
Seattle, Washington

April 28, 2017
Global Final
Prague, Czech Republic

3,500+Industry Mentors
133CFA Member Societies
103CFA Local Level Challenges
Volunteer Opportunities
  • Industry Mentors: hands on work with university students
  • Report Graders: review and grade student research reports
  • Presentation Judges: ​listen to and critique student stock recommendations
Contact Debbie Kunert​ to get involved.