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 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 students.

What is the timing of the Challenge?
See the 2019 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​​​

Report Front & Back Pages​



2017 Winning Presentation​ - Barna Business School

2016 Winning Research Report - University of Waterloo



Participating Universities:

Mount Royal University
Northern Alberta Institute of Technology (NAIT)
University of Alberta
University of Calgary (2 teams)
University of Lethbridge (2 teams)
University of Manitoba​ (2 teams)
University of Regina​
University of Saskatchewan
University of Winnipeg

Sponsors:

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 Local Challenge Information

​Subject Company: 
TransCanada Corporation (TSX: TRP)
TransCanada Corporation is a major North American energy company based in Calgary, Alberta, in Canada, that develops and operates energy infrastructure in North America. The company operates three core businesses: Natural Gas Pipelines, Liquids Pipelines, and Energy.


2019 Schedule of Events

October 3, 2018
Subject Company Presentation
Conference Call

January 28, 2019
Team Written Report due
11:59 pm

March 2, 2019
All events will take place at CFA Society Calgary offices

Team Breakfast
7:00 am - 8:30 am

Team Presentations - 1st Round
8:30 am - 12:00 p​ m

Lunch
12:00 pm

Final Presentations
1:30 pm - 3:30 pm

Awards Presentation
​​4:00 pm

*agenda subject to change

April 23-24, 2019
Americas Regional Final
New York, NY, USA

April 25, 2019
Global Final
New York, NY, USA


2019 PARTICIPATION
 
6,200+Students
4,000+Volunteers
1,100+Universities
161CFA Member Societies
117CFA Local Level Challenges
94Countries
 
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 Jade Marage​ to get involved.