Research Challenge

CFA Institute Research Challenge

The CFA Institute Research Challenge is an annual global competition that connects university students with investment professionals from within the CFA Society® network. The competition provides students with hands-on mentoring and intensive training in financial analysis and ethics and tests participants' analytical, valuation, reporting writing, and presentation skills.

Members of our society, along with a faculty advisor and an industry mentor, work with teams of students to value a stock, write a research report, and present their recommendations. Teams then compete with peers from other schools at local-level competitions organized and judged by CFA Society members and volunteers. The winning university team(s) from each local competition then advances to see who will become the sub-regional, regional, and global champions. 

Learn more and read FAQs See the schedule and get involved

2025 - 2026 Research Challenge: Tower Semiconductor (TSEM)

This year’s competition included teams from Reichman University, Tel Aviv University, Hebrew University, and Bar-Ilan University. Each team consisted of 3–5 students and was paired with an industry mentor who provided guidance and feedback throughout the research and analysis process.

After months of research, modeling, and preparation, four teams advanced to the local finals, where they presented their investment recommendations and valuation analysis of Tower Semiconductor to a panel of industry judges.

The local finals were hosted at the Tel Aviv Stock Exchange (TASE), bringing together students, CFA Society Israel members, finance professionals, and representatives from the investment community. The teams delivered thoughtful presentations and handled rigorous Q&A from the judges, demonstrating impressive analytical work and professionalism.

We are pleased to congratulate Hebrew University, whose team was selected as the winner of the Israel local competition. They will go on to represent Israel in the European Sub-Regional Round of the global CFA Institute Research Challenge.

CFA Society Israel would like to extend its sincere thanks to Tower Semiconductor for serving as the subject company and for being exceptionally open and supportive throughout the process. We are also grateful to the Tel Aviv Stock Exchange for hosting the finals, as well as to the judges, mentors, and volunteers who helped make the competition possible.

Key Dates for 2025–2026

  • Kickoff Event: December 2025

  • Written Report Submission: January 2026

  • Local Final (Live Presentations): January 2026

  • European Sub-Regional Round: Spring 2026

  • Global Final (In Person): Hong Kong May 2026

Previous Research Challenges

2024 - 2025 CFA Institute Research Challenge – Israel Local Finals

In 2024, CFA Society Israel proudly hosted the annual CFA Institute Research Challenge, bringing together top talent from three leading academic institutions: Hebrew University of Jerusalem, Tel Aviv University, and Reichman University.

Each team conducted an in-depth equity analysis of Similarweb (NYSE: SMWB) and presented their findings at Similarweb’s Tel Aviv headquarters in front of a panel that included the company’s CFO and Head of Investor Relations.

Congratulations to Hebrew University, this year’s winning team, who delivered an outstanding presentation and advanced to the regional round.

This event exemplifies our commitment to bridging academia and industry and we thank Similarweb for their partnership and support.