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

Each Research Challenge season leverages the efforts of over:


Member Volunteers










What it is

The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis and professional ethics. Each student will be tested on their analytic, valuation, report writing, and presentation skills. They gain real-world experience as they assume the role of a research analyst.

How it Works

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.

How to Get Involved

The Research Challenge provides all participants – both individuals and organizations – with incredible opportunities to get involved.

  • Students: Find out if your university participates by asking your professor, our Society, or checking the participating universities list.
  • Universities: Form your team and give students the opportunity to compete against their peers and gain real-world experience.
  • Employers: Become a judge, mentor, grader, speaker, or corporate sponsor.


CFA Institute Research Challenge 2023-2024 Japan Competition

Subject Company

Ajinomoto Co., Inc.


Aug 5 Kick off Meeting

Aug 25 Analyst Meeting by Subject Company, Q&A session

Aug 28-Sep 1 Follow-up Meeting

Oct 19 Submission of the research report to CFA Japan Evaluation by graders (2 weeks)

Nov 2 Announcement of the teams that advance to the final competition

Dec 2 Final Competition and Awards Ceremony

Participating Universities

Aoyama Gakuin University A/B

Hitotsubashi University A/B

International Christian University

International Unversity of Japan

Keio University A/B/C/D/E

Kobe University

Kyoto University

Kyushu University A/B

Osaka University

Rikkyo University A/B

Ritsumeikan University A/B

Ritsumeikan Asia Pacific University A/B

Tohoku University

Tokyo Institute of Technology

Tokyo Metropolitan University A/B

University of Tsukuba

Yokohama City University

Yokohama National University A/B


Platinum Sponsor:

SMBC Nikko Securities Inc.

Factset Pacific Inc.

Gold Sponsor:

Fidelity International

Invesco Asset Management (Japan) Limited

Nomura Asset Management Co., Ltd.

Tokio Marine Asset Management Co., Ltd.

Research Challenge Japan Competition Promotional Video

Japanese Subtitles

English Subtitles)