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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 Luxembourg partnered with CFA Society Netherlands and CFA Society Belgium 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?

Upon invitation from CFA NL, CFA Society Luxembourg and CFA Society Belgium, local universities assemble teams of 3 to 5 persons each. Under guidance of a mentor, students write an equity research report on a publicly traded company, and present their findings to a distinguished panel of experts.

The teams are judged on their written reports and the accompanying presentations and a winner is selected. Every member of the winning team receives a CFA scholarship, whilst the team receives a €500 check. Furthermore, the winner will advance to the EMEA and possibly even to the Global Research Challenge Finals. Throughout the competition, CFA Society Luxembourg, CFA Society Netherlands and CFA Society Belgium investment professionals volunteer as mentors and judges and teach these students best practices in equity research and corporate analysis.

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


 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.