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

CFA Institute Research Challenge local Mexico

CFA Society Mexico organizes local competition since 2009.
Universities from all the country can participate, includes bachelor or postgraduate students or mix of both.

Past competitions

Year	Total Universities	Winner Team	Company	Advance
2009	6	ITAM	ALSEA
2010	8	UNAM	BIMBO	Regional Semi-finalist
2011	11	Tec Mty SF	MEXICHEM	First round
2012	12	Tec Mty CM	LIVERPOOL	Second round
2013	13	Tec Mty SF	SPORTS WORLD	Regional Finalist
2014	14	UP Guadalajara	FEMSA	First round
2015	19	Tec Mty CM	IENOVA	Second round
2016	15	Tec Mty CM	PEÑOLES	Second round
2017	14	Tec Mty Qro	CEMEX	First round
2018	19	ITAM	CUERVO	Regional Winner
2019	22	ITAM	GAP	First round
2020	23	UDEM	BANORTE	First round
2021	25	Tec Mty Gdl. & Anáhuac Sur	VESTA	Semifinal Regional Round
2022	18	ITAM	Grupo Mexico	Regional Regional Round
2023	23	Iberoamericana	Grupo BMV	Semifinal Regional Round
2024	22	UDLAP	Fibra Monterrey
2025	17	Tec Mty CDMX	Grupo LaComer

CFA Institute Research Challenge Mexico 2025

Students from Tecnológico de Monterrey Ciudad de México won CFA Institute Research Challenge Mexico 2025

The team made up of 5 students from the Business Administration Bachelor’s degree at Tecnológico de Monterrey Ciudad de México was the winner in the final of the CFA Institute Research Challenge 2025-2026, organized by CFA Society Mexico.
Every year, students from Mexican universities are invited to participate in the local competition of the CFA Institute Research Challenge. Teams wrote a report that develop an investment thesis on a company listed on the stock market from a fundamental analysis perspective. The company analyzed is assigned by CFA Society Mexico and this year it was Grupo LaComer.
In this edition, a little more than 80 students from 17 universities, from 9 states of Mexico, participated. The teams made up of between 3 and 5 students prepared their reports within a period of 10 weeks and were subsequently rated by a group of volunteer evaluators. The four finalist universities were: Anáhuac Sur, Instituto Tecnológico Autónomo de México, Tecnológico de Monterrey Aguascalientes and Tecnológico de Monterrey Ciudad de México.
On December 10th, the finalist teams made an executive presentation in english and answered a series of questions from a group of judges with extensive experience in financial matters at a local and international level: Laura Herrera, CFA, CAIA, Rafael Buerba, CFA and Carlos Ponce Bustos. The final took place in the auditorium of the Mexican Stock Exchange (Bolsa Mexicana de Valores).
The students from Tecnológico de Monterrey Ciudad de bMéxico won first place and will represent CFA Society Mexico in the subregional competition, against other Latin American countries, in April 2026.
CFA Society Mexico thank all the participating teams, professors, mentors, graders, judges, S&P GMI and Grupo LaConer for their invaluable support and participation.
Congratulations Montserrat, Mariela, Milca Suemi, Santiago and Jehosua!!