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​​​​​​​​​​​​​​​CFA Institute Research Challenge hosted by CFA Society Minnesota​​

The CFA Institute Research Challenge is an annual, global competition that provides university students with hands-on mentoring and intensive training in financial analysis. Students work in teams to research and analyze a publicly-traded company and then write a research report on their assigned company with a buy, sell, or hold recommendation. 

Each Research Challenge season leverages the efforts of over 150+ CFA member societies, 3,500+ member volunteers, and more than 5,000 students from over 1,000 universities.     

The Challenge gathers students, investment industry professionals, publicly traded companies, and corporate sponsors together locally, regionally, and globally for a real-world competition.  Additionally, all participants are introduced to and held to the standard of the CFA Institute Code of Ethics and Standards of Professional Conduct.   

2021-2022 Participating Universities:
Bethel University
Gustavus Adolphus College
North Dakota State University
South Dakota State University
University of MN Duluth
University of MN Twin Cities
Winona State University

2021-2022 Subject Company: 

Ecolab (ECL)


Past CFA Society MN Subject Companies & Winners

2010/2011 – Donaldson (University of Minnesota)

2011/2012 – Lawson Software, Inc. (University of Minnesota)

2012/2013 – Polaris Industries, Inc. (University of Minnesota)

2013/2014 – Stratasys Ltd. (University of Minnesota​)

2014/2015 – Graco (UMD)

2015/2016 – MTS Systems (NDSU)

2016/2017 – Vascular Solutions (UMD)

2017/2018 – Fastenal (UMD)

2018/2019 – Bio Techne (UMD)​

2019/2020 – Tennant Company (NDSU)

2020/2021 - Apogee Enterprices, Inc. (UMD)

 Resources & Examples

To view videos of past local presentation rounds, view our YouTube channel

Examples of winning papers

​Thank you to our 2021-2022
Local Level Sponsor

​​​Volunteer Opportunities

  • ​Industry Mentor: hands-on work with university students
  • Report Grader: review and grade student research reports
  • Presentation Judge: listen to and critique student stock recommendations
Contact Megan Millett at [email protected] to volunteer​
Schedule of Events

University Teams Form
9/28/2021, 1pm CT
Kick-off Meeting (Webinar)
11/15/2021, 10am CT
Subject Company Analyst Day
Written Reports Due
Advancing Teams Announced
February 24, 2022
Local Finals
March 2022
Teams Submit Sub-Regional Presentations
Week of 4-8 April 2022
Regional Semi-Finals
May 17, 2022
Regional & Global Finals

2021-2022 Minnesota Local Level Champion

UMD Team 1 - Picture.JPG
University of Minnesota - Duluth, Team 1

​​Questions? Contact Megan Millett at [email protected]

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