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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 140 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.   

CFA Society Minnesota is proud to host the 9th annual local Research Challenge.

2019-2020 Participating Universities
Augustana University
Bethel University
College of St. Benedict & St. John’s University
Gustavus Adolphus College
Hamline University
North Dakota State University
St. John's University
University of Minnesota Duluth (2 Teams)
University of Wisconsin-Superior
Winona State University​

2019-2020 Subject Company: Tennant Company (TNC)tennant_150.jpg

Founded in 1870, Tennant Company (TNC), headquartered in Minneapolis, Minnesota, is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, reduce their environmental impact and help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; cleaning tools and supplies; and coatings for protecting, repairing and upgrading surfaces. Tennant's global field service network is the most extensive in the industry. Tennant Company had sales of $1.12 billion in 2018 and has approximately 4,300 employees. Tennant has manufacturing operations throughout the world and sells products directly in 15 countries and through distributors in more than 100 countries. For more information, visit and The Tennant Company logo and other trademarks designated with the symbol “®” are trademarks of Tennant Company registered in the United States and/or other countries.


President and CEO: H. Chris Killingstad

Sr. Vice President and CFO: Keith Woodward

Investor Relations: William Prate

Market Cap: $1.295B

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)​

 Resources & Examples

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

Examples of winning papers

​Thank you to our 2019-2020
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 Amanda Sullivan at to volunteer​
Schedule of Events

University Teams Form

Kick-off Meeting

​Subject Company Analyst Day

Written Reports Due

Teams Announced

Local Finals​
Thrivent Financial Auditorium
Minneapolis, MN

Regionals, New York, NY 

​New York, NY

2018-2019 Minnesota Local Level Champion

University of Minnesota Duluth Team #2

​​Questions? Contact Amanda Sullivan at 

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