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 CFA Institute Research Challenge

The CFA Institute Research Challenge is an equity research competition among student teams from the world’s top university business and finance programs. CFA Society Netherlands introduced the Challenge to the Netherlands 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.

In 2010 the Challenge was expanded to include Belgium and in 2013 Luxembourg was added to create the CFA Institute Research Challenge in the Benelux!

Introduction to the challenge - View the two-minute Flash video about the Research Challenge

PRESS Coverage 2015

 To get a better picture of what to expect, read the following:  

CFA Research Challenge experience 1    

CFA Research Challenge experience 2  

 Research Challenge Benelux Finals 2018

 How is the Challenge organized?

Upon invitation from CFA Society VBA Netherlands, 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 as well as a €1000 check. Furthermore, the winner will advance to the EMEA and possibly even the global Research Challenge Finals. Throughout the competition, CFA Society Netherlands’ investment professionals volunteer as mentors and judges and teach students best practices in equity research and corporate analysis. 


The Benelux finalists this year (out of 19 teams in total): 



ICHEC Brussels Management School/Louvain School of Management  - 1st Place

Rotterdam School of Management (RSM) - 2nd Place

Universiteit van Amsterdam (UvA)  - 3rd Place

The company they presented on during the final competition was Greenyard.  



The 2017/2018 Schedule


  • 25 October 2017:  Kick-off at the Erasmus University Rotterdam
  • 15 or 17 November 2017:  Inhouse Day/Meeting with Management at NNIP in The Hague
  • 13 ​February 2018: Local Finals at Euronext Amsterdam
  • 4/5 April 2018:  EMEA Finals in Dublin


Volunteers Needed

The CFA Institute Research Challenge cannot be successful without the invaluable input of Volunteers in the form of committee memebers, mentors and graders. Find out how you can contribute your time and skills to the Research Challenge and help university students make their way in the investment industry. Download the job descriptions CFA Institute Research Challenge.pdf or contact Sander Huizinga for more information.


Past Challenges

To view summaries of past Research Challenges.​

  • Report 2018; winning ​team Belgian/Dutch Finals 
  • Report 2017; winning team​ Belgian/Dutch Finals
  • Report 2016; winning team Belgian/Dutch Finals
  • Report 2015; winning team Belgian/Dutch Finals
  • Report 2014; winning team Belgian/Dutch Finals
  • Report 2013; winning team Belgian/Dutch Finals
  • Report 2012; winning team Belgian/Dutch Finals
  • Report 2011; winning team Belgian/Dutch Finals
  • Report 2010; winning team Dutch Finals
  • Report 2009; winning team Dutch Finals

For more information please contact Sander Huizinga.   


CFA Society VBA Netherlands is pleased to have as a Benelux Sponsor of the CFA Institute Research Challenge:


And supporters of the CFA Institute Research Challenge:




2018: Team ICHEC Brussels/ Louvain

 2017 Team RSM Erasmus 


2016: Team RSM Erasmus   


2015: Team HEC-ULg / University of Liège