CFA Society Phoenix

A Member of the CFA Institute Global Network of Societies


 2017 - 2018 CFA Institute Research Challenge Rules


The CFA Institute Research Rules for 2017 - 2018 have been announced and can be found at this link:


A few highlights:

  • The teams are 3 to 5 individuals, either undergrads or grad students. You cannot have someone who holds a CFA designation (they may have passed exams, but cannot participate if they have been awarded the designation) nor can you have someone who has been employed for more than 6 months as a fundamental research analyst on your team. A violation will result in the disqualification of your entire team.
  • A 30 minute webcast on Ethics should be viewed by all team members prior to the competition. The link can be found under the Webcast tab of our site.
  • Students can review sell-side research; however, no sell-side research can be used within their reports. All work must be original and any sourced information should be properly cited using a generally accepted citation system. Students may not speak with sell-side analysts unless that individual is their mentor. As a reminder, the rules regarding time spent with mentors must be strictly observed.
  • Students may contact former employees of the subject company. As in past competitions, students may continue to contact the Subject Company's customers, competitors and suppliers to research the Subject Company but must submit their questions to the team's Faculty Advisor or Industry Mentor prior to contacting these resources.

Note: The student teams and faculty members are responsible for finding their own mentor.  If your team is having difficulty finding a mentor, please contact the local host coordinators for the CFA Society of Phoenix, Mike Schoppet, CFA and Matthew Boltz ( and )

  • The research report is limited to 10 pages, however, appendices are allowed. Any supplemental work (surveys by students, extra modeling, etc) can be presented in the appendix.
  • Written reports cannot be changed between the competitions (i.e. Local, Regional and Global Final). The slide deck for the oral presentation, however, may be changed and updated to be made current.
    •  Overall scoring will consist of 50% of the team's written score plus 50% of their oral presentation score. 
  • The America Regional Competition will be held in Boston, MA.
  • The Global Final will be held in Seoul, South Korea.

Other Notes: Mentors, graders, and faculty members involved in the Challenge who are CFA charterholders may claim up to 4 CE credits.