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 CFA Institute Research Challenge hosted by CFA Society Rochester and CFA Society Buffalo

​The CFA Institute Research Challenge offers students the unique opportunity to learn from leading industry experts and compete with peers from the world’s top finance programs. This annual educational initiative promotes best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.

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.

 Subject Company

Constellation Brands, Inc.

This year's subject company for the CFA Institute Research Challenge of Western New York is Constellation Brands, Inc.  Constellation Brands is a Fortune 500 company and an American producer and marketer of beer, wine, and spirits. Headquartered in Victor, NY, Constellation is the largest beer import company in the US, measured by sales, and has the third-largest market share of all major beer suppliers  Twelve student teams representing 10 upstate NY universities will be conducting equity research on Constellation and competing for the right to represent CFA Society Rochester and CFA Society Buffalo in the sub-regional and regional rounds of the global CFA Research Challenge competition.

 Participating Universities

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 Thank you to our Local Level Sponsors

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 2020 Winners

​​2020 CFA Institute Research Challenge Champions - Canisius College


For the 10th consecutive year, Canisius College has won the CFA Institute Research Challenge of Western New York. The oral competition and conference was held at Syracuse University on February 28, 2020, along with two keynote speaker presentations and a career panel session. The SUNY Oswego team placed second.  Also participating were the College at Brockport, SUNY Geneseo, Clarkson University, Syracuse University, SUNY Buffalo, Rochester Institute of Technology, University of Rochester, Ithaca College and Niagara  Univeristy.  The subject company was Graham Corp. Each university submitted a Wall Street quality analyst report that was graded by CFA volunteers and an oral presentation that was also judged by CFA volunteers. Canisius will represent the CFA Societies of Buffalo and Rochester in the Americas Regional competition on
April 21, 2020.

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 2019 Winners

​​Canisius College is Americas Regional Champions for the 2019 CFA Institute Research Challenge


After winning the CFA Institute Research Challenge of Western New York in February, the Canisius College team, representing CFA Society Buffalo and CFA Society Rochester, advanced to become Americas Regional Champions reaching the Global Finals in New York City on April 24-25.  Canisius became the only US university to reach the Global Finals out of originally 485 participating, and one of the elite "Global Final Five" out of over 1,100 universities in the world to reach the Global Finals twice in the last five years, and the only university in the US to achieve Global Champion status (2015) since the very first year of the Research Challenge in 2007.

 Past Winners Archive

​To view winners from 2015 and older, click here.

 CFA Institute

​​To learn about The Challenge and view the Offical Rules, click here.

 Schedule of Events

​​Feb 28​CFA Institute Research Challenge of Western New YorkSyracuse
The Martin J. Whitman School of Management
​​April 20-21​​Americas Regional​New York
April 22​​Global Final​New York