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 Research Challenge

The CFA Institute Research Challenge is a global competition that tests the equity research and valuation, investment report writing, and presentation skills of university students. This annual educational initiative promotes best practices in equity research among the next generation of analysts through hands-on mentoring an intensive training in company analysis and presentation skills.

How the Challenge Works

Local CFA Institute volunteers work in conjunction with participating local universities to assemble teams of 3-5 business and finance students. Each team works directly with a mentor to research and prepare an equity research report on a publicly traded company.

Each team's findings are locally evaluated by high-profile panels of heads of research, portfolio managers, and chief investment officers from some of the world's top firms. Local champions advance to regional competitions in the Americas, Asia Pacific, and EMEA, and then to the global final.

Benefits of Participation

Students: Develop your resume/CV through hands-on mentoring and intensive training in company analysis and presentation skills.

Universities: Showcase your university on a global scale and provide your students with practical training and invaluable exposure to top industry professionals.

Mentors and Panelists: Encourage best practices in research within the next generation of investment professionals and help give back to the investment profession in a high-impact manner.

Frequently Asked Questions

Who is eligible to compete?
Both undergraduate and graduate student.

What is the timing of the Challenge?
The Canadian Prairies is held in March, American Regionals April.

How is the Research Challenge different from a "stock-picking" competition?
Students conduct in-depth analysis on a single company and produce a full equity research report. The winning team is chosen based on the thoroughness of its analysis and knowledge of one company rather than whether their predictions of the stock price are correct.

 Ethics Challenge

​The Canadian Ethics Challenge is designed to increase future financial leaders' awareness of the ethical dilemmas they may encounter as investment management practitioners. Student teams are given a realistic and challenging ethics case to study and evaluate. The competition gives students an opportunity to navigate through ethical dilemmas developing the next generation of ethical leaders in support of building a stronger Future of Finance.​​

The Ethics Challenge began on January 9, 2014 and involved three of CFA Society Toronto’s partner schools with Master of Finance programs. The Ethics Challenge summons students to analyze a situation with a “grey” area where right or wrong may not be apparent. Student teams are given a case study with an ethical dilemma and present their recommendations to a panel of senior charterholders. A question and answer period follows and a champion is later announced during a cocktail reception.
The Ethics Challenge strives to embody CFA Institute’s global mission to promote “the highest standards of ethics.” It touches on many of CFA Institute’s Future of Finance ​six areas of focus including: Transparency and Fairness, Regulation and Enforcement and Safeguarding the System. It also promotes ethical awareness and fosters a healthy financial environment.


The CFA Program is a globally recognized, graduate level curriculum that provides a strong foundation of real-world investment analysis and portfolio management skills along with the practical knowledge you need in today's investment industry. It also emphasizes the highest ethical and professional standards.

Each year, tens of thousands of candidates enroll in the CFA Program and sit for the exams in test centers all over the world. Completing the CFA Program confirms a mastery of the rigorous CFA curriculum, signifies passing all three exam levels, and is one of the requirements for earning the CFA charter.

CFA Exam Fee Schedule

The CFA Program enrollment fee, exam registration fee, and curriculum cost vary, depending on when you complete your registration and which curriculum format you select.

  • For each CFA exam there are three enrollment/registration deadlines.
  • Fees vary depending on the deadline by which enrollment and/or exam registration is completed (including receipt of payment).
  • First-time CFA Program applicants pay an initial one-time enrollment fee (plus an exam registration fee and possible fees associated with a curriculum selection).
  • Returning candidates pay only the exam registration fee (plus possible fees associated with a curriculum selection).
  • All fees are in U.S. dollars. View payment options.
  • Enrollment and registration fees are nontransferable and nonrefundable.* View the CFA exam Level I withdrawal policy.

Candidates are not able to register for an exam after the final deadline.