On 27 February, CFA Society Norway hosted the local finals of the CFA Institute Research Challenge in Oslo, bringing together student teams from leading universities to compete in equity research and financial analysis. The event was organized in collaboration with Finansforeningen/CFA Society Denmark and with the invaluable support of Equinor, which served as the subject company for this year’s competition. With 18 participants from four different universities and the same number of volunteers from the industry and faculty in Denmark and Norway, the event turned out to be a great success.
A Global Challenge in Equity Research
The CFA Institute Research Challenge is an annual global competition that provides university students with a unique opportunity to gain real-world experience in financial analysis. Participants work in teams to analyze a publicly traded company, produce a professional research report, and present their stock recommendations to a panel of industry experts. The competition aims to bridge academia and industry by offering students practical insights into equity research, valuation, and professional ethics.
Local Finals bringing together competitors, industry and faculty
This year, student teams from Norwegian School of Economics (NHH), BI Norwegian Business School, OsloMet – Oslo Metropolitan University, and Aalborg University took on the challenge of analyzing Equinor. Over the past few months, the teams conducted in-depth research, prepared detailed equity research reports, and developed investment recommendations.
The research reports were rigorously evaluated by three volunteering graders, who scored the quality of the reports according to a number of preset criteria. The feedback from the graders was clear, as exemplified by one who stated: “I would like to express my sincere appreciation for being part of this initiative that I took part in as a student 10 years ago. It has been a rewarding experience to see the hard work and commitment from each team that has made all of the projects a great success.”
They continue: “The overall performance was impressive, and it was evident that everyone put in a great deal of effort and dedication.”
In the local finals, held in Oslo, each team presented their findings to a distinguished panel of judges, all strong asset management professionals. The evaluation was based on the quality of their research, analytical rigor, and presentation skills.
1 The pressure is on during the presentations. Here the team from Aalborg defending their “Buy” recommendation.
Present at the event were also representatives from Equinor’s investor relations and finance department, professors from the participating universities, mentors, and other volunteers.
“We would not have been able to do this without your support” says Marco Proto, President of CFA Society Norway and head organizer of the local Research Challenge competition.
BI takes the win
The team from BI Norwegian Business School won the local competition and advanced to the next stage of this global contest. Their outstanding analysis and presentation impressed the judges, and we wish them the best of luck in the upcoming rounds. First out is the sub-regional final, followed by a regional final before the global final takes place in May 2025.
“I am impressed to see how the level of each team improves from year to year. I am glad to have been part of this.” says Erlend Fredriksen, fund manager at DNB Asset Management and member of the judge panel.
The event was concluded with a celebratory dinner in central Oslo, where participants and volunteers could connect over an exquisite dinner.
2 The winning team from BI Norwegian Business School holding the local competition trophy. From left: Steven Quang Tran, Oisín Thompson, Karl Liljendahl Hólmgeirsson and Vidar Tord Jenssen. The fifth team member Mateusz Matulewicz could not be present.
Acknowledgments
CFA Society Norway extends its sincere gratitude to all those who contributed to making this competition a success: faculty advisors, industry mentors, report graders, presentation judges, and Equinor for their support and dedication. We also commend all competing teams for their impressive efforts and professionalism.
We look forward to following the journey of the BI Norwegian Business School team as they compete at the sub-regional level - and hopefully beyond!