The CFA Institute Research Challenge is an annual global equity research competition that provides university students with hands-on mentoring and intensive training in financial analysis. Students gain real-world experience as they assume the role of a research analyst and are tested on their ability to value a stock, write an initiation-of-coverage report, and present their recommendations.
The Challenge offers students the unique opportunity to develop and present an equity research report and compete on a global basis. Students learn from leading industry experts and their mentors and peers from the world’s top business schools. This annual educational initiative is designed to promote best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.
Each Research Challenge season leverages the efforts of over 140 CFA member societies, 3,500 member volunteers, and more than 5,000 students from over 1,000 universities. Local competitions (organized by societies) lead up to regional finals; regional champions then convene for the global final.
The CFA Institute Research Challenge comprises:
- Analysis of a publicly traded company
Teams research a publicly traded company. The company’s management presents information to the student teams and is available to answer student questions.
- Mentoring by a professional research analyst
Each team works with a CFA charterholder who mentors the team during the research process and reviews and critiques its report.
- Writing a research report
Each team produces an Initiation of Coverage report on the chosen company. The report is reviewed and scored by a group of judges.
- Presentation of research to a panel of experts
The teams’ final presentations are locally evaluated by panels of experts from top financial institutions. Panelists include heads of research, portfolio managers, and chief investment officers from the world’s top firms. The team with the highest combined written report and presentation score is the winner and advances to the regional level of the Research Challenge.
- Local level
The competition season begins in October. In late-October teams must be assembled and the Subject Company will be announced and a mentor assigned. Written reports are submitted to CFA Society Emirates in mid-January. The presentation round then occurs in mid-February. The winner of the Local level is based on 50% presentation and 50% written report.
- Regional level:
The winner from the Local level will advance to the Regional level, the EMEA Region, which is hosted by CFA Institute.
- Global level:
The winner from each Regional competition will advance to the Global Final, where one team will emerge as Global champion of the CFA Institute Research Challenge
CFA Society Emirates, the local UAE member society of CFA Institute, will host its annual research challenge in the UAE in 2018 for the ninth consecutive year.
Get Involved – Volunteers
We rely on our CFA charterholders and other financial professionals to serve as event organizers, faculty advisers, industry mentors, graders, and judges at the local, regional, and global levels of competition.
Volunteer opportunities include:
- Advising a university team: Faculty advisers provide a link between the local challenge hosts and their university; they assemble the team for their university and guide students through all levels of the competition.
- Mentoring students: Student teams are assigned industry mentors to assist them throughout the competition. The time spent with each team is limited to six hours.
- Grading student research reports: Report graders review, critique, and score the student teams’ research reports.
- Judging student presentations: Judges listen to, critique, and score the student teams’ presentations. Each presentation is 10 minutes in length followed by 10 minutes of questions and answers.
- Time keeper and master of ceremonies roles at the competition.
If you would like to learn more about available volunteer opportunities with the Research Challenge, please contact us.
Research Challenge Timeline
Tuesday, 31 October 2017
Kick-off conference call with all participating teams. Subject Company will be officially announced, timelines discussed, rules covered and questions answered.
By Monday, 6 November 2017
For those teams that indicate that they want a team mentor, an industry professional will be assigned to your team by this time. This is also the deadline for teams to indicate to the Society if they’ve found their own team mentor. Mentors will register on the CFA Institute online registration page.
Wednesday, 6 December 2017
Deadline date for all team members to complete the official CFA Institute online registration on the CFA Institute website (login required).
Monday, 11 December 2017 by 12 PM
Deadline to submit 3 questions to CFA Society Emirates for Subject Company conference call.
Wednesday, 20 December 2017
CFO call with PK Chand, CFO RAK Ceramics. Thank you PK!
Wednesday, 27 December 2017
First draft of written report due to Industry Mentor.
Wednesday, 7 February 2018 by 5 PM
Written report due to CFA Society Emirates. E-mail to email@example.com & firstname.lastname@example.org
University of Sharjah will compete in MENA CFA Societies Runners Up Challenge
Wednesday, 4 April 2018
American University in Dubai will compete at Regional competition in Dublin.
Past UAE Champions Reports and Presentations
Congratulation to American University in Dubai for winning the 2017 – 2018 CFA Institute Investment Research Challenge.
American University in Dubai Winning Team
Anna Chekanova, Rim Ghalayini, Jihad Chaouk, Nazli Orazalyyeva and Andrew Girgis
University of Sharjah Runners Up
Ahmad Awwad, Ted, Ibrahim Abdelkhaleq, Bader Elddine Al-Sarawan, Belal Ghassan, Huda Al-Dajani and the Dean of Business at U of S “Prof Molyneux”!
2018 Reports and Presentations will be posted after the MENA Runner Up and Regional level.
2018 Winning Report: American University in Dubai-1
2018 Winning Presentation: AUD CFA Presentation RAK Ceramics
2018 Runner Up Report: RAK Ceramics University of Sharjah
2018 Runner Up Presentation: RAK Ceramics U of S
2017 Winning Report: SP Jain (Team A) Submission CFA IRC
2017 Winning Presentation: SPJ-A