What is the CFA Institute Research Challenge?
The CFA Institute Research Challenge (RC) is a worldwide competition that brings together university students to conduct a full equity research analysis of a publicly listed company. Teams work with a sponsor firms senior analyst to develop a written report and a 15minute presentation for a panel of judges composed of professional analysts and portfolio managers.
Founded in 2007, the Challenge now involves more than 3,000 university teams from over 100 countries, making it the premier experiential learning event for aspiring finance professionals.
Competition Structure
1. Local/Regional Round
Each participating university selects a team (usually 35 students). Teams receive a confidential company dossier, access to financial statements, and a limited periodtypically 810 weeksto build their analysis. The deliverables are:
- A 12page research report following CFA Institute standards.
- A PowerPoint presentation (15 minutes plus Q&A).
2. National/Regional Finals
Winners of local rounds advance to a national or regional final, where they face other university champions. Judging criteria include depth of financial analysis, valuation methodology, quality of writing, and presentation skills.
3. Global Final
The top teams from each region travel to the annual Global Final in New York (or a virtual equivalent). The Global Final determines the world champion and offers extensive networking opportunities with senior CFA charterholders.
Key Benefits for Participants
Practical experience: Students apply valuation techniques, financial modeling, and industry research in a realworld setting.
Professional mentorship: Each team works directly with a CFA charterholder analyst who provides guidance and feedback.
Resume differentiation: Participationand especially winningadds a credible credential that recruiters recognize globally.
Networking: Access to a global community of students, faculty, and finance professionals.
Skill Development
- Financial statement analysis
- Discounted cash flow (DCF) and relative valuation methods
- Effective written communication and report formatting
- Public speaking and handling Q&A under pressure
- Team collaboration and project management
Typical Timeline (Academic Year)
- AprilMay: Universities announce the Challenge and open team applications.
- JuneJuly: Teams are selected and receive the company dossier.
- JulySeptember: Research, analysis, and report preparation.
- October: Local/Regional presentations and judging.
- NovemberDecember: National/Regional finals.
- May (following year): Global Final.
How to Join Your University Team
1. Check eligibility: You must be enrolled in an undergraduate or graduate program and have completed at least one year of university studies.
2. Contact your faculty: Most universities have a finance or business department liaison who coordinates the Challenge.
3. Form a team: Assemble 35 members with complementary skills (financial modeling, writing, presentation).
4. Register: Submit the team application through the official CFA Institute portal before the deadline.
5. Prepare: Attend any precompetition workshops offered by your school or local CFA Society.
Visit Official SiteHelpful Resources
- Official CFA Institute Challenge page
- CFA Institute Valuation Standards
- Discounted Cash Flow Overview
- Sample research reports from previous winners (often available on university finance club sites)
- Video webinars from CFA societies on report writing and presentation skills
