Striving to promote the best practices in equity research among the next generation of analysts


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What is CFA Institute Research Challenge Competition?

The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis.

Students work to research and analyze a publically traded company. Each university team should come up with a financial report with a recommendation to buy, sell or hold their assigned subject company.

The CFA Institute Research Challenge provides students with a unique chance 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. 

How does the competition work

A faculty advisor puts together a team of students and registers them with CFA Association Russia and CFA Institute. Each team selects (or is assigned by CFA Russia) an industry mentor who helps students during the competition.

The main objective of the competition is to write and submit a financial report on a selected subject company. Reports are then submitted to CFA Association Russia and graded by local finance industry professionals.

The top six teams with highest scores advance to the final part of the local competition. During the final, a selected panel of industry professionals evaluate the teams based on a 10-minute oral presentation and 10-minute Q&A session.

The two winning teams of the local competition advance to the CFA Institute Research Challenge EMEA regional competition, which will be held in Jordan on April 1-2, 2020. The winners from each regional competition will advance to the CFA Institute Research Challenge global competition in New York.


Each team consists of 3-5 members, who may be both undergraduate and/or graduate students. Each team must also have one faculty advisor and one industry mentor. Starting this year, there will be no limit on the number of teams per university (as long as local host approves).

Team members may not have previously or currently been employed in a role whose primary duty involves fundamental company analysis; with the exception of students who qualify as an intern.

CFA charterholders are not eligible to participate as team members. Please view the full version of the CFA Institute Research Challenge Rules, as well as the overview of the 2021 - 2022 changes



Benefits of participation

For students: develop your CV through hands-on mentoring and intensive training in company analysis and presentation skills.

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

For industry mentors and graders: encourage best practices in research among the next generation of investment professionalsm add value and give back to the investment profession in a high-impact manner.


Watch above what Vladimir Tutkevich, CEO of CFA Russia, thinks about the Research Challenge and its benefits for universities and students. 



 5,000+    Students

 3,000+    Volunteers

  900+      Universities

  150+      CFA Societies

   113        Local Challenges

    91         Countries


How to get involved

Learn how to participate in the 2021 - 2022 Research Challenge as a student, volunteer, or industry mentor, starting at the local level. See the 2021 - 2022 Local Competition Schedule.

To get answers to frequently asked questions please download the CFA Institute fact card (PDF).

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CFA Association Russia. Ассоциация CFA (Россия) не занимается вопросами приема документов и сдачи экзаменов - это исключительная сфера Института CFA. По всем вопросам, связанным со сдачей экзаменов CFA (Levels I, II, III) просьба обращаться по адресу

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