CFA Institute Research Challenge
What is the CFA Research Challenge
The CFA Research Challenge is an international competition aimed at developing a wide range of skills in students, from analysis and valuation to report preparation and presenting results before examiners and other participants. To assess these competencies, a selected group of students is tasked with conducting a detailed analysis of a company chosen by the organizer, determining its value, and assessing the profitability of investing in the company. It is important to note that the key aspect of the competition is not the future accuracy of the analyses, but their precision and the methods applied.
How the Competition Works
The report for the first stage of the competition should include an initial presentation of market analysis and the company under investigation, along with its competitors. The document should contain a detailed analysis of the company's financial situation, based on a review of its financial statements and other available documents. Additionally, it is necessary to understand the company's business environment, including identifying and assessing competition, analyzing competitive threats, and determining the competitive advantages of the company being analyzed. It is also crucial to understand the market in which the company operates and its product offerings.
After completing the local stage and qualifying for the regional stage, a presentation must be prepared to be delivered before a panel evaluating the team's work. The presentation should concisely present key information and outline the team's perspective on the company and its value. Similar requirements apply to the final stage, where the presentation of gathered information and conclusions will be key. However, it is important to remember that the accuracy of predictions is not of great importance but the methodology of gathering, verifying, and presenting data.
Stages
The report must be submitted by the deadline set by the local organizers of the competition. For Poland, this deadline is (), while the regional semifinals for the EMEA region, including Poland, are scheduled for April 8-9, 2025. The regional finals will take place on April 10-11, 2025. The best teams from each region will be invited to participate in the finals, which will be held in person on May 5, 2025, in Chicago.
Summary
The competition allows participants to become familiar with the complex financial world, primarily through the preparation of detailed reports. Thorough and in-depth research on the subject is required. Similar to professional work, where services are provided at the highest level for clients, participants must demonstrate diligence, precision, and the ability to organize and work as a team. In addition to financial and material rewards, a key element of this competition is the opportunity to establish connections with individuals who currently and in the future will play significant roles in the financial sector. Moreover, participants who qualify for the regional stage will receive support from a mentor with experience at the highest levels of finance, helping them to understand and begin their careers in the financial industry. All of these elements emphasize the significant value of the competition on many levels.
Currently, 4 members of Financial Markets Club have won the Local Finals of CFA RC and many more are to come. In 2023/24 Polish edition those were Bartosz Konopelski, Michał Mania and Antoine Crochet. This year, Piotr Pawlak has won the Local Finals in Switzerland and moved to next stages of competition. In a few days, Zofia Wojtacha and Kacper Zyskowski will compete in Polish Local Finals of 2025/26 edition and hopefully win.