The winning team (BI) from left: Fabian Baumgartner, Rit Chatterjee, Mina Perovic, Tobias Barton, Gregor Stopar.

And the winner is…

Big congratulations to Team BI Norwegian Business School who impressively won the Local Research Challenge, which took place in Oslo on May 8th. The three other teams who participated in this year’s local final and made a great effort was Copenhagen Business School, NHH – Norwegian School of Economics and Nord University. The challenge was kicked-off on December 6th and this year’s subject company was Tomra Systems ASA.

The winning team, Team BI, has now advanced to participate in the EMEA Regional Finals in Dublin, Ireland on 4-5th of April. Here they will compete to win the right to move on to the Global Finals in Kuala Lumpur. Team BI we wish you the best of luck in the Regional Finals!

What is CFA Institute Research Challenge?

The CFA Research Challenge is a competition where Teams from different universities research a designated publicly traded company, prepare a written report and then present their findings to a panel of judges.
Each team consist of 3-5 members and is assigned with a mentor with equity analysis experience who can help and guide them.

Why participate in the Research Challenge?

The CFA Institute Research Challenge offers students the unique opportunity 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
The Challenge also gathers students, investment industry professionals, publicly traded companies and corporate sponsors together locally, regionally and globally for at real world competition.

Want to get involved?

If you are interested in participating or volunteer you can contact us on

This years participants

Team NHH:
  • Daniel Tilly
  • Håkon Tronvoll
  • Nurbol Kenessov
  • Kaspar Kvisle
  • Diego Bonelli
Team Nord University:
  • Sondre Fiskerstrand
  • Jørgen Husby
  • Mads Holmefjord
  • Fredrik Elvebakk
  • Eivind Svamo
Team BI (Winners):
  • Gregor Stopar
  • Fabien Baumgartner
  • Mina Perovic
  • Tobias Barton
  • Rit Chatterjee
Team CBS:
  • Nikolaj Jepsen
  • Kristoffer Dencker
  • Mathias Pagh Jensen
  • Philip Alexander Reesley
  • Jens Helvig Eriksen