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 inten-sive training in company analysis and presentation skills.

The Challenge gathers students, investment industry professionals, publicly traded companies, and corporate sponsors together locally, regionally, and globally for a real world competition. Additionally, all participants are introduced to and held to the standard of the CFA Institute Code of Ethics and Standards of Professional Conduct.

What is the CFA Institute Research Challenge?

The Research Challenge is a competition between university sponsored Teams that research a designated publicly traded company, prepare a Written Report on that select company and then present their findings to a panel of Judges.

How does the Challenge Work?

  • The national CFA society hosts and launches the Research Challenge in conjunction with the participating universities.
  • The universities assemble teams of 3-5 business and finance students who work directly with a company in researching and preparing a company analysis.
  • Mentors with equity analysis experience will be assigned to each team to help the students.
  • Each team (max two team per school) submits a research report on a specified company and later does a final presentation in front of a judge’s panel consisting of high-profile members of the Danish investment community.

Faculty Advisors

Each University appoints a Faculty Advisor. The Advisor’s primary responsibility is to provide guidance and diretion to the Team throughout all levels of the competition. The Teams are permitted a total of 10 hours Advisor time of substantive matters at the local level, with three extra hours for each new level of the competition.

Industry Mentor

Each team is provided a Mentor by CFA Society Denmark. The Industry Mentor may review the Team’s written report, but may only provide comments. Industry Mentors are not permitted to perform any research or write any portion of the report. Students may not receive assistance from additional finance industry professionals.

The teams are permitted to use an Industry Mentor on substantive matter for a total of 6 hours, prior to submitting the report. For each new level of the competition, 2 more hours are allowed.

Student resources

Research Challenge Official Rules

See the Official Rules here

Volunteer Opportunities

  • Industry Mentor: hands on work with university student
  • Report Grader: review and grade student research reports
  • Presentation Judge: listen to and critique student stock rec-ommendations


Wednesday 9 September 2020 at 20:00 Global Research Challenge Student Informational Session – sign up here
Wednesday 23 September 2020 Teams established, registered with CFA Institute and CFA Society Denmark
Wednesday 30 September 2020 Kick-off orientation, subject company disclosed
Week 43 (date to be set) 2020 Subject company presentation
Mid-January 2021 Follow-up Q&A with the subject company
Monday 15 February 2021 Written report due, grading starts
Wednesday 3 March 2021 Danish/Norwegian Final
During March 2021 Sub-Regional round (Northern Europe Final) Recorded presentation
Tuesday 13 – Wednesday 14 April 2021 EMEA Regional Semifinals
Tuesday 20 April 2021 EMEA Regional Finals
Thursday 22 April 2021 Global Final

➤ Contact  to get involved.