The CFA Institute Research Challenge is an annual global competition in equity research hosted by the CFA Institute started in 2007. The competition provides university students with hands-on training and mentoring in financial analysis.[1] [2] [3] [4] [5] Students assume the role of a research analyst and are scored based on their ability to value a stock, write an initiation-of-coverage report, and present their recommendations.[6] [7] The competition is split by 3 geographical regions, Asia Pacific, EMEA, and the Americas. Both undergraduate and graduate students are eligible to participate. Teams begin in local competitions, from which winners advance to regional competitions. A final competition held in April identifies the winning team at the global level.[8] [9] [10]
For 2019, more than 6,100 students from over 1,150 universities from 95 countries participated in the competition.[11] [12] [13]
Teams are sponsored by a university located within the area of the local competition in which the team wishes to compete. Each university may field up to two teams of three to five members.[14]
| Year | Global Final Champion | Americas Regional Final Champion | Asia Pacific Regional Final Champion | EMEA Regional Final Champion |
|---|---|---|---|---|
| 2007 | N/A | |||
| 2008 |  University of Houston University of New Brunswick |  Charles III University of Madrid | ||
| 2009 |  University College Cork | |||
| 2010 |  University of Cape Town | |||
| 2011 |  Polytechnic University of Milan | |||
| 2012 |  Stockholm School of Economics | |||
| 2013 | ||||
| 2014 | University of Missouri | Polytechnic University of Milan | ||
| 2015 |  Kyiv National Economic University | |||
| 2016 | Polytechnic University of Milan | |||
| 2017 |  BI Norwegian Business School | |||
| 2018 | BI Norwegian Business School University of Lausanne | |||
| 2019 | Moscow State University University of Lausanne | |||
| 2020 | BI Norwegian Business School University of Lausanne | |||
| 2021 | BI Norwegian Business School WHU – Otto Beisheim School of Management | |||
| 2022 | IE Business School Polytechnic University of Milan | |||
| 2023 | Polytechnic University of Milan University of Neuchatel | |||
| 2024 | ||||
| 1 | 3 | 26 | |
| 2 | 3 | 6 | |
| 3 | 2 | 5 | |
| 4 | 1 | 5 | |
| 5 | 1 | 4 | |
| 6 | 1 | 2 | |
| 7 | 1 | 1 | |
| 8 | 0 | 3 | |
| 9 | 0 | 2 | |
| 10 | 0 | 1 | |