# CFA Institute Research Challenge

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. 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. 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.
For 2019, more than 6,100 students from over 1,150 universities from 95 countries participated in the competition.

## Team Compositions

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.

## Results

| Year | Global Final Champion | Americas Regional Final Champion | Asia Pacific Regional Final Champion | EMEA Regional Final Champion |
| 2007 | Babson College | Babson College Rice University Seton Hall University | Chinese University of Hong Kong | N/A |
| 2008 | Hong Kong Baptist University | University of Houston University of New Brunswick | Hong Kong Baptist University | Charles III University of Madrid |
| 2009 | Nanyang Technological University | Yale University Fundação Getulio Vargas | Nanyang Technological University | University College Cork |
| 2010 | University of the Philippines Diliman | Brigham Young University Fordham University | University of the Philippines Diliman | University of Cape Town |
| 2011 | Polytechnic University of Milan | University of Southern California Rutgers University | Thammasat University | Polytechnic University of Milan |
| 2012 | Thammasat University | Illinois Institute of Technology Rutgers University | Thammasat University | Stockholm School of Economics |
| 2013 | Wroclaw University of Economics | University of Nevada, Las Vegas Fordham University | Narsee Monjee Institute of Management Studies | Wroclaw University of Economics |
| 2014 | University of the Philippines Diliman | University of Missouri | University of the Philippines Diliman | Polytechnic University of Milan |
| 2015 | Canisius College | Canisius College University of Florida | Ateneo de Manila University | Kyiv National Economic University |
| 2016 | University of Waterloo | University of Waterloo University of Georgia | Ateneo de Manila University | Polytechnic University of Milan |
| 2017 | Barna Business School | Barna Business School Seton Hall University | Singapore Management University | BI Norwegian Business School |
| 2018 | University of Lausanne | Jacksonville University University of Minnesota Duluth | Sunway University | BI Norwegian Business School University of Lausanne |
| 2019 | Ateneo de Manila University | Canisius College Instituto Tecnológico Autónomo de México | Ateneo de Manila University | Moscow State University University of Lausanne |
| 2020 | University of Sydney | Seton Hall University Universidade de São Paulo | University of Sydney | BI Norwegian Business School University of Lausanne |
| 2021 | BI Norwegian Business School | University of Waterloo Appalachian State University | University of Sydney | BI Norwegian Business School WHU – Otto Beisheim School of Management |
| 2022 | Northern Illinois University | University of British Columbia Northern Illinois University | University of Sydney | IE Business School Polytechnic University of Milan |
| 2023 | University of Sydney | California Polytechnic State University California State University, Fullerton | University of Indonesia University of Sydney | Polytechnic University of Milan University of Neuchatel |
| 2024 | University of Waterloo | University of Waterloo Fundação Getulio Vargas | Australian National University University of the Philippines Diliman | Qatar University WHU – Otto Beisheim School of Management |
* Americas Region Final Champions include New York Regional Final Champions (defunct category after 2013).

## Ranking

Winning Teams :
| Rank | Country | Global Champion | Regional Finalist |
| 1 | United States | 3 | 26 |
| 2 | Philippines | 3 | 6 |
| 3 | Australia Canada | 2 | 5 |
| 4 | Italy | 1 | 5 |
| 5 | Norway Switzerland | 1 | 4 |
| 6 | Hong Kong Singapore Thailand | 1 | 2 |
| 7 | Dominican Republic Poland | 1 | 1 |
| 8 | Brazil | 0 | 3 |
| 9 | Germany Spain | 0 | 2 |
| 10 | India Indonesia Ireland Malaysia Mexico Qatar Russia South Africa Sweden Ukraine | 0 | 1 |