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]

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.^[14]

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

• Americas Region Final Champions include New York Regional Final Champions (defunct category after 2013).^[15]

Ranking

Winning Teams

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