CFA Institute Research Challenge


About the CFA Institute Research Challenge
CFA Society Ottawa and CFA Society Toronto are proud to host the Local level of the Research Challenge for the seventh year! The 2016-2017 competition will begin in October 2016.

The CFA Institute Research Challenge is an annual global equity research competition that provides university students with hands-on mentoring and intensive training in financial analysis. Students gain real-world experience as they assume the role of a research analyst and are tested on their ability to value a stock, write an initiation-of-coverage report, and present their recommendations. For more background information about the Research Challenge visit CFA Institute’s website.          
                                      
                    

2016 Venue Sponsor

 KPMG





Congratulations to the winners of the Local level 2016 CFA Institute Research Challenge: the University of Waterloo!
The University of Waterloo advanced to become the global champions of the 2016 CFA Institute Research Challenge.


How it Works
CFA Society Toronto and CFA Society Ottawa are the host for the Local level of competition (for any Ontario based schools who wish to participate).

A faculty adviser acts as the link between CFA Society Toronto and CFA Society Ottawa (the local host) and the student team.  The faculty adviser assembles the team and guides them throughout the process.

Each team is assigned an industry mentor who helps them throughout the competition.

The written research reports are submitted to CFA Society Toronto and graded by local industry practitioners.  The top four teams advance to the presentation round of the Local level.

A panel of investment professional judges listen and score to the top four teams’ 10 minute presentation which is followed by 10 minutes of questions.

The winning team of the Local level advances to the Regionals.  The Regional level for the Americas will occur in Seattle, Washington, USA on April 6 - 7, 2017. 

Levels of Competition
Local level: The competition season begins in October.  In Late-October teams must be assembled and the Subject Company will be announced and a mentor assigned.  Written reports are submitted to CFA Society Toronto in Mid-January.  The top four written reports will advance to the Local level of Competition for the presentation round which occurs in Mid-February.  The winner of the Local level is based on 50% presentation and 50% written report.

Regional level: The winner from the Local level will advance to the Regional level, the Americas, which is hosted by CFA Institute

Global level: The winner from each Regional competition will advance to the Global Final, where one team will emerge as Global champion of the CFA Institute Research Challenge.

How to Sign Up
A faculty adviser  from  your university chooses and organizes a team for the Local level. Only one team per university is permitted (with some exceptions for multiple campuses for the same university).

If you have questions about signing up or finding a professor to sponsor your team please email

2016 - 2017 Timeline

Wednesday Oct. 26, 2016 Kick-off conference call with all participating teams.  Subject Company will be officially announced, timelines discussed, rules covered and questions answered.  The kick-off call will be recorded and made available to participants.
   
Monday Oct. 31, 2016 A mentor will be assigned to each team.
   
Wednesday Nov. 9, 2016 by 12PM           Deadline to submit 3 questions to CFA Society Toronto for Subject Company conference call.
   
Wednesday Nov, 9, 2016 Deadline date for all team members to complete the official online registration on the CFA Institute website (login required).  Click here
   
Friday Dec. 2, 2016 by 2PM Deadline to submit 2 follow-up questions to the Subject Company.
   
Monday Dec. 12, 2016 Subject Company will respond in writing to each team's follow-up questions.  CFA Society Toronto will email answers to each team.
   
Friday Dec. 16, 2016 First draft of report due to mentor.
   
Monday Jan. 16, 2017 by 12PM Written report due to CFA Society Toronto.
   
Monday Jan. 30, 2017 All applicants will be notified of the judges' decisions.
   
Thursday Feb. 23, 2017  Local Research Challenge Finals - Toronto 
   
April 6-7, 2017 Regional Competitions - Seattle, Washington
   
April 28, 2017  Global Final - Prague, Czech Republic 


2016 CFA Toronto - Research Challenge Timeline (PDF)

Research Challenge Award Information (PDF)
2015 Global Winning Report (PDF)
2015 Global Winning Presentation (PDF)

Past Winners

 

Year  Subject Company School Students
2016

 Canadian Tire Corporation University of Waterloo 
GLOBAL CFA Institute Research Challenge Winner
Kam Dhaliwal
Adnan Khan
Brent Small
Daniel Zhang
Rudder Zhang
2015

Thomson Reuters University of Waterloo  David Chan
Oliver Chan
Jun Wang
Jeffrey Wong
2014 

Loblaw Companies Limited

Queen's School of Business Yiliu (Joyce) Kang
Robert Kaptyn
Raghav Khanna
Aria Samarzadeh
Jakub Sulimierski
2013  Dollarama University of Waterloo  Arsalan Hashmani
Donna Heng
Prasanth Pahirathan
Anqi Wang
Ian Weng
2012  Onex Corporation University of Waterloo  Michael Liu
Michael C. Liu
Meng Wang
Daniel Pacione
Ian Gutwinski 
2011  Brookfield Renewable Power Fund Ivey School of Business  Cui Can
Arnold Ha
Jon Jhun,
Melody Tao
2010  Glacier Media Inc. Wilfrid Laurier Zachary Cressman
Andy Huynh
Gurveer Kehal
Jason Senensky