Shaping Canada’s Future of Finance: Students of University of Waterloo Awarded Global Champions of 2016 CFA Institute Research Challenge

2016 CFA Institute Research Challenge  

Students of University of Waterloo Awarded Global Champions
(Left to right: Adnan Khan, Brent Small, Rudder Zhang, Daniel Zhang, Kam Dhaliwal)

TORONTO, 15 April 2016 – CFA Society Toronto is pleased to announce University of Waterloo’s School of Accounting and Finance (SAF) as global champions of the 2016 CFA Institute Research Challenge in Chicago, Illinois. Student team members, Kam Dhaliwal, Adnan Khan, Brent Small, Daniel Zhang, and Rudder Zhang from SAF along with their CFA Society Toronto mentors, Steve Balaban, CFA, Chief Investment Officer, Mink Capital and Craig Geoffrey, CFA, Lecturer, University of Waterloo, shipped off to Chicago to compete against 106 teams from accoss the globe.  

The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis. Students work in teams to research and analyze a publicly traded company, and each team writes a research report on its assigned company with a buy, sell, or hold recommendation. Teams that progress to Local, Regional and Global finals must present and defend their analysis to a panel of industry professionals. Students learn from experienced industry experts and peers from the world’s top business schools.

“The amount of time and effort our students spent on researching Canadian Tire Corporation is a testament to their discipline and work ethic. They are ready to excel in whatever career path they choose. Moving from theory to application is a tremendous learning opportunity for students, as exemplified by the CFA Institute Research Challenge. The skills our team acquired through experience in applying finance theory to a live company is a significant benefit of participating in the competition. The tacit knowledge they have developed is highly sought by employers and will differentiate them through the early part of their careers.” Craig Geoffrey, CFA, Lecturer, University of Waterloo

The SAF students went up against stiff competition at the global stage of the Research Challenge, including teams from Ateneo de Manila University (repeat APAC Champions), Politecnico di Milano (past Global Champions and repeat EMEA Champions), and University of Georgia. University of Waterloo is the second Canadian team to win the Americas Regionals level of the challenge, and the first Canadian team to be Global champions of the competition.

"CFA Society Toronto is pleased to congratulate the University of Waterloo on winning the Global level of the 2016 CFA Institute Research Challenge. This is a great accomplishment for the student team members, Kam Dhaliwal, Adnan Khan, Brent Small, Daniel Zhang, and Rudder Zhang, and their mentors, Steve Balaban, CFA, and Craig Geoffrey, CFA. CFA Society Toronto takes great pride in providing mentors for students interested in pursuing a career in finance. By sharing the knowledge and experience of our diverse community of investment professionals we hope to build a stronger Future of Finance.” applauds Sue Lemon, CFA, CEO, CFA Society Toronto. 

For more information visit CFA Institute Research Challenge 

Media Contacts:

Jonathan Mai 
CFA Society Toronto 
416.366.5755 x 235

Patty Mah
School of Accounting and Finance, University of Waterloo
519.888.4567 x 37152

Alliccia Hernandez
CFA Institute

About CFA Society Toronto

CFA Society Toronto supports the professional and business development of nearly 9,000 CFA® charterholders in Toronto, making it the largest society of CFA charterholders, globally. We provides members with a local perspective on a global designation, including: educational programs, sponsored events, job postings, quarterly newsletters, a comprehensive affinity program and networking opportunities. A not-for-profit organization, CFA Society Toronto is affiliated with CFA Institute, the global body that administers the Chartered Financial Analyst® curriculum and sets voluntary, ethics-based performance-reporting standards for the investment industry. CFA Society Toronto’s members are leaders in ethics in the financial community. For more information, please refer to

About the School of Accounting and Finance

The School of Accounting and Finance is the largest professional school of its kind in English-speaking Canada. Established in 1981, the School offers undergraduate and graduate programs designed to provide students with the competencies, professionalism and practical experience they need to excel in their chosen careers. The School offers undergraduate co-op programs in accounting, finance and computing and financial management.  It also offers masters programs in accounting and taxation and a PhD program in accounting. For more details, go to

CFA Institute 

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute has over 137,000 members in 145 countries and territories, including 130,800 CFA charterholders, and 147 member societies. For more information, visit

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