Four Ontario Universities Make it to the Finals of the 8th Annual Local Research Challenge

TORONTO - 9 February 2017 – CFA Society Toronto and CFA Society Ottawa have selected four Ontario university teams as finalists for the annual local CFA Institute Research Challenge, a global equity research competition among student teams from elite business and finance programs. 

The CFA Institute Research Challenge is a competition between university-sponsored teams that research a designated publicly traded company, prepare a written report on that selected company, and then present their findings to a panel of judges. The competition has three levels: local, regional, and global. Winners at the local level advance to compete against teams within their geographic region at the regional level. Winning teams at the regional level advance to compete at the global level. One team is designated the ultimate winning team, or champion, at the global level.

This year, on 23 February, student teams from the following universities will present their research and analysis of the subject company, Shopify:

Queen’s University Smith School of Business
  • Erik Kragegaard
  • Paul LeBane
  • Julius Nyarko
  • Michelle Xia
  • Fan Zhang
University of Toronto (Mississauga) Institute for Management and Innovation
  • Omar Mansour
  • Valentin Nigmatullin
  • Zuwei Sheng
  • Kunwar Singh
  • Harry Zou
Ryerson University Ted Rogers School of Management
  • Dorian Cziriak
  • Brandon Eng
  • Adam Hamade
  • Wei Sun
  • Gjoko Tasevski
University of Waterloo School of Accounting and Finance
  • Thinisha Gunasekera
  • Raj Patel
  • Sophia Chen
  • Talha Siddiqui
  • Qi Dong

 “We would like to extend congratulations to student teams from Queen’s, Ryerson, UofT Mississauga, and Waterloo, for being amongst the four finalists out of the original group of 13 that are contending for the 8th Annual Local Research Challenge championship.” said Sue Lemon, CFA, CEO of CFA Society Toronto.

The local level of the Research Challenge provides students with the unique opportunity to develop and present an equity research report on Canada’s own supermarket chain and compete on a global basis. Students learn from leading industry experts and their peers from the world’s top business schools. 

“The Society promotes the value of practical learning through the support of student focused initiatives.  This competition promotes best practices, research skills, analysis, report writing, and presentation skills. By participating in the CFA Institute Research Challenge students gain an understanding and perspective of the “real world” challenges involved when analyzing actual companies and competing with each other to produce the best equity research report. Under the guidance and mentorship of Society volunteers, we aim to help the next generation of financial professionals develop the skills required to be successful in the practice.” added Sue.

Note to editors: The winning team will be announced at an Awards Reception, at approximately 5:30pm EST on February 23rd.  The event is open to the media who can register by emailing Interviews are available upon request by emailing The competition and awards reception will be held from 2:30pm to 7:30pm EST at TMX Broadcast Centre, TMX Gallery, The Exchange Tower, 130 King Street West, Toronto ON.   

The local winner will compete in the CFA Institute Research Challenge Americas Regional level in Seatle, Washington on 6 – 7 April 2017. The winner of the Regional level will then advance to the Global Final in Prague, Czech Republic on 28 April 2017.

For more information visit CFA Institute Research Challenge

Media contacts 
Jonathan Mai 
CFA Society Toronto
Marketing & Communications Specialist 
Phone: (416) 366-5755 X 235
Twitter: @cfatoronto 

Graham Edwards, CFA
CFA Society Ottawa
Chair of Membership/Mentorship and Branding
Phone: 613-695-5517

About CFA Society Toronto
CFA Society Toronto supports the professional and business development of over 9,000 CFA® charterholders in Toronto, making it the largest society of CFA charterholders, globally. We provide 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 CFA Society Ottawa
CFA Society Ottawa is a not-for-profit organization that supports the professional and business development of approximately 385 CFA charterholders in the Ottawa region. Consisting of portfolio managers, security analysts, investment advisors, and other financial professionals, we promote: ethical and professional standards within the investment industry, encourage professional development through the CFA Program and continuing education, facilitate the exchange of information and opinions among people within the local investment community and beyond, and; work to further the public's understanding of the CFA designation and investment industry.  CFA Society Ottawa 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. For more information, please refer to

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