Future Financial Leaders from Ontario Universities Compete at the 10th Annual Local Research Challenge

TORONTO - 12 February 2019 – 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. Only one team will be awarded  as the global winners.

On 28 February, student teams from the following universities will present their research and analysis of the subject company, BCE/Bell Canada:

Queen’s University

Faculty Advisor

Sean Cleary, CFA

Team Members

Sharad Gopal
Shahzad Aziz Hussain
Surthi Nair
Romel Sabat
Yacine Drissi Qeytoni

Ryerson University

Faculty Advisor

Alan Kaplan, CFA

Team Members

Tomas Casciato
Nemanja Karadizic
Dean Licul
Matthew Provensano
Diana Soloviev


University of Toronto Mississauga

Faculty Advisor

Tanya Kirsch, CFA

Team Members

Laura Brophy
Rishabh Kahanna
Ian Kitt
Ilya Kurbanov
Ahmed Al Shaibani

University of Waterloo

Faculty Advisor

Steve Balaban, CFA

Team Members

Jonathan Hui
Jessica Siew
Fei Wang
Michael William Wong

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

“I have been involved with the CFA Institute Research Challenge for three years and I’ve always been impressed by the excellent choice of research targets and outstanding submissions by the student teams. The 2019 teams kicked the ball out of the park with well-crafted reports, some of which contained proprietary research that strongly supported their investment thesis.” said Ariel Liang, CFA Institute Research Challenge Report Grader and Vice President & Associate Portfolio Manager of BMO Global Asset Management.

Note to editors: The winning team will be announced at our Annual Awards Ceremony. The event is open to the media who can register by emailing and interviews are available upon request by emailing The Awards Ceremony will be held on 28 February 2019 from 5:30PM to 7:30PM 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 New York, USA on 23-24 April 2019. Winners from each of the regional level competitions (Asia Pacific, EMEA, and Americas) will then advance to the Global Final in New York, USA on 25 April 2019.

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
Board Secretary & Chair of Public Awareness
Phone: 613-695-5517

About CFA Society Toronto
CFA Society Toronto is Canada’s largest Society of CFA® Charterholders, dedicated to supporting the professional and business development of over 10,000 members. We provide our membership with a local perspective on a global designation through our member services, which include: educational programs, sponsored events, employment postings, quarterly newsletters 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 400 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 ex change 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

Chartered Financial Analyst® and CFA® are registered trademarks owned by CFA Institute.

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