Future Financial Leaders from Ontario Universities Compete at the 2021 CFA Society Toronto & CFA Society Ottawa Research Challenge

TORONTO - 02 February 2021 – 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 four levels: local, sub-regional, regional, and global. Winners at the local level advance to compete against teams within Canada at the sub-regional level. Winning teams at the sub-regional level advance to compete at the regional level where they will test their case study against universities across the Americas. Finally, winners from the regional level will advance to the global competition where only one team will be awarded as the global winner.

On 18 February, student teams from the following universities will present their research and analysis of the subject company, Empire Company Limited, at the final round of the local competition:

Brock University, Goodman School of Business


Faculty Advisor

Ernest Biktimirov, PhD, MBA, CFA


Team Members

Ovais Muhammad

Kristofer Nizielski

Ashwij Shenoy

Carleton University, Sprott School of Business


Faculty Advisor

Howard Nemiroff, PhD


Team Members

Xavier Luk

Seamus O'Connell

Tyler Page

Victor Sodje

University of Waterloo, School of Accounting and Finance


Faculty Advisor

Steve Balaban, CFA


Team Members

Brendan Mick

Anna Shen

Noah Yabrov


York University, Schulich School of Business


Faculty Advisor

Gregory Pau, MBA


Team Members

Mustafa Al-Obaidi

Matin-Sadat Babaei

Harshneet Bhatia

Nicola Pirone

Aleksanders Vagners


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. Students learn from leading industry experts and their peers from the world’s top business schools.

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 online 18 February 2021 from 5:00 pm to 6:00 pm.

The local winner will compete in the CFA Institute Research Challenge sub-regional level on 15-16 April 2021. Winners from each of the regional level competitions (Asia Pacific, EMEA, and Americas) will then advance to the Global Final on 22 April 2021.

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 Public Awareness & Membership
Phone: 613-695-5517

About CFA Society Toronto
Founded in 1936, CFA Society Toronto is part of the worldwide network of CFA Institute member societies that lead the investment profession globally by promoting the highest standards of ethics, education and professional excellence for the ultimate benefit of society. CFA Society Toronto represents the interests of over 10,000 investment professionals in the Greater Toronto Area through advocacy, education, events, and professional development.  For more information visit or follow us on Twitter @cfatoronto and on LinkedIn CFA Society Toronto.

About CFA Society Ottawa
CFA Society Ottawa is a not-for-profit organization that supports the professional and business development of over 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 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

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

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