Future Financial Leaders from Ontario Universities Compete at the 2022 CFA Society Toronto & CFA Society Ottawa Research Challenge

TORONTO - 26 January 2022 – CFA Society Toronto and CFA Society Ottawa have selected four out of thirteen 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 five levels: local, sub-regional, America’s semi-finals, America’s regional, and global. 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.

On 17 February 2022, student teams from the following universities will present their research and analysis of the subject company, Transcontinental Inc, at the final round of the local competition:

University of Ottawa, Telfer School of Management

Faculty Advisor
Danielle Michaud, CFA

Team Members
Daniel Etherington
Anisha Patel
Austin Larsen
Oleksandr Tytarenko

Industry Mentor
Maxim Matushansky, CFA

University of Toronto, Mississauga

Faculty Advisor
Akash Chattopadhyay, PhD

Team Members
Arjit Gupta
Nicole Hua
Raunaq Rohile

Industry Mentor
Nikki Chan, CFA


University of Toronto, Mississauga

Faculty Advisor
Akash Chattopadhyay, PhD

Team Members
Laiba Siddiqui
Adam Fedoruk
Jeffrey Zhang

Industry Mentor
Sebastian Becerra, CFA

University of Waterloo, School of Accounting and Finance

Faculty Advisor
Steve Balaban, CFA

Team Members
Ziming Gao
Alice Qin
Murtaza Zaidi
Muhammad Sadiq

Industry Mentor
Jeannine LiChong, CFA, CPA, CA


The local winner will compete in the CFA Institute Research Challenge sub-regional level on 20 March 2022. Winners from each of the regional level competitions (Asia Pacific, EMEA, and Americas) will then advance to the Global Final on 16 May 2022.

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 17 February 2022 from 5:00 pm to 6:30 pm.

For more information visit CFA Institute Research Challenge

Media contacts

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

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.