Future Financial Leaders from Ontario Universities Compete at the 2023 CFA Society Toronto & CFA Society Ottawa Research Challenge

Toronto, Feb 03, 2023 (GLOBE NEWSWIRE) -- 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 16 February, student teams from the following universities will present their research and analysis of the subject company, Payfare Inc., at the final round of the local competition:

Queen's University, Smith School of Business
Faculty Advisor: 
Jon Aikman, BA, MA, LL.B, MBA
Team Members: Ken Chen, Andrew Guo, Yu-Yen Jia, Sumedha Sharvirala
Industry Mentor: Andrew Cox, CFA

University of Waterloo, School of Accounting and Finance
Faculty Advisor: 
Steve Balaban, CFA
Team Members: Sonia Balani, Philbert Chan, Jennie Lin, Rocky Luo, Joyce Ren
Industry Mentor: Jeannine LiChong, CFA, CPA, CA

Wilfrid Laurier University, Lazaridis School of Business & Economics
Faculty Advisor
: Bruce Everitt, C.Dir, CFA, MFin
Team Members: Dipal Doshi, Natalia Rusu, Violeta Shabatura
Industry Mentor: Sean Patterson, CFA

York University, Schulich School of Business
Faculty Advisor: 
Gregory Pau, MBA
Team Members: Oluwaseun Adegbulu, Garvit Bhatia, Panyu Gao, Abhishek Dilip Vora, Cheuk Wa Yip
Industry Mentor: Maxim Matushansky, CFA

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 on 16 February 2023 at 5:50 P.M..

The local winner will compete in the CFA Institute Research Challenge sub-regional level during the month of March. Winners from each of the regional level competitions (Asia Pacific, EMEA, and Americas) will then advance to the Global Final on 03 May 2023.

For more information visit CFA Institute Research Challenge

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 11,000 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 OttawaCFA 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.


Esther Filer, Manager Marketing and Communications
CFA Society Toronto