Future Financial Leaders from Ontario Universities Compete at the 9th Annual Local Research Challenge

TORONTO - 6 February 2018 – 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.

On 15 February, student teams from the following universities will present their research and analysis of the subject company, SNC-Lavalin:

Ryerson University, Ted Rogers School of Management

Faculty Advisor
Dr. Alan Kaplan

Team Members
Ryan Shotlander
Billy Wahab
Diel Fernandes
Mohor Hatalkar
Jack Duff

University of Toronto Mississauga, Institute of Management and Innovation

Faculty Advisor
Tanya Kirsch, CFA

Team Members
Anurag Davi
Guo Chen
Feier Wang


Queen’s University, Smith School of Business

Faculty Advisor
Dr. Sean Cleary, CFA

Team Members
Adeel Qureshi
Lingjie Wang
Mark Huang
Mishma Bhatia
Rahat Amin

University of Waterloo, School of Accounting and Finance

Faculty Advisor
Steve Balaban, CFA

Team Members
Katherine Chan
Hammad Nadeem Shams
Kevin Li
Uday Bir Singh Sandhu
Justin Lee


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

“The Research Challenge provides an excellent opportunity for students to immerse themselves in an analyst role and dig deep to really understand a business. The 2018 submissions were well done and each team brought forth their own unique perspectives,” said Marlena Zabielska, Research Challenge Report Grader and Portfolio Manager with Sionna Investment Managers.

Note to editors: The winning team will be announced at the Awards Reception. The event is open to the media who can register by emailing and interviews are available upon request by emailing The Awards Reception will be held on 15 February 2018 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 Boston, Massachusetts on 19-20 March 2018. The winner of the Regional level will then advance to the Global Final in Kuala Lumpur, Malaysia on 27 April 2018.

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 9,500 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 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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