Future Financial Leaders from Ontario Universities Compete at the 2020 CFA Society Toronto & CFA Society Ottawa Research Challenge


TORONTO - 19 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 20 February, student teams from the following universities will present their research and analysis of the subject company, Descartes Systems Group Inc.:

University of Toronto Mississauga


Faculty Advisor

Akash Chattopadhyay, PhD


Team Members

Massil Beguenane

Nicolas Bendici

Dylan Gervais

Vladyslav Kovalenko

Morgan Sattler


Queen’s University


Faculty Advisor

Sean Cleary, MBA, PhD, CFA


Team Members

Xinran Cai

Bryan Mitchell

Mobeen Rahman

Eric Stephenson

Vanessa Taylor


University of Toronto St. George


Faculty Advisor

Craig Geoffrey, CFA


Team Members

Nicholas Cortellucci

Amanda Ljustina

Ivan Thang

Patrick Thang

Cheryl Zhang


University of Waterloo


Faculty Advisor

Steve Balaban, CFA


Team Members

Logan Fraser

John Eli Guttmann

Mitchell Ho

Isaac Wong

Pamela Zeng



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.

This is my second year grading the reports, and I’m very impressed by the quality of each submission. The quality and originality demonstrated by the participating students illustrates the high-resolution way of critical thinking that is required to make a significant long term sustainable impact in the finance profession.” said Yadwinder Garg, CFA, CFA Institute Research Challenge Report Grader and senior Associate Research Analyst, 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 20 February 2020 from 2:15PM 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 20-21 April 2020. 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 22 April 2020.

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
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 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 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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