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The CFA Institute Research Challenge is one of the world's most prestigious university investment competitions
Each year, university teams go beyond the classroom to research a real, publicly traded company. You'll analyze the business, build a valuation model, write a professional equity research report, and defend your investment recommendation in front of seasoned industry judges.
It's not a stock-picking contest. It's a rigorous test of analysis, judgment, and communication; the same skills that define a career in finance.
The competition spans five levels: local, sub-regional, regional semifinals, regional, and global. CFA Society Toronto and CFA Society Ottawa co-host the local competition for teams across Ontario.
REGISTER NOW- Teams of 3–5 undergraduate or graduate students, plus one Faculty Advisor. Up to 2 teams per university campus (first-come, first-served).
- Students must be currently enrolled at their sponsoring university at the time of the Local Final.
- Students who have previously participated in the Research Challenge and submitted a written report are not eligible to compete again.
- Students who are currently or previously employed in the core investment management profession are ineligible. Internship experience is permitted.
- CFA charterholders are not eligible to participate as team members.
- All participants must agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct.
Early Fall
Registration opens. Faculty Advisors register on behalf of their teams.
Mid Fall
Registration deadline & kick-off. Mandatory virtual kick-off event; subject company announced.
Early Jan
Written reports due. Submit two copies to universityrelations@cfatoronto.ca
Mid Jan
PowerPoint slides due. Slides should include team number only — no names or school.
Late Jan
Preliminary round & top 4 announced. Virtual presentations to a panel of judges; top 4 teams notified.
February
Embrace the Challenge. Local Final & Annual Awards Reception, in-person in Toronto.
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What exactly is the Research Challenge?
Teams research a real publicly traded company, write a professional investment report, and present to industry judges. It's judged on the quality of your analysis, not whether your price target is correct.
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Who is eligible to compete?
Undergraduate and graduate students currently enrolled at their sponsoring university. You're ineligible if you've previously competed and submitted a written report, hold a CFA designation, or have been employed (not interned) in investment management.
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How much can our Faculty Advisor and Industry Mentor help?
They can offer guidance and feedback — but cannot conduct analysis or write content. Faculty Advisors are limited to 10 hours before the report deadline; Industry Mentors to 6 hours.
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Can we use AI tools in our research?
Yes, but transparently. You must disclose and document any material reliance on AI. Passing off AI-generated content as entirely original human work is a breach of the rules.
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More questions?
Download the full FAQ sheet for students and faculty advisors.
- Who can compete?Teams of 3–5 undergraduate or graduate students, plus one Faculty Advisor. Up to 2 teams per university campus (first-come, first-served).
- Students must be currently enrolled at their sponsoring university at the time of the Local Final.
- Students who have previously participated in the Research Challenge and submitted a written report are not eligible to compete again.
- Students who are currently or previously employed in the core investment management profession are ineligible. Internship experience is permitted.
- CFA charterholders are not eligible to participate as team members.All participants must agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct.