CFA Institute Research Challenge

The CFA Institute Research Challenge is an equity research competition among student teams from the world's top university business and finance programs. It offers the best real-life experience for groups of young talents to produce a complete research report on a company and compete with other (international) teams! Ethics, education and professional excellence are core to the competition and it provides participants with the opportunity to showcase technical and soft skills and meet employers. CFA Society VBA Netherlands introduced the Challenge to the Netherlands as a means to promote best practices in research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.

In 2010 the Challenge was expanded to include Belgium and in 2013 Luxembourg was added to create the CFA Institute Research Challenge in the Benelux. 

• See an introduction to the challenge: Two-minute video about the Research Challenge
• Read what the press wrote: Coverage in het Financieele Dagblad

To get a better picture of what to expect, read the following:  

• CFA Research Challenge experience 1
• CFA Research Challenge experience 2  

How is the Challenge organized?

Upon invitation from CFA Society VBA Netherlands, local universities assemble teams of 3 to 5 persons each. Under guidance of a mentor, students write an equity research report on a publicly traded company, and present their findings to a distinguished panel of experts. 
 
The teams are judged on their written reports and the accompanying presentations and a winner is selected. The winning team receives a €1000 check and a one-day presentation training (market value €5000,-) to further develop their skills. The winners will advance to the Regional, Sub-regional Western Europe Finals and possibly even the global Research Challenge Finals in New York. The second team receives €500 and the third team €250 in prize money.

Throughout the competition, CFA Society VBA Netherlands' investment professionals volunteer as mentors, graders and judges and teach students best practices in equity research and corporate analysis. 

For the 2023-2024 competition year, we are very much looking forward to a live - and no doubt lively - competition! The competition will start in fall 2023.

Learn more about the CFA Institute Research Challenge.

Volunteers Wanted!

The CFA Institute Research Challenge owes its success to the invaluable input of volunteers who serve as committee members, mentors and report graders. Find out how you can contribute your time and skills to benefit the Research Challenge and help university students find their way in the investment industry. Download the job descriptions via  CFA Institute Research Challenge​ or contact  Alex Morozov for more information.

Schedule for Research Challenge 2023-2024

Research Challenge Benelux:

• Mid October 2023; kick-off where students and mentors from interested universities are invited and the company to be researched is announced.
• Two weeks after kick off; Deadline for participating universities to register their teams
• Mid November 2023; Company day; This event offers students the one opportunity to ask questions to the representative of the company investigated (PostNL). They will receive tips and tricks and listen to a presentation on ESG, and the student teams will participate in an investment game provided by sponsor NNIP.
• 14 January 2024: deadline for submitting research reports
• Early February 2024 (TBA): announcement of 3 local finalists on the basis of the reports
• End February 2024 (TBA): Benelux Finals at Euronext, where the finalists will present their reports in front of a jury that will then put them to the test.

Sub-Regional dates:

• Early March 2024: Local Champions Receive Sub-Regional Instructions/kick-off
• Mid March 2024: Teams Submit Sub-Regional Presentations recordings
• Early April 2024: Sub-Regional Announcements (The winning teams from each sub-regional competition advance to the regional competition)

Regional and Global Final Dates (for the 2022 / 2023 competition)

• 6 April 2023, 3pm CEST: EMEA Semifinals
• 27-28 April 2023 (virtually) or 22 May 2023 (in-person). EMEA Final (format will be confirmed at a later date)
• 22 May 2023: Global Final 

The local events up to the Benelux Finals are organised and hosted by CFA Society VBA Netherlands. The sub-regional, regional, and global competitions are hosted by CFA Institute.

HEC Liège wins CFA Institute Research Challenge 2023 Benelux finals!