Introduction

The CFA Institute Investment Research Challenge offers students the unique opportunity to learn from leading industry experts and compete with peers from the world's top business schools. This annual educational initiative is designed to promote best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.

Over the course of the competition, university teams of 3-5 students each are mentored by industry professionals in writing an equity research report on a publicly traded company. The teams then present their findings to a distinguished panel of experts. Past panelists from the Global Competition include Directors of Research, Chief Strategists and CIO's from Bear Stearns, Goldman Sachs, Lehman Brothers, and Morgan Stanley.

The Challenge consists of the following components:

  1. Analysis of a Public Company: Teams research a publicly traded company. Company management presents to the teams and participates in a Q&A session.
  2. Mentoring By a Professional Research Analyst: Each team works with an investment professional, who mentors the team on research process and reviews and critiques their report.
  3. Writing a Research Report: Students produce an initiation of coverage report on the chosen company. The report is reviewed and scored by a group of judges.
  4. Presentation of Research to a High-Profile Panel of Experts: Teams present their research to a panel of experts from top financial institutions. The team with the highest combined report and presentation score is the winner.
  5. Advancement to CFA Institute's Global Challenge: The winners of the local competitions will advance to compete against teams within their geographic region, culminating in a global final in either New York City, London, or Hong Kong, in May of 2009.

About CFA Institute

CFA Institute is the global membership association that administers the Chartered Financial Analyst (C) (CFA) and Certificate in Investment Performance Measurement (CIPM) curricula and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 96,000 members, who include the world's CFA charterholders, in 133 countries and territories, as well as 135 affiliated professional societies in 56 countries and territories. CFA Institute has offices in Charlottesville, Va., London, Hong Kong, and New York. More information may be found at www.cfainstitute.org.

About the Philadelphia Chapter

The CFA Society of Philadelphia (CFAP) is a leading forum for the investment community since 1943. A not-for-profit educational organization with nearly 2,000 members, CFAP is committed to the promotion of best practices and the highest professional and ethical standards in the investment industry. CFAP is one of the four founding societies of the CFA Institute, which comprises more than 135 societies worldwide, and more than 96,000 members.