CFA Research Competition
The Alfred University Student-Managed Investment Fund (SMIF) is proud to participate in the annual CFA Institute Research Challenge, a global equity research competition that tests the analytical, valuation, report writing, and presentation skills of university students.
Teams of 3–5 students will prepare a detailed equity research report and present their investment recommendation to a panel of industry experts. The competition begins in the fall with local-level contests and advances through regional and global rounds held in the spring.
Everyone is invited to attend the regional final presentation round (Zoom link) and support Alfred University’s SMIF team as they showcase their research and analysis to CFA charterholders and leading professionals in the finance industry. Event details and times will be shared closer to the date.
Timeline
- September 2025 – Registration Opens
- Teams of 3–5 students are formed and registered through Alfred University’s SMIF faculty advisor.
- CFA Institute provides this year’s subject company for analysis.
- October 2025 – Kickoff & Company Presentation
- Subject company presents to participating teams during a kickoff meeting hosted by the CFA Society.
- Teams begin financial analysis and research.
- December 2025 – Research Report Submission
- Final written equity research reports are submitted to judges for evaluation. This typically occurs by mid-December.
- January 2026 – Local Finals (Virtual or In-Person)
- Top-scoring teams from the report round are invited to present live in front of a panel of CFA charterholders and investment professionals.
- Winner of the local competition advances to the sub-regional round.
- February–March 2026 – Sub-Regional and Regional Rounds
- Winning teams compete virtually in sub-regional matches, followed by the Americas Regional Final.
- April 2026 – Global Final
- Regional winners from the Americas, EMEA, and Asia Pacific compete in the Global Final hosted by CFA Institute.
- Winning team is crowned CFA Institute Research Challenge Global Champion.
Prize Pool:
The CFA Institute Research Challenge does not offer monetary prizes.
Instead, teams compete for recognition at local, regional, and global levels.
Advancing teams receive:
• Official CFA Institute certificates and honors
• Opportunities to present to leading industry professionals
• Visibility across CFA Institute platforms and media
• In some cases, CFA exam scholarships from local societies
Superlatives:
There are no official superlative categories in the CFA Institute Research Challenge.
However, participants may receive informal recognition for outstanding work from local CFA societies or judges.
Examples of informal awards may include:
• Best Equity Report
• Most Professional Presentation
• Outstanding Individual Speaker
Slides and Presentation Guidelines
Each team must present an in-depth equity research report and investment recommendation on the subject company assigned by CFA Institute.
Presentation Guidelines:
• Presentation Length: 10 minutes
• Followed by a 10-minute Q&A session with the judges
• Format: PowerPoint or PDF slide deck
• Slides must reflect the team’s own analysis and cannot exceed 10 content slides (excluding appendix and title slide)
Required Components:
• Company Overview & Business Model
• Industry Position & Competitive Landscape
• Investment Summary & Thesis
• Valuation (DCF, comparables, or other justified methods)
• Key Risks and Catalysts
All team members must contribute to the presentation. No outside assistance is permitted after the report submission deadline. For full details, refer to the CFA Institute Research Challenge official rules and scoring rubric.
Click to view full rulebook.
