University of Turku victorious at the local Research Challenge

On 26 February 2026, CFA Society Finland hosted the local final of the Research Challenge at Hobo Hotel Helsinki. The event brought together four finalist teams to present their in-depth equity research and company analysis on Tokmanni.

We were delighted to welcome students representing:

• Aalto University

• JAMK University of Applied Sciences

• University of Eastern Finland

• University of Turku

A High Standard of Teams

This year’s competition demonstrated an exceptionally high level of analytical and financial modeling expertise, together with presentation skills. Each team showcased impressive dedication and a strong command of valuation methodologies and investment recommendations. After a closely contested and exciting final, the winning team was crowned:

🏆 University of Turku

The University of Turku team delivered a superb performance, with Matias Takala and Matias Tuominen presenting in the final round. The full team also included Joel Junttila, Eelis Mattila, and Niklas Palmroth. We extend our warmest congratulations to the entire team for an outstanding achievement.

Esteemed Panel of Judges

The final featured a distinguished panel of experienced finance professionals who generously volunteered their time and expertise: Marie Karlsson, Chief Investment Officer/Head of Nordic, Finnish and Swedish Equities, Nordea Asset Management, Antti Raappana, CFA, Head of Equities, Aktia. and Vesa Syrjäläinen, CFA, Development Manager, Responsible Investment, Varma. Their tough questions and valuable feedback provided students with insights and a truly professional evaluation experience.

Appreciation to Our Community

The Research Challenge would not be possible without the dedication of faculty advisors, industry mentors, and graders who support the competition throughout. This commitment to developing the next generation of finance professionals is deeply appreciated.

We also extend our thanks to Tokmanni, Quartr, and FactSet for their collaboration and support in this year’s challenge.

Organizing Committee

This year the CFA Society Finland Research Challenge Committee consisted of following board members: Antti Ihalainen, CFA (Chair), Tuomas Hillukkala, CFA, Alexander Matyushkin, CFA, and Endriko Võrklaev, CFA. We had the pleasure of welcoming Research Challenge committee alumni Markku Leppälä, CFA, to the final to hold a presentation on his career journey to the students — an inspiring addition to the final event’s program.

We warmly thank all participating teams and universities for making this year’s competition such a success. We hope to welcome teams from each university in next year’s Research Challenge as well!

Winning team interview at the end of the final event

All photographs and video by Pekka Lähteenmäki.