Research Challenge
What is it?
The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis and professional ethics. Each student will be tested on their analytical, valuation, report writing, and presentation skills. They gain real-world experience as they assume the role of a research analyst.
How does the competition work?
Local level competition is hosted by the CFA Society Finland. The competition is organized and judged by our members and volunteers. A target company is chosen from the local market. During phase one the company and its’ market position is the evaluated by participating university teams. This report is then evaluated by local graders. The results of the reports will determine which of the teams will proceed to the local final. In phase two the reports are presented to a panel of judges who then choose the victorious local team.
The winning university team from each local competition advances to the EMEA regional competition held in a different location each time.
The two winning teams from the EMEA regional competition advance to the Global Final, where one team emerges as the global champion.
Competition Rules
Competition Schedule
Deadline for registering, 27.10.2023
Kick off session, hosted virtually, 8.11.2023
Final report due, 22.1.2024
Announcement of finalists, 8.2.2024
Finland Final, hosted as an in-person event, 15.2.2024
Nordic Sub-regionals, March 2024
EMEA Semifinals, April 2024
Regional Finals, April 2024
Global Final, May 2024
Sponsored by Refinitiv
The local competition is sponsored by Refinitiv. The competing teams will be provided access to Refinitiv’s Workspace platform which includes unique data sets, company and economic data, news, and analytics as well as other powerful tools for market insights.
Local Competition Judges
The reports and final presentations are evaluated by a high profile panel of judges composed of heads of research, portfolio managers, chief investment officers and investor relations executives from leading firms.
As judges for local Final 2023 served Niina Arkko, CFA (Senior Responsible Investment Specialist at Ilmarinen Pension Fund), Ashish Bhardwaj (Portfolio Manager at Fidelity International), Jutta Rahikainen (Head of Equity and Credit Research at SEB Finland) and Kari Vatanen, CFA (Chief Investment Officer at Veritas Pension Insurance Company).
Judges of the local Final for Research Challenge 2022, were Jutta Rahikainen (Head of Equity and Credit Research at SEB Finland), Miikka Hautamäki, CFA (CEO, Managing Partner, AIM Capital) and Vesa Syrjäläinen, CFA (Responsible Investment Analyst, Varma).
In the local Final for Research Challenge 2021, the judges were Jutta Rahikainen (Head of Equity and Credit Research at SEB Finland), Miikka Hautamäki, CFA (CEO, AIM Capital), Peter Lindström, CFA (Sustainable Investing Specialist, Danske Bank) and Rami Vehmas (Senior Portfolio Manager, Ilmarinen).
Jutta Rahikainen and Miikka Hautamäki, CFA as judges in February 2021 Final hybrid event.
In the Research Challenge Final 2020 local competition judges were Jutta Rahikainen (Head of Equity and Credit Research at SEB Finland), Markku Leppälä, CFA (Portfolio Manager, Elo Mutual Pension Insurance Fund), Mikko Moilanen, CFA (Partner, Access Capital Partners Finland Oy) and Kari Vatanen, CFA (CIO, Veritas Pension Insurance).
In 2019, the Final’s panel included Jutta Rahikainen (Head of Equity and Credit Research at SEB Finland), Harri Taittonen (Equity Research Analyst at Nordea) and Hanna-Maria Heikkinen (Vice President, Investor Relations at Cargotec).
Past Local Competition Winners
2022-2023: University of turku
The winning team 2023, from left: Otto Pajala, Paavo Koljonen, Markus Salminen, Veeti Härkönen and Lassi Honkanen.
2021-2022: Lappeenranta university of technology
Winning team 2022, from left Ilari Iso-Mustajärvi, Giana Ortiz and Eppu Härkönen. Missing from the photo: Erica Haranen and Ville Andersson.
2020-2021: Aalto university
The winning team 2021: Aalto University, from left Joni Talja, Reni Kangas, Nadja McKenna, Santeri Salmela and Oskari Aho.
2019 -2020: UNIVERSITY OF TURKU
The winning team of the 2020 CFA Institute Research Challenge Finland, Miika Maukonen, Alexander Shalov, Kiia Rouhelo, Valtteri Toivanen and Okko Takkinen from the University of Turku.
2018 - 2019: University of Turku
The winning team of the 2019 CFA Institute Research Challenge Finland, Antti Koskivuo, Miika Vähä-Kreula, Kaisa Olli and Taneli Aho from the University of Turku.
2017 - 2018: University of Eastern FinlanD
The winning team of the 2018 CFA Institute Research Challenge Finland, Lari Aitamurto, Jermu Kuismin, Joonas Tanskanen and Olli Haapalainen from the University of Eastern Finland.
2016 - 2017: UNIversity of turku
The winning team of the 2017 CFA Institute Research Challenge Finland, Elmeri Saarenpää, Ossi Lönnström, Valtteri Mäkilä, Akseli Leino and Santeri Palojärvi from the University of Turku.
2015-2016: AALTO UNIVERSITY
The winning team of the 2016 CFA Institute Research Challenge Finland, Jonathan Weintraub, Mikael Taipale, Topi Kämäräinen, Alan Häkkä and Ville Viertola from the Aalto University.