CFA Investment Research Challenge

The CFA Institute Global Investment Research Challenge (GIRC) is an educational initiative in which leading industry professionals teach and test business and finance students in research and report on a publicly traded company. Participation in the challenge promotes best practices in equity research and company analysis, as students research, analyze, and report on a company as if they are practicing analysts.

Besides the benefits of the practical experience during the CFA Institue Research Challenge itself, participating students show their willingness to pursue the CFA charter and hence will be prioritized for CFA Student Scholarships.

How the Challenge works

Local CFA Societies and CFA Institute host and launch local-level competitions of the Global IRC in conjunction with the participating universities. The challenge is composed of university teams of three to five students who are mentored by industry professionals in writing an equity research report on a publicly traded company. The teams' final presentations are locally evaluated by high-profile panels of heads of research, portfolio managers, and chief investment officers from the world’s top firms. The local champions advance to regional competitions in the Americas, Asia, and Europe and then to the global finale.

Challenge Components

  • Analysis of a Public Company: Teams research a publicly traded company (selected by the German CFA Society), including a question and answer session with company management.

  • Mentoring by a Professional Research Analyst: Each team is mentored by a professional research analyst, who assists the team during the research process and reviews and critiques its report.

  • Writing a Research Report: Each team produces an "Initiation of Coverage" report on its chosen company. The report is reviewed and scored by a group of judges.

  • Presentation of Research to a High-Profile Panel of Experts: Teams present their research to a panel of CFA charterholders and executives from the financial industry. The winning team will be selected based on the combined scores for the written report and the presenation.

  • Advancement to the CFA Institute Global Challenge: The winners of local competitions advance to compete against teams within the EMEA region, culminating in a global finale competition.


Additional information

More information on the GIRC can be found here:

CFA Institute Weblink: Opens external link in new windowCFA Institute Investment Research Challenge

CFA Society Germany Weblink: Opens external link in new windowCFA Institute Investment Research Challenge

Initiates file downloadCFA Institute Research Challenge 2015/2016 Presentation

Initiates file downloadCFA Institute Research Challenge 2015/2016 Factsheet

Official Rules

Öffnet einen externen Link in einem neuen FensterYoutube Channel with previous years' winning presentations