The 2021 - 2022 CFA Institute
Research Challenge Registration
Registration process
If you are a student interested in participating in the Research Challenge, please complete the following steps.
Form a team and find a professor willing to participate.
Register your team on this page below.
We will get in touch with you and send a CFA Institute registration link.

About the Research Challenge

The CFA Institute Research Challenge is an annual global competition that provides university students with practical training in financial analysis.

Students work together to research and analyze a publicly traded company. Each university team should come up with a financial report with a recommendation to buy, sell or hold their assigned subject company.

The CFA Institute Research Challenge provides students with a unique chance to learn from leading industry experts and compete with peers from the world's top finance programs. This annual educational initiative promotes best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.
Learn more
Special deal for this year participants
All participants of 2020-2021 Research Challenge will receive a special $200 discount for the Level I CFA ® Program exam. CFA Institute offers this as a testament to the work that students produce and as inspiration to take the next step in their careers by starting the journey to becoming a CFA charterholder.
How the competition works
The local level competition is organized by CFA Association Russia. A faculty adviser and students put together a team and register with CFA Association Russia and CFA Institute. Each team then selects (or assigned by CFA Russia) an industry mentor who helps students during the competition.

The main objective is to submit an equity report on a selected subject company. Reports are then graded by finance industry professionals. The top four teams with the highest scores advance to the local final in Moscow.

The one winning team of the local stage will advance to the competition's EMEA Regional Final. The winners from each regional competition will then represent their respective regions in the Global Final in New York, where one team emerges as the global champion.
Subject Company
Yandex N.V.
Past years' subject companies:
2020 - 2021: Yandex
2019 - 2020: ALROSA
2018 - 2019: Norilsk Nickel
2017 - 2018: Detsky Mir
2016 - 2017: Moscow Exchange
2015 - 2016: Magnit
Team composition
A team consists of 3-5 members, who may be both undergraduate and/or graduate students. Each team must have one faculty adviser and one industry mentor.
Work experience
Team members may not have previously or currently been employed in a role whose primary duty involves fundamental company analysis.
Previous Research Challenge participation
Students who previously participated at any level of the CFA Institute Research Challenge are ineligible to participate again.
CFA charterholders
A team member cannot be a CFA charterholder.
Competition timeline
November End 2020
November End 2020
Nov 18, 2020
Nov 18, 2020
Official Kick-off event
Online event
During the Kick-Off event, participants will meet representatives of the subject company, members of CFA Association Russia, learn about the rules of the competition, and ask organizational questions.
Dec 16, 2020
Dec 16, 2020
Q&A session
Online event
Q&A session with an executive of the subject company. Participants will have an opportunity to ask questions and learn more about the company and its business.
Dec 21, 2020
Dec 21, 2020
Draft reports submission
Teams must submit a draft report to advance further in the competition.
Jan 18, 2021 (23:59)
Jan 18, 2021 (23:59)
Final report submission
All final reports must be submitted no later than 23:59
Jan 29, 2021
Jan 29, 2021
Video presentation submission
Teams must submit a 10-minute video of their oral presentation in English.
Feb 25, 2021 (18:00)
Feb 25, 2021 (18:00)
Local final
Online event
The top four teams with the highest report scores will be invited to a final event in Moscow. During the final, the teams will present their report in front of a panel of judges. The one winning team will represent CFA Russia in the EMEA Regional Final.
Apr 20, 2021
Apr 20, 2021
EMEA Regional Final
Online event
Winners of all CFA societies across the EMEA region will meet online in 2021 to find out the best team, which will represent the region in the Global Final.
May 17, 2021
May 17, 2021
Global Final
Online event
Why participate
For students
Develop CVs through real-life experience and hands-on training in company analysis and presentation skills.
For universities and faculty
Showcase a university on the global scale and provide students with practical training and valuable experience working with top industry professionals.
For industry mentors and graders
Encourage best practices in research among the next generation of investment professionals, add value and give back to the investment community.
Over the past several years the local stage of the Research Challenge has become a truly international event with universities from all across Russia and the CIS participating in the competition.

The bar was raised even higher last year when the team from Moscow State University won the EMEA Finals of the CFA Institute Research Challenge. With this major success both CFA Association Russia and the entire Russian financial education system celebrated a major success on the global stage.

Let's get in touch
Phone: +7 965 184 68 00