To know is to grow | CFA Society VBA Netherlands

CFA Institute Research Challenge

The CFA Institute Research Challenge is an equity research competition among student teams from the world's top university business and finance programs. CFA Society VBA Netherlands introduced the Challenge to the Netherlands as a means to promote best practices in research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.

In 2010 the Challenge was expanded to include Belgium and in 2013 Luxembourg was added to create the CFA Institute Research Challenge in the Benelux. 

To get a better picture of what to expect, read the following:  

How is the Challenge organized?

Upon invitation from CFA Society VBA Netherlands, local universities assemble teams of 3 to 5 persons each. Under guidance of a mentor, students write an equity research report on a publicly traded company, and present their findings to a distinguished panel of experts. 
The teams are judged on their written reports and the accompanying presentations and a winner is selected. All student partipants this year will receive a CFA program scholarship.  The team receives a €1000 check and presentation training to prepare them for the regional and, hopefully, global finals. The winner will advance to the Sub-regional Wetern Europe Finals and possibly even the global Research Challenge Finals. Throughout the competition, CFA Society VBA Netherlands' investment professionals volunteer as mentors and judges and teach students best practices in equity research and corporate analysis. 

For the 2022 competition year, we are very much looking forward to a live - and no doubt lively - competition! 

Learn more about the CFA Institute Research Challenge.

Volunteers Wanted!

The CFA Institute Research Challenge owes its success to the invaluable input of volunteers who serve as committee members, mentors and report graders. Find out how you can contribute your time and skills to benefit the Research Challenge and help university students find their way in the investment industry. Download the job descriptions via  CFA Institute Research Challenge‚Äč or contact  Alex Morozov for more information.

Schedule for Research Challenge 2021-2022

  • Late September 2021 (TBA); kick-off where students and mentors from interested universities are invited and the company to be researched is announced.
  • Mid-October (TBA); Deadline for participating universities to register their teams
  • Mid-November (TBA); Company day; During this event, students will have the opportunity to ask questions to the representative of the company they will be investigating (TBA). Last year, a presentation on ESG was also given by sponsor NNIP and student teams will participate in an investment game.
  • Mid-January 2022 (TBA): deadline for submitting research reports
  • Early February (TBA): announcement of 3 local finalists on the basis of the reports
  • End February (TBA): Benelux Finals where the finalists will present their reports in front of a jury that will then put them to the test.
  • Mid March: subregional Western Europe Finals. (The winning teams from each sub-regional competition advance to the regional competition)
  • Mid April: EMEA Regional Semifinals
  • Mid April: EMEA Regional Finals
  • End April: Global Final

The local events up to the Benelux Finals are organised and hosted by CFA Society VBA Netherlands. The sub-regional, regional, and global competitions are hosted by CFA Institute.

Participating teams in 2020-2021 edition

  • University of Amsterdam - MIF
  • University of Amsterdam - Amsterdam Business School 
  • Erasmus University of Rotterdam - Rotterdam School of Management 
  • Erasmus University of Rotterdam - Erasmus School of Economics
  • Maastricht University
  • ICHEC-LSM (Louvain)
  • Université libre de Bruxelles- Solvay BS 
  • HEC Liege
  • University of Leuven, KU Leuven

Maastricht University wins CFA Institute Research Challenge 2021 Benelux finals

For the first time since 2017, we've seen a Dutch team winning the Benelux finals of the CFA Institute Research Challenge. The competition ended in a tie between Maastricht University and ICHEC-LSM, but according to the rules of the CFA Research Challenge in this case the team with the highest score on the presentation wins the challenge, i.e. Maastricht University. The jury was especially impressed with their focus on ESG.

Previous winners

  • Report 2021 (Alflen) - winner Maastricht University
  • Report 2020 (Barco) - winner HEC-ULiège
  • Report 2019 (Basic Fit) - winner HEC-ULiège
  • Report 2018 (Greenyard) - winner ICHEC Brussels 
  • Report 2017 (Nedap) - winner Erasmus University
  • Report 2016 (Biocartis) - winner Erasmus University
  • Report 2015 (Docdata) - winner HEC-ULiège
  • Report 2014 (Melexis) - winner Erasmus University
  • Report 2013 (Sligro) - winner Erasmus University
  • 2012 winner - Tilburg University
  • 2011 winner -  Solvay Business School
  • 2010 winner - Tilburg University
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