1. CFA institute research challenge [in/hosted by] kickoff meeting
Presenter’s name
Presenter’s title
dd Month yyyy

2. Host/society information
CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute has more than 113,000 members in 140 countries and territories, including more than 100,000 CFA charterholders, and 144 member societies.
CFA Institute writes and administers the CFA Examination, the gold standard in investment credentialing, and is a leading voice on issues of fairness, efficiency, and investor protection for global capital markets.
CFA Society of [Society Name] is one in this network promoting the lifelong learning opportunities for the nearly [Number] members and candidates in [Society Name] and the surrounding area.
CFA Society of [Society Name] is responsible for bringing the CFA Institute Research Challenge to your university.

3. Sponsor acknowledgment
First of all, we’d like to thank our generous sponsors…

4. 2016 global champions University of Waterloo
Representing CFA Society Toronto and CFA Society Ottawa
“Tell me and I'll forget; show me and I may remember; involve me and I'll understand.”
Chinese Proverb

5. What is the cfa institute research challenge?
How is it organized?
Worldwide intercollegiate competition between teams of students
Organized by local CFA Institute volunteers – usually through CFA member societies
At least 4 teams of 3-5 students participate
What does it involve?
Analysis of a publicly-traded company
Interviews with company management
Mentoring by a CFA charterholder
Research report writing
Presentation of research
A local-level Research Challenge is a local, intercollegiate competition sponsored by CFA Institute volunteers – usually through one of CFA Institute’s 130+ member societies. Local competitions invite at least four different universities, each sponsoring a team of 3 to 5 students, to participate. This competition is unique because it promotes best practices, research skills, analysis, report writing, and presentation skills in action.
What also makes it unique is what it is NOT. The competition is not based on the performance of a particular stock or portfolio and therefore doesn’t promote short-termism.
It does promote how to conduct research ethically, how to analyze the relevant data and develop a recommendation and how to present and defend that recommendation in a professional manner.

6. As part of the local level of the CFA Institute Research Challenge, you are automatically part of a global network of more 20,000 undergraduate and graduate students who have participated since the first global competition in One of the great aspects of this program is its global reach. The investment industry may seem large due to its globality, however it really isn’t. You are on the right path to integrating with the future leaders of the industry.

7. 100+ LOCAL LEVEL CHALLENGES
2017 tournament diagram
Global Final AP
Regional
~20 Teams
EMEA
Regional
~30 Teams
Americas
Regional
~50 Teams
Advancing through the stages of competition starts at the local level depicted at the bottom of this diagram.
Each local challenge produces one winner; CFA Institute sponsors the airfare and lodging of that team as they compete in the regional round of competition.
This year, the regional competitions will all be held in the same location as part of the first-ever “super regional.” This will take place the week of 11 April 2016 in Chicago, Illinois, USA.
Because the Americas region comprises more than 40 teams, the top two teams from that region will advance to the Global Final, which will also be held in Chicago the day following the regional competitions.
100+ LOCAL LEVEL CHALLENGES

8. Benefits for students Best practices in research and report writing
Real-life learning experience as an Equity Analyst
Access and exposure to leading industry professionals
Professional report and experience to use on resume/CV and job interviews
Experience presenting to top financial professionals
Individual and team prizes
Opportunity for travel
Potential for media exposure
Network of over 20,000 students and thousands of volunteers worldwide
One of the benefits of participation in the CFA Institute Research Challenge is public recognition. There is great potential to generate awareness when a team wins locally, regionally, and globally. Other great benefits include:
Learning best practices in research report writing and presentation skills from a professional mentor
Access to a network of top industry professionals
Concrete experience and example of your work to provide potential employers – this is a great experience to list on a resume
Prizes for the winning teams
Travel to the regional competition for local winners (travel and lodging provided by CFA Institute)
Travel to the global competition for regional winners (travel and lodging provided by CFA Institute)
Media exposure
Access to a network of 20,000+ students and thousands of volunteers worldwide

9. Global network of the world’s top business and finance students

10. Participating teams University Faculty Advisor Mentor University 1
Business School/Program
University 2
University 3
University 4
University 5
These are the teams that will be competing in the local challenge. At this time we’d like to reveal your industry mentor.

11. Competition timeline Today Kick-Off Next 10 days Preliminary Research
Register with CFA Institute
DATE
Company Presentation
1st Draft Due to Mentor
Final Report Due
Interim
Report Grading
Local Final Presentations
Regional Final
Global Final
It is extremely important that all students register for the competition on CFA Institute’s website. Once the student is registered, he/she will receive a complimentary electronic copy of Equity Asset Valuation (CFA Institute Investment Series). This registration will also ensure that each student receives a certificate acknowledging his/her participation in the competition.

12. Rules overview
Each team consists of 3-5 students (undergraduate or graduate)
Universities may form up to two teams each, depending on Local Host rules
Students must be enrolled in the university they represent and registered for at least a part-time course load at the time of the kickoff meeting
Reports and presentations must be the students’ original work
Students may not have contact with the subject company outside of organized events
Students may not enlist the help of any professionals other than the mentor or faculty advisor
Mentors and faculty may NOT contact the company
Mentors, faculty, and subject company may NOT provide material non-public information
Written reports must conform to the guidelines set forth by CFA Institute and include the cover and back pages provided by CFA Institute
Teams may not use props in their oral presentations
Students, mentors, and faculty must all agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct
These bullet points represent part of the CFA Institute Research Challenge Official Rules. Please read over all of the rules before you officially register on CFA Institute’s website. All participants of the challenge must agree to abide by the Official Rules set forth by CFA Institute (available on our website).

13. Advisor and mentor involvement
Faculty Advisor
Insight and guidance on research methods and tools as taught in academia
10 hours maximum of productive time
Access to faculty for other projects unrelated to the Research Challenge is permitted
All work must be the original work of the students
Industry Mentor
Insight and guidance on industry practice
6 hours maximum of productive time
Face to face or virtual
Company management question development
Review first draft of research report
Presentation development assistance
Students will have access to two experts who will help them develop their research skills, analytical models, and recommendation determination.
The Faculty Advisor is the expert on the academic side of equity analysis and other “soft skills” such as effective report-writing and presentation skills. For example, the advisor can work with the students on how to conduct company analysis and how to use different models. The professor cannot do the work for the students and should shy away from giving definitive answers as the work should be the original work of the students.
The Industry Mentor is an expert on professional practice and should advise students on how to ask intelligent and probing questions for the company presentation. The mentor will provide context for students to better understand the micro and macro environment as it pertains to their company. The mentor will guide students on the best and most ethical practices in the industry to help them produce a real-world initiation of coverage report and answer questions from experienced practitioners. Again, the mentor must only guide students as they develop their own work. Mentors cannot provide inside information.

14. Ethics resources
Ethical Standards for Investment Professionals: An Interactive Case- Based Course 
Ethics Course Module 2: Standard II—Integrity of Capital Markets
Ethics Course Module 3: Standard III—Duties to Clients
Ethics Course Module 6: Standard VI—Conflicts of Interest
Ethics Course Module 7: Standard VII—Responsibilities as a CFA Institute Member or CFA Candidate
Ethics are an integral part of this competition. We expect all participants to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct. Here are some interactive resources available to help acquaint participants with the Code and Standards.

15. Sample report The Written Report must:
be no longer than ten (10) pages (not including the front and back covers provided by CFA Institute) on A4 sized paper, although you may include an appendix of infinite length;
include the following information:
Company name
Exchange
Ticker symbol
Sector
Industry
Recommendation (buy/sell/hold)
Current price (as of __date)
Target price (% increase/decrease)
contain only publicly available information;
be the original work of the team members;
be prepared from the perspective of an independent research analyst;
be submitted to the local-level host by the deadline established by the host;
include the front and back covers provided by CFA Institute (teams must fill in the information indicated in highlighted text and may not alter any other part of the covers, including the CFA Institute logo); and
contain (but is not limited to*) the following sections:
Business Description
Industry Overview and Competitive Positioning
Investment Summary
Valuation
Financial Analysis
Investment Risks
*You may also include other headings that cover important information not otherwise covered in the sections listed above.

16. Report scoring Section Maximum Points Comments Business Description 5
Business Description 5
Industry Overview & Competitive Positioning 15
Investment Summary 20
Valuation
Financial Analysis
Investment Risks
Corporate Governance
Total
100
Report scores are determined using this scoring rubric. Graders will also provide short and constructive comments on the reports of all teams.

17. Presentation scoring Criteria Maximum Points Points Notes
Criteria
Maximum Points
Points
Notes
Financial Analysis
How thorough was their analysis of the industry, company, and competitors? 25
Valuation
Were the valuation methodologies appropriate and detailed?
Presentation
How effective/convincing was their presentation? Was it logical and did the facts support the recommendation? 20
Question & Answer
Were they able to answer the questions effectively and with confidence?
Team Involvement
Team involvement in the presentation/questions and answers 5
Materials
Quality of slides
Total
100

18. What to include on this slide: INFORMATION ABOUT COMPANY COMPANY LOGO
Subject company
What to include on this slide:
INFORMATION ABOUT COMPANY
COMPANY LOGO
WHAT THEY’LL PROVIDE (MEETINGS, MATERIALS, ETC.)
THANK YOU (RECOGNITION)
This is where you can discuss the subject company: what the company does, how the company is structured, and any other relevant information that all teams should know about the company.

19. Interacting with [subject company name]
Designated officers ONLY
Organized communications ONLY
Industry mentor or faculty advisor must be present for all student- subject company interactions
Students may contact and survey company suppliers, customers, vendors, etc.
Add company logo here.
Students may only communicate with the company during established meetings or planned communications (including s/calls that take the place of an in-person meeting) set up by [local host]. The industry mentor or faculty advisor must be with the students during these meetings. Only the students are allowed to ask questions of the designated officers present; neither the industry mentor nor the faculty advisor may ask questions. Students may NOT interview middle management or other employees of the company.
Students may interview and survey suppliers, customers, vendors, competitors, etc. as a normal course of research. Students are also permitted to interact with the company as a customer.

20. Where to begin
Visit the CFA Institute Research Challenge website:
Register for the competition
Peruse educational materials selected specifically for participants
Watch videos of past presentations
View past reports from winning teams
Students MUST register on the CFA Institute website using the registration form provided by the local host.

21. questions?

22. You can include pictures from your own local challenge here!