CFA Institute Research Challenge is a prestigious global financial analysis competition for university students, offering participants a unique opportunity to develop their skills in financial analysis, company valuation, and investment reporting. This competition, designed for students passionate about finance, provides hands-on experience that not only enhances their academic education but also prepares them for a successful career in the financial industry.
A team of students from Kozminski University in Poland has achieved a spectacular success, securing 1st place in the 19th edition of the prestigious CFA Institute Research Challenge. The global final was held in Chicago as part of the CFA Institute Live 2025 conference, an event attended by over 1,500 investment professionals from around the world.
The final stage featured top teams representing countries such as Australia, Canada, Hong Kong, Poland, Switzerland, and the United States. To put their achievement in perspective, last year’s Research Challenge involved over 7,000 students from 1,153 universities worldwide. In the Chicago grand final, the absolute best—the victors of the regional competitions—competed for the championship title.
The 2025 CFA Institute Research Challenge Global Champions – the team from Kozminski University – celebrating their victory in Chicago.
About the CFA Institute Research Challenge
Held annually, the CFA Institute Research Challenge brings together student teams from around the world who compete in analyzing real-world publicly traded companies and preparing professional investment reports. The competition takes place at several levels – from local challenges organized by CFA Society chapters to the global final, where the best teams compete for the world championship title.
Each team is guided by an industry mentor and a faculty advisor, providing invaluable support and an opportunity to learn from seasoned professionals. During the competition, participants not only master advanced financial analysis and valuation techniques but also refine their presentation skills as they defend their recommendations in front of expert panels.
Over the years, the competition has attracted thousands of participants from more than 1,000 universities worldwide. In Poland, the local eliminations are organized by CFA Society Poland, which provides participants with professional support and the chance to network with experts from the financial industry. By taking part, students not only enhance their analytical skills but also gain valuable networking opportunities and stand out on the global stage.
Benefits of participating in the CFA Institute Research Challenge:
Prize pool of over 10,000 PLN for the finalists of the Polish edition.
Access to the Bloomberg Exam Ultimate CFA Program Tier for each winning team member for $1999. More information is available on the partner website. Learn more »
High visibility of winners and their universities within the financial industry.
An opportunity to gain valuable experience and test your skills as an analyst.
A perfect way to enhance your professional profile and CV.
Collaboration with financial professionals during project preparation.
A chance to showcase your skills in front of authorities in the financial world.
Participation in a prestigious competition with a global alumni network.
Involvement in preparatory meetings for the competition.
See what past Research Challenge participants think about the competition
Research Challenge is more than a competition. It is a community of hundreds of young investment analysts, leaders, faculty advisors, and business mentors. In Poland, the Research Challenge is a brand driven by the passion, commitment, and desire for development of young people.
How the CFA Institute Research Challenge Works
The competition progresses through the following stages:
Local Stage
This stage takes place in Poland, where teams analyze a selected publicly traded company. With support from mentors and faculty advisors, teams prepare investment reports and present their recommendations to a local panel of experts. The winning team from CFA Society Poland advances to the regional stage.
Regional Stage
At this stage, Polish participants compete with teams from the EMEA region. Regional finals involve presenting their reports to a regional jury based on recorded presentations of the selected company.
Global Final
The best teams from each region meet during the global final, the culmination of the competition. In this stage, participants from around the world present their analyses to a global panel of financial experts. The global final is a prestigious event where winners have the opportunity to stand out on the global stage, gain a competitive edge, and build international professional relationships.
Learn about the 2026 competition timeline:
Local Stage
October 1, 2025: Registration opens for students.
October 22, 2025, 16.00: Valuation methodology, Deloitte. Find out more »
November 4, 2025: Kick-off meeting and announcement of the subject company (the company to be analyzed by the students), as well as notification of the company meeting. Find out more »
November 13, 2025: Student registration closes.
November 20, 2025 — Meeting with the subject company. Find out more »
December 2, 2025, 17.00 CET — Bloomberg Workshop, Bartosz Olenderek (hybrid meeting). Find out more »
December 9, 2025, 17.00 CET — Forecasting in Equity Research, a meeting with Karol Brodziński, CFA, CFA Switzerland (online meeting). Find out more »
January 15, 2026: Report submission deadline.
February 10, 2026: Finalist announcement.
February 26, 2026: 1Local final at the Warsaw Stock Exchange trading floor.
Regional Stage
March 31—April 1, 2026: Regional semi-finals.
April 2—3, 2026: Regional finals.
Global Stage
May 2026: Global final in Hong Kong
Learn about the Partners of the 2026 Edition
The Research Challenge competition in Poland has been supported for many years by the Big Four consulting firm Deloitte. Thank you!
Subject company
Partner
Partner wspierający
Partner studencki
Previous Editions
In Poland, the CFA Institute Research Challenge has been held for over a decade, growing in popularity and prestige with each edition. The winners of the Polish stage then have the opportunity to represent the country at the regional and global stages. Here are the winners from the past three editions:
2025: Company analyzed – Dom Development. Local winner: Kozminski University team.
2024: Company analyzed – WP Holding SA. Local winner: Kozminski University team.
2023: Company analyzed – KRUK SA. Local winner: Wroclaw University of Economics and Business team.
2022: Company analyzed – Asseco. Local winner: Kozminski University team.
Resources & Study Materials
We hope to welcome you aboard this year’s edition of the CFA Institute Research Challenge, an international competition that continues to break popularity records among students year after year. Below you will find useful links and materials that we have prepared just for you.
Get tips and insights from Shaheer Ansari, a member of the winning team at both the local and global levels in the 2025 Research Challenge. Go to Shaheer’s recording »
Are You Ready to Get Challenged?
Before deciding to participate, make sure you and your team members review the official rules for theCFA Institute Research Challenge 2026.
This is just the beginning of your exciting journey! You’re just one step away from your first registration. Click the button below and leave us your contact details.
Within 48 hours, our team will reach out to confirm your registration and provide further details. Good luck!
CFA Society Poland powstało w 2004 roku i jest jednym ze 157 lokalnych stowarzyszeń międzynarodowego CFA Institute. Organizacja obecna jest w 70 krajach i zrzesza blisko 200 tys. przedstawicieli branży finansowej, obecnych w ponad 164 krajach. CFA Society Poland rozpowszechnia i realizuje najwyższe standardy etyczne oraz edukacyjne w zakresie działań branży inwestycyjnej w Polsce.
