The CFA Institute Research Challenge is an annual, global competition that provides university students with hands-on mentoring and intensive training in financial analysis. Students work in teams to research and analyze a publicly-traded company and then write a research report on their assigned company with a buy, sell, or hold recommendation.
Each Research Challenge season leverages the efforts of over 150+ CFA member societies, 3,500+ member volunteers, and more than 5,000 students from over 1,000 universities.
The Challenge gathers students, investment industry professionals, publicly traded companies, and corporate sponsors together locally, regionally, and globally for a real-world competition. Additionally, all participants are introduced to and held to the standards of the CFA Institute Code of Ethics and Standards of Professional Conduct.
2025-2026 Participating Universities:
- Bethel University
- College of Saint Benedict/Saint John's University
- Concordia College
- Minnesota State University Mankato
- North Dakota State University
- South Dakota State University
- St Cloud State University
- University of Minnesota Duluth
- University of MN Twin Cities
- University of North Dakota
- University of Wisconsin - River Falls
2025-2026 Subject Company:
Life Time (LTH)
Past CFA Society MN Subject Companies & Winners
2010/2011 – Donaldson (University of Minnesota)
2011/2012 – Lawson Software, Inc. (University of Minnesota)
2012/2013 – Polaris Industries, Inc. (University of Minnesota)
2013/2014 – Stratasys Ltd. (University of Minnesota)
2014/2015 – Graco (UMD)
2015/2016 – MTS Systems (NDSU)
2016/2017 – Vascular Solutions (UMD)
2017/2018 – Fastenal (UMD)
2018/2019 – Bio-Techne (UMD)
2019/2020 – Tennant Company (NDSU)
2020/2021 – Apogee Enterprises, Inc. (UMD)
2021/2022 – Ecolab (UMD)
2022/2023 – General Mills (UMD)
2023/2024 – Polaris Industries, Inc. (UMD)
2024/2025 – Sun Country Airlines (University of Wisconsin-River Falls)