Research Challenge


CFA Institute Research Challenge

The CFA Institute Research Challenge is an annual global competition that connects university students with investment professionals from within the CFA Society® network. The competition provides students with hands-on mentoring and intensive training in financial analysis and ethics and tests participants' analytical, valuation, reporting writing, and presentation skills.

Members of our society, along with a faculty advisor and an industry mentor, work with teams of students to value a stock, write a research report, and present their recommendations. Teams then compete with peers from other schools at local-level competitions organized and judged by CFA Society members and volunteers. The winning university team(s) from each local competition then advances to see who will become the sub-regional, regional, and global champions. 

Learn more and read FAQs See the schedule and get involved

Congratulations to the 2023/2024 Orange County Research Challenge Winners: Chapman University!

What is it?

The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis and professional ethics. Each student will be tested on their analytic, valuation, report writing, and presentation skills. They gain real-world experience as they assume the role of a research analys

Local level competitions are organized and judged by CFA Institute Society members and volunteers who function as local hosts.

The winning university team from each local competition advances to one of the three regional competitions.

The regional and global competitions are hosted by CFA Institute in the Americas; the Asia Pacific; and the Europe, Middle East, and Africa regions. The winning teams from each regional competition advance to the Global Final, where one team emerges as the global champion.

The Research Challenge provides all participants – both individuals and organizations – with incredible opportunities to get involved.

  • Students: Find out if your university participates by asking your professor, our Society, or checking the participating universities list.

  • Universities: Form your team and give students the opportunity to compete against their peers and gain real-world experience.

  • Employers: Become a judge, mentor, grader, speaker, or corporate sponsor.

The 2023/2024 Research Challenge Subject Company: TILLYS

Tillys is a leading specialty retailer of casual apparel, footwear and accessories for young men, young women, boys and girls with an extensive assortment of iconic global, emerging, and proprietary brands rooted in an active and social lifestyle. Tillys is headquartered in Irvine, California and currently operates 250 total stores across 33 states.

Founders: Hezy Shaked, Tilly Levine
Headquarters: Irvine, CA
Number of employees: 3,850 (2023)
Revenue: 775.8 million USD (2021)
Subsidiary: World Of Jeans & Tops, Inc.

Research Challenge Events

Fall 2023 ​Kick-off
​November 3, 2023 ​Register with CFA Institute
​November 3, 2023 ​Company Presentation
​Voluntary- Mentor Choice  ​1st draft Due to Mentor
​January 26, 2024  ​Final Written Report Due
​Interim ​Report Grading
​February 16th, 2024 ​Local Final Presentations 
April 2024 Regional Final
May 2024 Global Final
To join the Research Challenge or for more information, contact us at: