CFA Institute Research Challenge

Politecnico di Milano Wins 2017 CFA Italian Research Challenge

In collaboration with


The team from Politecnico di Milano won the first place of 2017 CFA Italian Research Challenge with a report on Recordati. The winning team will compete for the Europe, Middle East & Africa Challenge, which is being held on 26-27 April in Prague. The winner of the EMEA Challenge will advance to the Global Research Challenge, which is being held on 28 April in Prague.


Milan, 27 March 2017 - 2017 CFA Italian Research Challenge | Fabio Fallovo, Michele Faustini, Lorenzo Mezzaferro, Giorgio Novello, Alberto Zanotti

Congratulations also to the other competing teams. All of them did an outstanding job.

Politecnico di Milano
Università Ca’ Foscari Venezia
Università Cattolica del Sacro Cuore Milano
Università Commerciale L. Bocconi
Libera Università di Bolzano
Università degli Studi di Modena e Reggio Emilia
Università degli Studi di Pavia
Università Politecnica delle Marche


Politecnico di Milano
Università Ca’ Foscari Venezia
Università Cattolica del Sacro Cuore Milano
Università Commerciale L. Bocconi
Libera Università di Bolzano
Università degli Studi di Modena e Reggio Emilia
Università degli Studi di Pavia
Università Politecnica delle Marche


Politecnico di Milano

Press Coverage

Il Politecnico di Milano si aggiudica la CFA Research Challenge e vola a Praga per la finale EMEA

Cfa Research Challenge 2017: 8 università italiane in gara con l’analisi di Recordati - - 31 January 2017

Otto università italiane in campo per la CFA Research Challenge - Funds People - 1 February 2017

Fidelity International sponsorizza la CFA Research Challenge - Bluerating - 1 February 2017

Cafoscarini alla CFA Research Challenge - CaFoscariNews - 6 February 2017

Team Ca' Foscari per CFA Research Challenge - 12 February 2017

Unipv partecipa alla CFA Research Challenge - Unipv News

L'Università di Pavia alla CFA Research Challenge - Ucampus - February 2017

Unibz partecipa alla CFA Research Challenge - Unibz - 8 February 2017

Unimore partecipa alle competizioni finanziare, promosse dall’Italian CFA Society, con due squadre di suoi studenti -

Previous editions

Politecnico di Milano Won 1st place in CFA Research Challenge EMEA Final

Chicago, USA - The team from Politecnico di Milano won the CFA Research Challenge EMEA Final.
Riccardo Borgonovo, Francesca Carini, Alessandro Chiavari, Anna Frontani, Gabriele Ramaioli were among the "final four" teams (Americas, Asia, NY) to compete for the Global title, which was won by University of Waterloo, Canada.


Chicago, 13 April 2016 - CFA Research Challenge EMEA Final
From left: Riccardo Borgonovo, Gabriele Ramaioli, Francesca Carini, Laura Grassi (former student and researcher at Politecnico), Anna Frontani and Alessandro Chiavari


Chicago, 13 April 2016 - CFA Research Challenge EMEA Final

Press Coverage - Economia & Finanza - Cinque ventenni italiani del Politecnico alla finale mondiale di analisi finanziaria - Analisi finanziaria, anche una piacentina nel team universitario sul tetto del mondo

The CFA Institute Research Challenge

Where else but in our colleges and universities can you find the best and brightest minds of the next generation in the investment profession?

What is the purpose of the Research Challenge?

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 — sometimes even meeting face-to-face with company management. Each team writes a research report on their assigned company with a buy, sell, or hold recommendation and may be asked to present and defend their analysis to a panel of industry professionals.

How does it work?

CFA Institute member societies together with local universities assemble university teams of 3-5 students each. Teams are mentored by industry professionals in writing an equity research report on a publicly traded company. The teams then present their findings to a distinguished panel of experts.

What's involved?

The Challenge consists of the following components:

Analysis of a Public Company: Teams research a publicly traded company. Company management presents to the teams and participates in a question and answer session.

Mentoring By a Professional Research Analyst: Each team works with an investment professional, who mentors the team on research process and reviews and critiques their report.

Writing a Research Report: Students produce an initiation of coverage report on the chosen company. The report is reviewed and scored by a group of judges.

Presentation of Research to a High-Profile Panel of Experts: Teams present their research to a panel of experts from top financial institutions. The team with the highest combined report and presentation score is the winner.

Advancement to CFA Institute Research Challenge: The winners of the local competitions will advance to compete against teams within their geographic region, culminating in a global final.

Benefits of Participation

Universities: Showcase your business school on a global scale; Provide students with practical training and exposure to top industry professionals

Mentors and Panelists: Promote best practices in research to the next generation; Give back to the investment profession in a high-impact, time compressed manner.

Students: Gain real industry experience and access to professionals and experts in the investment industry; Opportunity to compete against 4000+ students from 865+ Universities in Asia, Europe, and North America including students from these schools ranked among the Financial Times top MBA programs.

Societies: Showcase your society to local and regional universities and students; Provide an opportunity for your members to give back to the industry; Connect with and engage senior professionals.

For further information on CFA Institute Research Challenge click here or write to

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