When the 2019-2020 CFA Institute Research Challenge kicked off last year, no one would have predicted the final would take place virtually amid a global health crisis. However, due to the dedication and enthusiasm of everyone involved, the challenge was as exciting and emotional as ever, with the University of Sydney being awarded the winning title!
The 14th global final of the CFA Institute Research Challenge took place on 22 April 2020 and was keenly contested, with high-quality presentations being given by the following five teams:
- University of Sydney – representing CFA Society Sydney
- BI Norwegian Business School – representing CFA Society Denmark & CFA Society Norway
- University of Lausanne – representing CFA Society Switzerland
- Seton Hall University – representing CFA Society New York
- Universidade de Sao Paulo – representing CFA Society Brazil
University of Sydney’s journey
The CFA Institute Research Challenge requires participants’ dedication, commitment, and hard work and this year’s participants have shown huge resilience and tenacity. It was clear how much this challenge meant to the University of Sydney team when Marg Franklin, CFA, CEO and President, CFA Institute, announced the results.
The team – made up of Sahil Arora, Jeffrey Brown, Jassis Chen, Tom Luo and Jessica Wu – was clearly overjoyed at the result. Team lead, Jeffrey, said: “The entire team at CFA Society Sydney and our long-standing advisor Dr Angelo Aspiris from the University of Sydney have spent a decade working towards this goal. We are grateful to have achieved global recognition for many years of hard work.”
The winning team recognised the support they received from CFA Society Sydney, mentioning that the local society provided opportunities to learn relevant skills before and during the competition. This included everything from hosting financial valuation workshops for general society members in 2019, to specific training on how to use professional data platforms.
“We even had an event for local members to be trained by professional musicians and performers on how to stay focussed, control breathing and supportively engage with clients and the audience under pressure. There is a great emphasis in Sydney on delivering great outcomes for all competing teams, and we are thankful to be part of this brilliant local and global community,” Jeffrey added.
Dealing with the unexpected
The global coronavirus pandemic meant that the teams taking place in the regional and global finals had to adapt how they worked together. While there was some disappointment that the in-person events would be cancelled, they persisted with their preparations and appreciated the time and effort that CFA Institute, the CFA Society® community and universities put in to keep this challenge running in a virtual format.
Frank Li, CFA, Chair of the CFA Society Sydney University Engagement Committee, explained: “The University of Sydney team was well prepared and ready for the APAC regional finals by the time that the social distancing restrictions came into force in Sydney. We kept close contact with the team over the phone and provided updates when available. The team recognised the long-term benefits of the competition on their personal development and future careers.”
Jeffrey said, “Well, it is called a ‘Global Challenge’ for a reason! We knew there would be many unexpected hurdles along the way, and we had trust and belief in our whole team to make it all possible.”
Key benefits
CFA Society Sydney spent many hours supporting the winning team and Frank believes the key benefit for the local society is, “Mentoring and nurturing the next generation of investment management professionals.” The CFA Institute Research Challenge helps the local society to raise awareness of the investment management industry among a broad range of university students, which helps to attract fresh talent into the industry.
For the students, the benefits are life-long, including the opportunity to be mentored by an industry professional, real life equity research experience and accelerated career prospects. The students emphasised that collaboration and teamwork are especially important in times like these. Jeffrey said that they had, “Learnt a great deal about each other and the real trials and tribulations that accompany long-term teamwork.”
Summing up their experience, the winning team described the CFA Institute Research Challenge as, “A fantastic journey. Challenging everything we had, to leave no valuation technique unturned with our wonderful group of supporters from Australia. We look forward to continuing to be part of the ever-growing and evolving CFA Institute vision for excellence and strong professional standards across the world.”
Looking ahead in Sydney
The local rounds of the CFA Institute Research Challenge in Sydney typically run in the third quarter of each calendar year. CFA Society Sydney is, therefore, looking ahead to next year’s challenge.
Frank Li said: “While COVID-19 social distancing restrictions had little impact on the 2019-20 local competition, we are already busy planning for the 2020-21 local Research Challenge in a virtual format. I think this will bring in new opportunities for our local society as well as students who are participating this year. This includes online broadcast of the Research Challenge to a much broader audience, which is expected to further improve awareness of the challenge, the local society and CFA Institute.”
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