University Relations

CFA Institute Research Challenge

The CFA Institute Research Challenge is an equity research competition among student teams from the world’s top university business and finance programs. Students write an equity research report on a publicly-traded company and present their findings to an expert panel. The teams are judged on their written reports and presentations and a winner is selected.  Throughout the competition, leading investment professionals volunteer as mentors and judges, and teach the students the best practices in equity research and corporate analysis.  Learn more about the Research Challenge.

CFA Society Switzerland hosts the local competition on the CFA Institute Research Challenge in conjunction with participating universities. The universities assemble teams of 3-5 business and finance students who work directly with a subject company selected for the Challenge to research and prepare their analysis. The team’s reports and final presentations are evaluated by a high profile panel of judges (composed of heads of research, portfolio managers and chief investment officers from Switzerland’s leading financial firms).

CFA Institute Research Challenge 2019/2020 in Switzerland and Liechtenstein

After a very successful 2018/2019 season, with the team from HEC Lausanne representing CFA Society Switzerland at the Global Finals and the EMEA Regional Finals in Zurich, we are pleased to officially launch the 2019/2020 season, this time being the 11th the CFA Institute Research Challenge is being run in Switzerland.

For the coming competition, we have selected u-blox. u-blox (UBXN SW) is a global provider of leading positioning and wireless communication technologies for the automotive, industrial, and consumer markets. Their solutions let people, vehicles, and machines determine their precise position and communicate wirelessly over cellular and short-range networks. With a broad portfolio of chips, modules, and a growing ecosystem of product supporting data services, u-blox is uniquely positioned to empower its customers to develop innovative solutions for the Internet of Things, quickly and cost-effectively. With headquarters in Thalwil, Switzerland, the company is globally present with offices in Europe, Asia, and the USA.

Important dates:

26 September 2019, from 2 p.m. CET onwards, followed by Apéro, University of Zurich – Kick-off meeting

26 November 2019 at 9 a.m. CET – Conference call with u-blox’s CFO

6 January 2020, midnight CET – Anticipated deadline for the finalist reports

18 February 2020, midnight CET –  Anticipated deadline for the finalist presentations

27 and 28 January 2020 – Presentation Boot Camp for Swiss finalists

20 February 2020, Aula of the University of Zurich – The Swiss Final presentations

1-2 April 2020, Dead Sea Area, Jordan – EMEA Final

20-21 April, New York, USA – Global Final

Company:  Sponsor:
Media partner:


For further questions or more information, please contact

Great performance of the HEC Lausanne team at the Global Finals

  • The team of HEC Lausanne represented Switzerland at the Global Finals of the CFA Institute Research Challenge in New York on 25 April 2019
  • Strong performance of the team in their presentation and overall performance
  • Second Swiss team to Global Finals reflects strong track record of Switzerland

After the team from HEC Lausanne taught by Prof. Dr. Norman Schürhoff representing CFA Society Switzerland won the EMEA Regional Finals on 11 April 2019 in Zürich alongside Russia (State University of Moscow), it attended the Global Finals which took place on 25 April 2019 in New York.

Team presenting buy-case on Landis+Gyr

The HEC team (John Cody Zimmermann, Alexandre Axilais, Henri Enguerran Badoux, Karine Chammas und Nicolas Bregnard) competed against 5 other teams from Russia (State University of Moskow), Philippines (Ateneo de Manila), Mexico (Instituto Tecnologico Autonomo de Mexico) and United States (Canisius College) and delivered an excellent performance. Congratulations to Ateneo de Manila who performed best and was named Global Champion of the CFA Institute Research Challenge 2018/2019.

Special thanks go to Giorgio Pompilio, Deputy Consul General of Switzerland in New York, who paid a special visit to the team as well as Paul Smith President and CEO at CFA Institute who encouraged them to defend their title. Thank-you also to all the supporters and partners being Asset Management Platform Switzerland (EMEA Regional Final), Credit Suisse (CFA Institute Research Challenge in Switzerland), Finanz und Wirtschaft as well as the countless volunteers who supported as well.

CFA Institute Research Challenge on large screens on Times Square

Zurich proudly hosted the CFA Institute Research Challenge EMEA Regional Final in Zürich

On 10 and 11 April 2019, CFA Institute hosted the EMEA Regional Final of the CFA Institute Research Challenge in Zurich, and CFA Society Switzerland was the local co-host. The best 43 teams with a total 197 students out of 60 countries (with 400 universities and 2100 students) travelled to Switzerland. Brian Stype, Director of the CFA Institute Research Challenge and Christian Dreyer, CFA, CEO of CFA Society Switzerland, opened the EMEA Regional in the evening of 10 April 2019 and welcomed all participants to Switzerland. In the morning of 11 April 2019 the 43 teams attended the semi-final the best of them advanced to the EMEA Regional Final A and B respectively in the afternoon.

Dublin City University representing CFA Society Ireland, BI Norwegian Business School representing CFA Society Denmark and CFA Society Norway, Moscow State University representing CFA Association (Russia) and University of Cape Town representing CFA Society South Africa sat for the EMEA Regional Final A. And Kyiv National Economics University representing CFA Society Ukraine, University of Lausanne representing CFA Society Switzerland, ISEG Lisbon School of Economics & Management representing CFA Society Portugal and RWTH Aachen University representing CFA Society Germany sat for the EMEA Regional Final B.

Mark Temnikoff (Mirabaud) and Jeroen Zandbergen (Credit Suisse), last year’s global champions sharing their experience

The winner of the two regional finals were finally University of Lausanne and Moscow State University who delivered impressive presentations and quality research reports about Landis & Gyr and Norilsk Nickel. Those two champions will travel to New York to attend the Global Finals on 25 April 2019. Impressed by the performance of all 43 teams, CFA Society Switzerland is proud that its University of Lausanne team – John Cody Zimmermann, Henri Enguerran Badoux, Karine Chammas, Alexandre Axilais and Nicolas Bregnard – taught by Prof. Dr. Norman Schürhoff who is also an SFI Senior Chair has been named one of the two EMEA Regional Champions for the second year in a row.

André Frei, CFA, Co-CEO and Partner of Partners Group delivered the key note speech at the closing ceremony, speaking about excellence in private and public markets, explaining his important step to become a CFA charterholders and stating that in private markets “we are responsible for our dreams”.

EMEA Regional A and B Champions from Switzerland and Russia

We are grateful to Asset Management Platform Switzerland for sponsoring the EMEA Regional Final, and to Credit Suisse for sponsoring the Swiss local finals since 10 years. We are also indebted to all our countless volunteers who helped by mentoring, grading or teaching students at the local level as well as all the judges that helped with judging at bot the local and the EMEA Regional Final level.

Asset Management Platform:

Credit Suisse:

Link to livestream B of the winning presentation:

Research Challenge EMEA finals: Young Swiss financial analysts once again in the lead in Europe

At the EMEA finals of the 13th CFA Institute Research Challenge, two teams were awarded regional champion in Zurich on 11 April 2019: The team from the University of Lausanne, which represented Switzerland, and the team from the Moscow State University, representing Russia.

The students from these two institutions prevailed against 43 other teams of future investment experts. In total, more than 2100 students from 400 universities from 60 countries across Europe, the Middle East and Africa (EMEA) took part in the challenge.

The two “EMEA Regional Champions”, the teams from Lausanne and Moscow, will compete against the best teams from the Americas and Asia at the Global Finals in New York on 25 April 2019.

10th CFA Institute Research Challenge in Switzerland

On 22 February 2019, CFA Society in Switzerland held the Swiss local final and the award ceremony of the CFA Institute Research Challenge in Switzerland. This was a special challenge since initiated by Florian Esterer, CFA, it is the tenth time, the CFA Institute Research Challenge is run in Switzerland, and we can be very satisfied that it has become an important and widely recognized element of the academic calendar over the autumn term.

This year, students from 7 different universities (Basel, Lausanne, Zürich, Neuchâtel, Lugano, St. Gallen and Liechtenstein) had to analyze Landis & Gyr, write a detailed research report and present their investment case in front of a jury consisting of senior investment professionals. University of Lausanne (taught by Prof. Dr. Norman Schürhoff) delivered the best presentation and the best research report and was thus local champion and will compete at the EMEA regionals on 10/11 April 2019. The jury also appreciated the team of University of Basel’s clear opinion and especially University of Zürich (Department of Banking & Finance) who delivered the best presentation that university’s team ever did.

We are thankful to our 7 judges, 28 mentors and 21 graders who supported their challenge through their dedication and work. We are also thankful to Credit Suisse (Experienced & Campus Recruitment Switzerland) for the sponsorship over the last 10 years as well as Finanz und Wirtschaft for their media partnership.

This year, the EMEA regional will take place in Zürich on 10/11 April 2019 (link:

The winning team of the 2019 CFA Institute Research Challenge Switzerland, John Cody Zimmermann, Henri Enguerran Badoux, Karine Chammas, Alexandre Axilais, Nicolas Bregnard (from left to right, © Carole Fleischmann), are students of Prof. Dr. Norman Schürhoff at the University of Lausanne.

Jury and volunteers:

Eugene Evgenii Skrynnyk, Peter Romanzina, CFA, Christoph Gretler, CFA, Olivier P.Müller, CFA, Christian Dreyer, CFA, Markus Matuszek, CFA, Pablo Amuchastegui, CFA, Peter Bänziger, Christian Wält (Head of Investor Relations of Landis & Gyr) and Florian Esterer, CFA (from left to right, © Carole Fleischmann)

Contribution from Olivier P.Müller, CFA


Watch a video testimonial by the student team from HEC Lausanne, the winners of the Global Research Challenge 2018.