The CFA Institute Research Challenge

CFA Institute Research Challenge has become one of the most important initiatives organized for career-oriented students. It is also the best competition for young analysts who want to develop their skills in research, analysing and valuation of publicly traded comapnies, as well as to improve their competences in presentation of their results, which are crucial for professional analyst.

Find out more about this year's edition »

We cooperate with local universities, which select teams from 3 to 5 people (maximum two teams from any university). Each team must have a Faculty Advisor from the university. Under the mentor's supervision, the team conducts research on the subject company for the purposes of the CFA Institute Research Challenge. Teams may use only publicly available information in conducting their research with the use of a dedicated tool. This year our supporting system will be Refinitiv's Eikon.

The report is evaluated by a group of financial professionalists and then presented to experts, who finally select the team to represent the country at the regional level. The winning team from EMEA will make it to the world finals.

Why is it worth? By participating in this year's CFA Institute Research Challenge...

You may meet the best professionals in the industry. Improve your self-presentation skills, which will certainly be useful at many business events in the nearest future.
You are able to distinguish on labour market. Your CV will obtain an important and worth point.
You will have the opportunity to learn how teamwork looks like. Preparing a report is not an easy task as one may think, which requires the ability to share responsibilities, punctuality, knowledge and ask right questions.

Surprise us during the virtual final next year! You will find out if an analyst profession suits you. The financial world is currently looking for analysts who are not afraid of challenges. You will get chance to take part in our workshop. More information below.


Because of COVID-19 pandemic the CFA Institute Research Challenge will be held online. 


Stage 1.

October 26, 2020 - Registration for student teams is open

December 2020 - TBC; The online kick-off meeting with a target company for all registered students, their mentors and faculty advisors

December 1, 2020 - Deadline for teams' registration (apply: office@cfa.com.pl)


Stage 2.

February 12, 2021 - Deadline for sending the reports

March 1, 2021 - The local final for best teams


Stage 3.

April 13-14, 2021 - EMEA Semifinals

April 20, 2021 - EMEA Regional Final

April 22, 2021 - Global Final

Tomasz Dziawgo

Faculty Advisor
Warsaw School of Economics

Alumnus of SGH Warsaw School of Economics and CEMS MIM programme at National University of Singapore (NUS). Participated in the exchange programme with The Chinese University of Hong Kong (香港中文大學) and is a Chinese language speaker. Member of two international seminars on central banking conducted by Deutsche Bundesbank and Hochschule der Deutschen Bundesbank. During studies, served in Warsaw School of Economics International Committee (Vice President) and in student associations: CEMS Club Singapore (Vice President), Investors Club (British-Polish Investment Alliance Project Leader). Currently working in Banking Institute at SGH Warsaw School of Economics as well as at Bain&Company. Core fields of scientific research including: new technologies in banking, Asian banking system, Wealth Management.
Agata Gniadkowska-Szymańska, Ph.D.

Faculty Advisor
University of Lodz

Doctor of economics in the discipline of finance, graduate of the Faculty of Economics and Sociology at the University of Lodz. Currently, works as an assistant professor at the Department of Market and Capital Investments, University of Lodz. Author of numerous articles in scientific journals on the liquidity of trading in securities listed on financial markets and corporate finance, including cost accounting. Additionally, she is interested in issues related to value creation in companies listed on capital markets and behavioral finance. Teaches business finance and management accounting for both full-time and part-time students. Was the guardian of the teams in the CFA Ethics Challange competition.
Marek Panfil, Ph.D.

Faculty Advisor
Kozminski University

Marek Panfil has over 20 years of business experience, including two years at KGHM International Ltd. (mining) in Vancouver on a position of Internal Audit Manager, two years as a Manager at Ernst & Young (EY) Vancouver (Transaction Advisory Service, Valuation and Business Modeling), six years as a Non-Executive Director / Chief of Audit Committee at KGHM Polska Miedź SA (top 10 world producer of copper and silver) in Warsaw / Lubin and as a value-based management advisor to many entrepreneurs. Marek Panfil is passionate about business valuation. He has been developing his valuation practice and he is experienced at almost all types of valuation (e.g., fundamental analysis, value creation, litigation support, M&A, fairness opinion, valuation for financial reporting, corporate divorce, marital divorce, infringement of intellectual property, etc.). He is a member of Polish Association of Business Valuators. He successfully completed Chartered Business Valuation (CBV) Level I (Introduction to Valuation), Level II (Intermediate Business Valuation), Level III (Advanced Business Valuation). He gained proficiency in the Canadian context of business valuation and litigation support. He is a lecturer in the Department of Finance at Kozminski University, Warsaw, where he teaches Fundamental Analysis, Corporate Finance, Entrepreneurial Finance and Venture Capital, Investment Appraisal, etc. Marek Panfil published many works about business and intangible assets valuation and private equity/venture capital (seven books and 20 articles) published in Polish, English, and Chinese.
Franjo Mlinarič, Assistant Professor of Finance

Faculty Advisor
Kozminski University

Franjo Mlinarič is an experienced faculty and consultant with international practice in the private and public sector, co-founder of a BI start-up and a private Institute iRDM, associate editor of Lex Localis and since 2019 the head of a top ranked FT program in Finance and Accounting at Kozminski University. He loves to combine scientific rigor with hands-on experience in international environment. During his career in the SW Balkan area he was a leading economic advisor for various key national projects (motorway and telecommunications infrastructure, airport infrastructure and strategic investment in the development of the automotive industry) and author of economic impact studies based on new legislation. He was a founding member of the Slovenian Corporate Treasurers Association and lecturer at the Slovenian Institute of Chartered Accountants in Ljubljana and is a member of the Examination Board for court experts at the Ministry of Justice in Slovenia. He studied at FEB Maribor, Vienna University of Economics and Business and IEDC Bled. He is an experienced court expert in matters related to valuation, restructuring, business damages and structured financial products. His research focuses on sustainable business models and value creation, as well as the issues of business restructuring and the economic effects of public investment. He co-authored many books and articles.
Rafał Buła, Ph.D.

Faculty Advisor
University of Economics in Katowice

Assistant professor at Department of Investment, College of Finance, University of Economics in Katowice, Poland. His dissertation devoted to fractal analysis of financial markets has been awarded by the Chair of Polish Financial Supervision Authority as the best thesis defended in 2016 in the field of finance. Co-author of business analyses assessing investment projects in mining and energy industry. Member of the Polish Economic Society. Research interests: investments, financial markets, risk assessment, fractal analysis.
Katarzyna Perez, Assoc. Prof.

Faculty Advisor
Poznan University of Economics and Business

Katarzyna Perez is an Associate Professor and a Head of Investment and Financial Markets Department at Poznan University of Economics and Business (Poland). Fulbright, Kosciuszko Foundation and British Council Scholar visiting Columbia University in the City of New York, London School of Economics and Political Science and ITAM in Mexico City. Today also serves as an independent member of a supervisory board in a mutual fund management company from a global capital group. Dr. Perez has been engaged in research on mutual funds, portfolio management and asset pricing, lately also in the context of robo-advisory. She is an author of few books on financial investments, bestsellers in a local market.
Tomasz Kasprowicz, Ph.D., CFA

Faculty Advisor
WSB University

General partner in Gemini specializing in finance and BI, Vice-president of Res Publica Foundation, editor of Economics Section in Liberte! and Res Publica Nowa, lecturer specializing in finance and accounting with experience on three continents, columnist publishing in Forbes (PL), Obserwator Fiansowy (PL), Polityka (PL), Reporter (CZ), Visegrad Insight (V4) and many other, research interests focus on risk, risk management and real options.
Adam Marszk, Ph.D., CFA

Faculty Advisor
Gdansk University of Technology

Assistant Professor, employed since 2013 at the Faculty of Management and Economics, Gdansk University of Technology (Poland). He graduated from the Warsaw School of Economics (M.A. in finance and accounting). He is the CFA charterholder and the member of the CFA Institute. He has authored and reviewed many publications in local and international journals (including Journal of Macroeconomics and Technological Forecasting and Social Change) focusing on financial innovations, linkages between financial markets and economy, financial systems in underdeveloped economies, economic integration, and portfolio management. He has served as coordinator and investigator in research projects financed by national and international institutions and was the winner of the 2015 Jan Uphagen’s Award for the Best Young Scientists. In 2017 he was awarded the START scholarship of the Foundation for Polish Science, and in 2019 he received distinction award from the Gdansk department of the Polish Academy of Sciences.
Richard Van Horne, Ph.D., CFA

Faculty Advisor
Poznan University of Economics and Business

Richard Van Horne is a private investor and also an Assistant Professor at the Poznan University of Economics and Business beginning in October 2020. Dr. Van Horne’s career has been in international banking and asset management, including working for JPMorgan and Merrill Lynch and then co-founding an asset management firm in New York in 1992 which specialized in emerging market investing. Van Horne is also serving for the past several years as adjunct visiting faculty at the Wroclaw University of Economics in Wroclaw, Poland, and was an Assistant Lecturer in the Department of Economics and Finance at the University of Wyoming during 2011-2012. Van Horne is a graduate of Princeton University (AB 1978), the Graduate School of Business at Stanford University (MBA 1981), and the University of Wyoming (MS Finance 2010). Van Horne is a CFA charterholder (1989) and a CAIA charterholder (2005). Van Horne also holds a PhD in Finance from the Wroclaw University of Economics (2018).
Jan Kaczmarzyk, Ph.D.

Faculty Advisor
University of Economics in Katowice

Jan Kaczmarzyk, Ph.D. is an assistant professor of finance. He has been working for the University of Economics in Katowice since 2005 and is a co-author and the supervisor of the Financial Analyst specialisation offered to the students of the Finance and Accounting master program. Jan looks after the students’ club QUANTUM which associates students deeply interested in the implementation of IT techniques in financial and risk modeling. In his research, Jan focuses on corporate finance, financial modeling and risk analysis using Monte Carlo methods.
Prof. Waldemar Rogowski

Faculty Advisor
Warsaw School of Economics

Waldemar Rogowski – Ph.D. in economics in the field of finance, professor at the Institute of Corporate and Investment Finance of the Warsaw School of Economics. Associate Director of the Institute of Corporate and Investment Finance, Head of the Risk Management Department at the Institute of Corporate and Investment Finance of the Warsaw School of Economics. Graduate (Master’s Degree) of the Warsaw School of Economics and Nicolaus Copernicus University in Toruń (post-graduate studies in commercial law). Long-term business practice - Director of Risk and Corporate Client Departments of leading financial institutions. Currently Chief Credit Analyst in the Credit Information Office. For many years UNIDO Expert on Industrial Development. As a consultant to the World Bank, a long-term reviewer of pre-privatization valuations of companies, mainly from the energy, mining, and financial sectors - a WB contract for the Ministry of Treasury of Poland. Author or Co-author of over 130 publications in the field of corporate finance, monographs, and articles published in renowned Polish and English language magazines. Mr. Rogowski is an expert in corporate finance, in particular investment efficiency and valuation, financial analysis, bankruptcy risk prediction, CSR and SRI, and risk management. Besides, Waldemar Rogowski is a lecturer at Bachelor's, Master's, and Ph.D. studies, as well as at over ten post-graduate studies organized by the Warsaw School of Economics. Lecturer in MBA programs: MBA SGH, MBA SGA-WUM, EMBA INE PAN, EMBA Białystok University of Technology. Visitor Professor at the Faculty of Law, Jagiellonian University. Coach of corporate finance at courses, training, and workshops for financial institutions and enterprises - permanently cooperates with the training company eForum Banking and Finances (www.eforum.com.pl). Two-times a winner of the prestigious Student Award, granted annually by students of the Warsaw School of Economics – Inspiration of the Year.


Grzegorz Rostkowski, CFA

Industry Mentor
Equity Analyst, AVIVA Pension Fund

Graduate of Warsaw School of Economics with specialization in International Financial Markets. During studies participated in CFA Institute Research Challenge with his team taking first place in Poland and becoming one of the top six in EMEA Region. Worked in Union Investment TFI and is currently employed at AVIVA Pension Fund as an Equity Analyst. CFA Charterholder, member of CFA Institute and CFA Society Poland.


Milena Olszewska-Miszuris, CFA, ACCA, FSA Credential-Holder

Industry Mentor
Vice Presindent, CFA Society Poland
CEO & CFO, WM Advisory

Milena Olszewska-Miszuris possesses over 15 years of experience on capital markets. Currently she runs a boutique advisory company supporting corporates in value creation, financial and non-financial reporting as well as investor relations. She also conducts trainings and lectures on valuation, financial analysis and storytelling. She holds three international designations: CFA (Chartered Financial Analyst), ACCA (Association of Chartered Certified Accountants) and FSA Credential (Fundamentals of Sustainability Accounting) issued by SASB (Sustainability Accounting Standards Board). Milena graduated from two faculties at Warsaw School of Economics: Quantitative Methods and Information Systems as well as Finance and Banking with a major in Investment Banking. Milena started her career at an international consulting company Ernst&Young. For 10 years she has been an equity analyst at international brokerage houses (ING Securities, KBC Securities, CDM Pekao). She is a multiple times laureate of analysts rankings for her insights and recommendations both domestically in Poland (Analyst of the Year title awarded by Warsaw Stock Exchange and Parkiet financial newswire, winner of analysts rankings in TMT and retail sectors) and internationally (top CEE analyst and top consumer analyst titles in international Extel survey). She is also a member of Association of Independent Supervisory Board Members and a supervisory board member in companies from mWIG40 index.
Dmitrij Katkov, CFA

Industry Mentor
Lecturer, LCC International University, ISM University of Management and Economics,  University of Plymouth

Dmitrij Katkov is a financial analyst, consultant and lecturer with extensive experience in wealth and investment strategy development. He holds lecturing posts at LCC International University, ISM University of Management and Economics and the University of Plymouth. He has taught in 21 countries around the world. His research areas are personal finance, financial strategy and Islamic finance. Currently Dmitrij Katkov is working on enhancing the quality of the professional development programs offered by London School of Economics. He has been engaged in consulting projects for the United Nations, HSBC, LVMH. He is an avid reader. In spare time he enjoys travelling.

Register YOUR team and and get a TITLE of the best research analyst.

APPLY: office@cfa.com.pl
Our team will contact you after your notification.

Find out more about CFA Society Poland

CFA Society Poland was established in 2004 and is one of 157 member societies of CFA Institute. The organisation is present in 70 countries or territories and gathers over 185,000 finance professionals in 164 countries. The Society promotes the highest ethical standards in Polish investment community. CFA Society Poland gathers professionals involved in broadly defined investment and financial management. This group includes portfolio managers, financial analysts, investment advisors, risk managers and many other finance professionals. CFA Society Poland has successfully supported CFA charterholders and candidates for almost 10 years.

Contact Person: 

Monika Grabek
Executive Director
Mobile: +48 668 870 211
e-mail: monika.grabek@poland.cfasociety.org

Jakub Jański
Communication Coordinator
Mobile: +48 798 068 139
e-mail: jakub.janski@poland.cfasociety.org

e-mail: office@cfa.com.pl