One of the most important initiatives organized for career-oriented students

The CFA Institute Research Challenge is a great test for all students who are bold enough to face it. But, like any great challenge, the opportunities and rewards it offers are even greater. This annual global equity research competition provides university students like you with hands-on mentoring and intensive training in financial analysis.

Working in teams, you will gain real-world experience as you assume the role of research analyst and are judged on your ability to value a stock, write a research report, and present your recommendations. You will compete with peers from other schools to see who will become the local, regional, and global champions.

How it works?

Local CFA Societies work with universities to assemble teams of three to five undergraduate and/or graduate students. Teams research and analyze a designated publicly-traded company; prepare a written report on that company that supports a buy, sell, or hold recommendation; receive advice and support from a faculty advisor and an industry mentor, and present and defend their findings to a panel of industry experts. Winners from the local competitions advance to sub-regional and regional competitions in the Americas, Asia, and Europe, culminating in a global final.

Why is it worth?

Get in-depth training in equity analysis, research report writing, and presentation skills
Receive hands-on mentoring
Develop your resume/CV
Network with professionals and peers to make inroads within the industry

Don’t miss out on this exciting opportunity to accelerate your learning while making key connections and preparing for success in the professional world.


The competition will be a hybrid event. We will be combining both in-person and virtual experiences.


Stage 1. Local Host Dates and Deadlines

October 25, 2021  Registration for student teams is open

November 4, 2021  Information session for this year's Research Challenge teams

December 6, 2021 — Deadline for teams' registration (apply: office@cfa.com.pl)

December 8, 2021  The kick-off meeting with a target company for all registered students, their mentors and faculty advisors

December 13, 2021 —
 The talent workshop for registered teams


Stage 2. Sub-Regional Dates

February 13, 2022  Deadline for sending the reports

March 1, 2022  The local final for best teams

March 9, 2022  The sub-regional kick-off meeting

March 20, 2022  Submitting sub-regional presentations

March 30, 2022  The sub-regional announcements


Stage 3. Regional and Global Final Dates

April 7, 2022  EMEA Semifinals, 9 AM ET

April 28, 2022  The EMEA Regional Final, 9 AM ET

May 17, 2022  Global Final during Alpha Summit Global. Teams present live on May 16, 2022

Tomasz Dziawgo

Faculty Advisor
SGH Warsaw School of Economics

An 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 his studies, served in SGH 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 include new technologies in banking, the Asian banking system, Wealth Management.
Katarzyna Kowalczyk, CFA

Industry Mentor
Investment Manager
Satus Starter

A graduate of Wroclaw University of Economics and Business. Katarzyna currently holds the position of Investment Manager in a venture capital fund Satus Starter where she is responsible for searching new investments, analysing startups and monitoring portfolio companies. Previous to joining VC she was a financial analyst for seven years for consulting company Brante Partners majoring in financial modeling and valuations. Katarzyna was one of the team members who won the Global Final at the CFA Institute Research Challenge in 2013.


Tom Hashimoto, LLM, DPhil

Faculty Advisor
ISM University of Management and Economics, Vistula University

Tom is Associate Professor and Programme Director in Financial Economics at ISM University in Management and Economics, Vilnius. He serves as the director of investor relations and finance at a film production company (Shifting Tides Productions UK/Lithuania) and co-runs an executive coaching/consulting company (We Coach One UK). In terms of research, he specialises in financial centre development in the new Member States of the EU and FinTech-related service/labour market development. He holds an LLM in Law and Economics from EMLE (Hamburg/Rotterdam/SGH) and a DPhil in Financial Geography from Oxford. VP at Lions Club Warsaw Gentium and Member of the British Mensa.
Błażej Kochański, PhD

Faculty Advisor
Gdańsk University of Technology

Błażej Kochański is an assistant professor at the Department of Economic Sciences at the Gdańsk University of Technology, banking risk expert. He worked for banks in Poland and Europe, as a risk specialist, planning and analysis manager, chief risk officer, supervisory board member and management consultant. He built numerous credit risk management models, successfully managed credit portfolios and developed effective strategies for managing the risk of retail clients. After moving to academia, he is ready to share his experience, knowledge and intuitions as part of consulting and training, through expert cooperation and scientific publications.


Joanna Niwińska-Chędoszko

Industry Mentor
Investment Department
Bank Gospodarstwa Krajowego

Joanna is a Manager in the Investment Department at Bank Gospodarstwa Krajowego. Previously she worked in the Valuation and Modeling Team at Deloitte. Joanna has over 7 years of experience in the area of fund management, transactions and valuation and modeling. She is a graduate of SGH Warsaw School of Economics majoring in Finance and Banking and Marketing and Management. Joanna is a licensed Investment Advisor.
Maciej Kowalczyk, CFA, FRM

Industry Mentor
Risk & Portfolio Solutions

Fintech operational management executive and portfolio investment and risk management specialist with a particular focus on market risk, project and team management, data handling, regulatory requirements, portfolio and risk system specifications and development. Expertised in risk management for asset managers, also gained experience working at the global investment bank and the global consulting firm in risk management area, delivering projects for large banking groups. Trainer and relationship manager. Lecturer at post-graduate studies at Kozminski University (derivatives). GARP's Financial Risk Manager Charterholder, CFA Charterholder, graduated from SGH Warsaw School of Economics (MSc Finance and Accounting).
Przemysław Grobelny, PhD, CFA

Industry Mentor
Corporate Finance
CMT Advisory

Partner in the Corporate Finance team at CMT Advisory. Active in the financial advisory sector for over a decade. A graduate of the Poznań University of Economics and Business (with specialisations in Investment and Real Estate Management and Capital Investment and Corporate Financial Strategies) and studied at Athens University of Economics and Business. Doctor of Finance since 2018 and holder of the professional title of a Chartered Financial Analyst (CFA). He has extensive experience in corporate finance, M&A advisory and projects carried out for leading financial institutions, including banks, loan companies, debt collection, factoring and leasing companies. He has also worked for family businesses, international corporations and startups operating in the fields of e-commerce and fintech. Author of numerous academic publications and expert commentaries on succession processes in family businesses, acquisition strategies and valuation of debt portfolios. Assistant Professor at the Poznań University of Economics and Business, lecturer at the Executive MBA Poznań-Atlanta Studies and coordinator and lecturer of the Stock Exchange School. Head of the research project "Application of machine learning algorithms in the process of modelling tactical asset allocation in the capital market".
Dmitrij Katkov, PhD, CFA

Faculty Advisor
LCC International University, ISM University of Management and Economics,  University of Plymouth

Dmitrij Katkov, CFA 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.
Piotr Polanowski, CFA

Managing Partner
Vice President
CFA Society Poland

Piotr Polanowski is responsible for managing corporate finance transactions in both the public and private sectors, equity and debt financing, equity and asset valuations, restructuring and financial analysis and due diligence within transaction processes. Piotr Polanowski has been engaged in corporate finance advisory and investment banking since 2000. He holds the title of Chartered Financial Analyst and is Vice President of the CFA Society Poland. He participates in domestic and international arbitrage disputes and court proceedings as an expert witness.
Ludomir Zalewski, CFA

Investor Relation Manager
Alior Bank

During his professional career, Ludomir Zalewski worked as an equity analyst for leading brokerage houses in Poland: PKO BP Securities and Erste Securities. He was also employed in PTE Warta as an Equity Portfolio Manager. Currently works for Alior Bank S.A. as an Investor Relation Manager. PFSA brokerage license since 2008. CFA charter holder since 2016. CFA Research Challenge Grader since 2016.
Bartosz Pawłowski, CFA

Chief Investment Officer
mBank Private Banking
Vice President
CFA Society Poland

Bartosz Pawłowski, CFA is the Chief Investment Officer of mBank Private Banking where he focuses on asset allocation for both discretionary asset management and investment advisory. Previously he spent almost 10 years in London, initially as Global Head of Emerging Markets Strategy at BNP Paribas and then as a Portfolio Manager at Finisterre Capital, an EM-oriented macro hedge fund. Bartosz holds M.A. in Economics from Warsaw School of Economics and is a CFA charterholder. In co-operation with CFA Society Poland, Bartosz introduced CFA Institute Statement of Investor Rights to mBank Wealth Management. mBank was the first institution in Poland to adopt and use it when dealing with clients. Bartosz was also a judge during two editions of CFA Research Challenge and participated as a panelist in many CFA Society Poland conferences.
Rafał Janicki, CFA

Customer Success Manager
London Stock Exchange Group

Rafal has been with Thomson Reuters/Refinitiv for his entire professional career, working at various levels and positions. He currently directly cooperates with Refinitiv's buy-side and sell-side clients. Specializes in Corporate Treasury, Risk Management, Global Macro Investing, Derivatives Pricing and Trading, Passive Investing, Investment Advisory and Wealth Management. CFA charter holder since 2019.
Krystian Kula, CFA

Project Manager

Project Manager at HSBC, overseeing IT workstream for Global Markets Product Control. He also leads regulatory compliance projects within the Investment Banking environment. Previously responsible for an independent valuation of trading portfolios, reviewing accounting policies and synthesising portfolio results for senior managers of London and Hong Kong desks. Experienced in Financial Statements analysis, forecasting and budgeting for manufacturing and service industry. CFA Charterholder and an alumnus of Cracow University of Economics. Co-lecturer at Cracow University of Economics, author of publication and presentations in the Fintech area. He serves on a Cracow Airclub Supervisory Board and TSSP Parent Board, a member of CFA Advocacy and Polish Mensa.
Małgorzata Żelazko, CFA

Director of Investor Relations
and Financial Analysis
Wirtualna Polska Holding

Małgorzata Żelazko is Director of Investor Relations and Financial Analysis at Wirtualna Polska Holding.  Before that, she worked for 8 years at PKO BP Securities as a sell-side equity analyst, covering TMT stocks in the CEE. She has experience in large IPO transactions in Poland (Play Communications, Allegro.eu). She was voted best Telecommunication & Media equity analyst in Poland in the ranking organized by business daily Parkiet in 2020 and 2021. She is a graduate of Master Studies in Finance at Wrocław University of Economics and an alumnus of Capital Markets Leaders Academy organized by Lesław Paga Foundation. She is a CFA charterholder since 2016. Małgorzata is also one of the founders and ambassadors of 30% Club Poland, a social campaign dedicated to support the number of women on management and supervisory boards. In 2012, she was a member of a team qualified for the Regional EMEA Final in London among the 4 best teams in the CFA Institute Research Challenge.
Jakub Kopiec, CFA

Director Financial Institutions
Fitch Ratings

Jakub is a Director at Fitch Ratings where he covers ratings of banks across Central and Eastern Europe. He is also among Fitch Ratings Financial Institutions Global Champions on ESG matters affecting banks’ ratings. Previously he worked in financial institutions audit at KPMG where he covered Polish Banks as well as other financial institutions, participating in audits and various advisory projects. Jakub is an alumnus of the Warsaw School of Economics (Master in Finance and Accounting) and The Hague University of Applied Sciences (Bachelor in Business Administration). He is a CFA Charterholder.


Filip Krerowicz

Industry Mentor
Valuation and Modeling
Financial Advisory

Filip is a Manager in the FA Team at the Deloitte office in Katowice. He focuses on projects related to financial modeling, cost-benefit analysis, as well as company valuations and transaction advisory (both buy-side and sell-side). During his over 6-year career in consulting, he participated in many projects for clients mainly from the mining and energy sectors.
Milena Olszewska-Miszuris, CFA, ACCA, FSA Credential-Holder

Industry Mentor
CEO & CFO, WM Advisory
Co-Chair, 30% Club Poland

Milena Olszewska-Miszuris, ACCA, CFA, FSA Credential-Holder possesses over 15 years of experience in 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 Value Reporting Foundation (formerly 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 the Association of Independent Supervisory Board Members, she sits on the Corporate Governance Committee of the Warsaw Stock Exchange and is the Chair of the Audit Committee at STS Holding S.A. Milena also Co-Chairs 30% Club Poland social campaign dedicated to increasing the number of women on management and supervisory boards. Milena is also an expert at the Sustainability and Environment Institute at Łazarski University.
Paweł Błaszczyk

Industry Mentor
Financial Advisory

Paweł is a Manager in the Deloitte Financial Advisory Team in Katowice. He has 7 years of professional experience in the field of consulting services. He specializes in projects related to transaction consultancy, valuations and financial analysis for clients from various industries, incl. energy and mining, manufacturing, FMCG and construction. Paweł is a graduate of the University of Economics in Katowice in the field of Finance and Accounting.
Marek Panfil, PhD

Faculty Advisor
Kozminski University

Marek Panfil has over 20 years of business experience, including two years at KGHM International Ltd. (mining) in Vancouver in 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 the 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.
Piotr Adamczyk, CFA

Industry Mentor
Project Manager

Piotr Adamczyk is a CFA charterholder, and Project Manager in the Capital Markets Department at Comarch office in Warsaw, where he takes care of multinational implementations of Wealth Management systems. He has over 10 years of experience in finance and IT. Piotr is a lecturer on Continuing/Postgraduate studies of business valuation and financial modeling at SGH Warsaw School of Economics, and Kozminski University, where he teaches income, and comparative valuation models. He graduated University of Economics in Katowice in Finance and Accounting. Together with Agnieszka Zbroszczyk, he is co-author of economic impact scientific articles.
Prof. Franjo Mlinarič

Faculty Advisor
Kozminski University

Franjo 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 FT ranked Master program in finance and accounting at Kozminski University. He loves to combine scientific rigour with consulting experience in the international environment. He gathered most of his experience in the SW Balkan area being a leading economic advisor for various key national projects (motorways, telecommunications, airport infrastructure, incineration installations and automotive industry) and author of major economic impact studies.
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, business restructuring and the economic effects of public investment. He co-authored many books and articles.
Maciej Bałabanow, CFA

Industry Mentor
Head of the Polish International Expansion Fund

Maciek Bałabanow is heading the Polish International Expansion Fund at PFR TFI in Warsaw, which is a financial passive investment fund with a mandate to provide equity and debt funding to the SMEs in Poland that look to expand abroad. The fund is currently invested in approx. 20 projects, with about 80m EUR deployed. Prior to his current role, he was advising clients at Deloitte where he was responsible for the debt & capital advisory part of the corporate finance business. He also worked in investment banking at Trigon in Warsaw, and wealth management business in London. He stated professional career with the Thomson Reuters graduate scheme in London and New York. He is a graduate of SGH Warsaw School of Economics, University of International Business and Economics in Beijing, and studied finance at the Stockholm School of Economics.
Michał Hendryk

Faculty Advisor
University of Szczecin

Michał is a Lecturer at University of Szczecin (Faculty of Economics, Finance and Management) and Project Manager at Zarzecki i Wspólnicy Sp. z o.o. with over 5 years of experience in the field of business valuation, financial modeling, due diligence and MEOP analysis. He participated in projects for clients from many sectors, including mainly steel, mining, energy, automotive, IT, offshore, and shipping. Michał is a graduate of University of Szczecin in the field of Finance and Accounting.
Richard Van Horne, PhD, 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).
Maciej Błaszczyński

Industry Mentor
Financial Modeling & Valuation Team
Bank Gospodarstwa Krajowego

Maciej is a Manager in the Financial Modeling & Valuation Team at Bank Gospodarstwa Krajowego. He has over 7 years of experience in the area of financial modeling and business valuations. He is a graduate of the University of Warsaw majoring in Quantitative Finance. Maciej is a licensed Investment Advisor and holds an Advanced Financial Modeler designation.
Maciej Niemierka

Industry Mentor
Valuation and Modeling
Financial Advisory

Maciej is a Manager in the Valuation and Modeling Team at Deloitte. He has over 5 years of experience in the field of business valuation, financial modeling, finance and controlling. He works on projects for clients from many sectors, incl. energy, construction, software, retail, e-commerce, production, real estate. He is a graduate of SGH Warsaw School of Economics in the field of Corporate Finance.
Piotr Domański, CFA

Industry Mentor
Financial Advisory

Piotr is a Director in the Financial Advisory Department at Deloitte. He has over 10 years of experience in finance and banking. Piotr is a graduate of SGH Warsaw School of Economics in Finance and Banking (specialization: Investment Banking) and Quantitative Methods in Economics and Information Systems. He holds the title of a Certified Financial Analyst (CFA charterholder).


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

APPLY: office@cfa.com.pl
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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: 

Magdalena Fac-Skhirtladze
Executive Director
Mobile: +48 502 181 688
e-mail: magdalena.fac-skhirtladze@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