For more than 10 years, CFA Society Pakistan has been organizing CFA Institute Research Challenge (IRC) every year in Pakistan. We call it a great opportunity for students to get practical experience of Research Analyst role with a competitive exposure at national and international level. Pakistan's Investment and Research Professionals in particular and Capital Market Professionals in general take keen interest in this event.

In this competition, different universities nominate teams comprising 3-5 students in each team to participate in the competition. Participation of universities has been increasing overtime with cumulative participation of 18 universities across Pakistan. In this competition, students write an equity research report on an assigned company and present their findings to a panel of financial industry experts.

The Research Challenge spans approximately four months and consists of the following key components of i) Analysis of a Public Company, ii) Mentoring by a Professional Research Analyst or Portfolio Manager, iii) Writing an Equity Research Report and iv) Presentation of Research to a High-Profile Panel of Experts (Senior practitioners in the financial industry).

Both graduate and undergraduate students are eligible to participate in the competition. IRC is one of the unique university level competitions in the country where every team is guided by an industry mentor who is an investment professional with equity research experience. This annual educational initiative provides university students with hands-on mentoring and intensive training in financial analysis and professional ethics. Each student is tested on their analytical, valuation, report writing, and presentation skills. They gain real-world experience as they assume the role of a research analyst. It is important to acknowledge that several analysts and portfolio managers currently working in Pakistan with sell-side as well as buy-side investment firms have made their way into the industry by participating in the IRC.

CFA Society Pakistan, also invites different industry professionals and potential recruiters at the local level competition which increases chances of students to secure entry level opportunities. In all the local level competitions, senior management of the subject company has been the chief guest at the event.

The winning team from Pakistan advances to compete in the Asia-Pacific (APAC) Regional Final where teams from different countries of the APAC region will compete. In 2019, APAC regional final was held in Australia and 2020 regional competition is scheduled in South Korea. Moving forward, different regional winners get the opportunity to participate in the Global Finale of the CFA Institute Research Challenge scheduled in United States.

At global level, this competition invites participation from 6100+ students, 1150+ universities from 95 countries and it is one of the most regarded competitions in the finance world.




6,100+ Students

4,000+ Volunteers

1,150+ Universities

160 CFA Societies

117 Local Challenges

95 Countries


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