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BI Norwegian Business School Secures Global Champion Title at CFA Institute Research Challenge 2021 Global Final

23 April, 2021
New York City United States
In its 15th year, demanding competition was successfully held in fully-virtual format

A team of future investment professionals from BI Norwegian Business School in Oslo, Norway secured the title of Global Champion for the 15th Annual CFA Institute Research Challenge. This year, 5,000 students from more than 950 universities across 82 countries participated.

The CFA Institute Research Challenge is an annual competition that invites university students, competing in teams of three to five, to conduct an in-depth analysis of an assigned listed company. Hands-on mentoring and intensive training in financial analysis and professional ethics are delivered through the network of CFA Institute member societies. Students are tested on their analytical, valuation, research, reporting, and presentation skills, and gain real-world experience as they assume the role of research analysts. This year marked the first that environmental, social, and governance (ESG) factors were incorporated into the competition, reflecting the momentum we’re seeing around throughout the industry as it relates to ESG.

“Congratulations to the team from BI Norwegian Business School on winning the Research Challenge. What a great achievement! And kudos to the thousands of participants who deeply impressed us all with their work, and my thanks to the steadfast volunteers who made this competition possible in a virtual environment. On the 15th anniversary of this program, I am truly proud and amazed by the growth and meaning of this competition,” said Margaret Franklin, CFA, President and CEO of CFA Institute. “Through the adversity we faced around the globe over the past year, this year’s students showed incredible resilience and dedication. Knowing that many of these participants will be the future leaders of the financial services industry, I am confident we are in good hands.”

The winning team comprised of four students from BI Norwegian Business School includes Erlend Kassen McDougall, Sara Trajchevska, Joseph DiRenzo, and Lena Sophie Borge. The team was supported throughout the competition by their faculty advisor Jenis Berzins and industry mentor Shirley Dong, CFA, Head of Financial Awards Management at CEPI (Coalition for Epidemic Preparedness Innovations). The team secured the win through their buy recommendation for Vestas Wind Systems A/S, founded on off-shore expansion maximizing shareholders returns and the unique position the firm is in to capitalize on the renewable transition.

Reputable industry judges who awarded our winners included:

  • Joelle Harb, CFA - Senior Investment Manager at OCTO Investment Management
  • Jaime Lazaro Ruiz, CFA - Head of Asset Management at BBVA
  • Simon Ng, CFA - Chief Executive Officer at RHB Asset Management
  • Yesim Tokat-Acikel - Managing Director, Portfolio Manager, Global Multi-Asset Solutions at QMA, a PGIM company

In addition to the winning team, the four other regional champions included:

  • Asia Pacific - University of Sydney, Sydney, Australia
  • EMEA - WHU - Otto Beisheim School of Management, Vallendar, Germany
  • Americas - Appalachian State University, Boone, North Carolina, USA
  • Americas - University of Waterloo, Waterloo, Ontario, Canada