University of Neuchatel

On the photo left to right, back:

Polina Efremenko, Firas Yakhlef (team member), Georg Toelkhaus (industry mentor), Prof. Florian Weigert


Tutkunaz Yapici (team member), Sofiya Pugachyova (team member), Martin Grunenfelder (team member)

CFA Institute Research Challenge 2022/2023 EMEA competition



University of Neuchatel has advanced to the GLOBAL Final!


We are thrilled for the success of the team! At the EMEA Regional Final on 13 April (Zoom) they  deliver a stellar presentation and very strong Q&A - so thy have been select to advance to the Global final where six best teams worldwide will compete for a title of the Global Champion (every year, more than 1100 universities with more than 6400 students participate in the competition). 

The Global Final will take place at Washington DC, USA on 3 May as part of CFA Institute conference Asset and Risk Allocation, Building Resilient Portfolios for the Future.

We are very proud of Tutku Naz, Sofiya Pugachyova and Firas Yakhlef and wish them best of the luck for the next stage!

Watch the recording of the EMEA Regional Final here



University of Neuchatel has advanced to the EMEA Regional Final!


The competition will take place on 13 April! Best of luck to the team!



Congratulations to the University of Neuchatel!


University of Neuchatel representing CFA Society Switzerland passed the subregional level where it competed with 137 other teams from the the EMEA region for a place in the semifinal!

On 6 April they will compete with other sub regional winners (online, live viewing is not available). 

Warm congratulations to the team led by Prof. Carolina Salva and Polina Efremenko! 

On the photo left to right, back:

Polina Efremenko, Firas Yakhlef (team member), Georg Toelkhaus (industry mentor), Prof. Florian Weigert


Tutku Naz (team member), Sofiya Pugachyova (team member), Martin Grunenfelder (team member)



CFA Institute Research Challenge 2022/2023 in Switzerland


Results of the Swiss Final 

17 February 2023


🥇 First place: University of Lausanne (advances to EMEA subregional final)

🥈 Second place: University of Neuchatel (advances to EMEA subregional final)

🥉 Third place: University of Zurich 


🏅 Best presentation: University of Zurich

🏅 Best report: Lucerne University of Applied Sciences and Arts


Media Release / German

Media Release / French


Greatness Happens Here


After a very successful 2021/2022 season, with the team from University of Lausanne representing CFA Society Switzerland at the EMEA Regional Final , we are pleased to officially launch the 2022/2023 season -  the 14th CFA Institute Research Challenge in Switzerland.

The Research Challenge is an annual competition between teams of students in preparing an investment case consisting of a detailed research report and a presentation of a listed Swiss company. The important dates are listed below.

Students will be supported by industry mentors and must present their results in front of a panel of senior investment professionals. The challenge provides students with a unique opportunity to gain first-hand experience in the investment world and to interact intensively with investment professionals and CFA charterholders.

In setting up the challenge, the CFA Society Switzerland is trying to promote best practices in equity research and company analysis. CFA Society Switzerland is a member society of CFA Institute, the largest global association of investment professionals with more than 175,000 members and more than 160 member societies. CFA Institute awards the CFA Charter, the CIPM designation and runs the Investment Foundations Program. In Switzerland, the society has more than 3,400 investment professionals as members. We are committed to leading the investment profession by setting the highest standards of ethics, education and professional excellence. 

The CFA Institute and the CFA Society Switzerland are committed to support and enhance Diversity, Equity and Inclusion efforts in a meaningful way. We recognize that this is only a first step in a global journey forward to help improve our industry’s ability to better serve our increasingly diverse society. 

The CFA Institute Research Challenge in particular encourages gender diversity in the formation of Teams and invites students, professors and universities alike to support female students participation in the Research Challenge.


Subject Company

Belimo is the global market leader in the development, production, and sales of field devices for the energy-efficient control of heating, ventilation and air-conditioning systems. Belimo was founded in 1975, and the company employs approximately 2,000 people in over 80 countries. 


Updates from CFA Institute

The rules of the CFA Institute Research Challenge are unchanged compared to last year. 



Important dates

  • Early August 2022: Official announcement of the Research Challenge

  • Mid September 2022: Announcement of the subject company

  • 29 September 2022: Kick-Off (afternoon) in Zurich (in-person)

  • October 2022: Students contact their mentor (confirmation)

  • 12 October 2022, 16:00–17:00: Fireside chat: Real estate trend affecting heating, ventilation and air-conditioning with Zoltan Szelyes, CFA, CAIA, CEO at Macro Real Estate (Zoom)

  • 25 October 2022, 10:00–11:00: Fireside chat with Prof. Adrian Altenburger (Professor for Building Technology) from Lucerne School of Engineering and Architecture (HSLU) (Zoom)

  • 25 October 2022, 18:30–20:30: Valuation workshop with Dr. Enzo Modello, CFA (Zoom)

  • 27 October 2022, 14:00–16:00: Financial Modeling with Johannes Post, Partner, Deal Advisory Global Head of Valuation Services, KPMG (online)

  • 10 November 2022, 9:00–10.00: Conference call with a subject company (Zoom)

  • 11 November 2022, 10.00–11:00: Fireside chat with Prof. Parantapa Sawant, Fachhochschule Nordwestschweiz FHNW (Zoom)

  • October/November/December 2022: Students work on reports

  • December 2022: Presentations within the university

  • 2 January 2023, 24:00: Report hand in for semi-finalists 

  • 1-2 February 2023: Presentation Skills Boot camp for semi-finalists

  • 11 February 2023, 24:00: Presentation hand in for semi-finalists

  • 15 February 2023, afternoon: Swiss local semi-finals (Zurich)

  • 16 February 2023, afternoon: Swiss local final and Award Ceremony (Zurich)

  • 7 March 2023: Sub-Regional Kickoff

  • 19 March 2023: Sub-Regional Video Presentations Due

  • 31 March 2023: Sub-Regional Advancement Announcement

  •  6-7 April 2023: Semifinals (live virtual in Zoom)

  • 13–14 April 2023: Regional Finals (live virtual in Zoom)

  • 3 May 2023: Global Final (live in-person in Washington DC)


Student resources

Students - get involved (CFA Institute)

Students - preparation page (CFA Institute)

Past Global Winners’ reports and slides

Free Resources to Succeed in the Research Challenge





CFA Institute Research Challenge Platinum Sponsor

CFA Institute Research Challenge Gold Sponsor

CFA Institute Research Challenge Media Partner


Contact Us

Want to learn more about the Research Challenge? Then get in touch.