CFA Institute Research Challenge: Houston
Before any major investment, an analyst has to answer one question: buy, sell, or hold?
That call moves real money. It shapes where pension funds invest, which companies can raise capital, and how retirement savings grow. Behind every call is an equity research analyst who dug through the numbers, formed a view, and put their name on it.
In the CFA Institute Research Challenge, you're that analyst. Your team gets one real public company and a few months to find out what it's worth. Then you defend that call in front of industry professionals who do this for a living.
What you'll do
Dig in. Study your assigned company from every angle: its financial statements, its competitive position, the industry it operates in, and the people running it. You'll read filings, listen to earnings calls, and learn what really drives the business. You may also get the chance to hear from company management directly.
Value it. Build a financial model and a valuation, using discounted cash flows, comparable companies, or whatever approach fits the business. Then reach a clear Buy, Sell, or Hold recommendation with a target price. There are no vague answers here. You have to commit.
Write it up. Produce a professional equity research report in the format analysts at banks and investment firms use. It has to be clear, concise, and backed by evidence, and it has to be persuasive enough that a portfolio manager would act on it.
Defend it. Give a 10-minute presentation, then take questions from a panel of CFA charterholders. They'll test your assumptions, ask about risks you may have underweighted, and see whether your conviction holds up. This is where your preparation shows.
How it works
Teams of 3 to 5 undergraduate or graduate students
Guidance from a faculty advisor and an industry mentor who works in investment management
Winning local teams advance to the sub-regional round, then the regional round, and finally the Global Final in Singapore (May 2027)
Why it's worth it for your career
The Research Challenge is one of the best-known student competitions in investment management. For anyone looking at a career in finance, it's about as close to the real job as you can get before you have it.
It is the job. Equity research, asset management, investment banking, and private equity all come down to the same work: analyze a business, value it, and defend a recommendation. You'll finish with a complete research report and a financial model you built yourself, which is exactly what firms hire analysts to produce.
It gives you something to show. Your report works as a writing sample and a talking point in interviews. When an interviewer asks you to pitch a stock or walk through a valuation, you'll have done it for real, under pressure, with professionals pushing back.
It connects you to Houston's investment community. Your industry mentor, the judges, and CFA Society Houston volunteers are working professionals in the city's finance and energy sectors. Many of these relationships turn into internship leads, references, and job offers.
It's a head start on the CFA charter. The competition uses the analysis and ethics standards that underpin the CFA Program. If you're thinking about earning the charter, this is a practical preview.
It sets you apart. Advancing past the local round means competing against top university teams from around the world. Even at the local level, "I wrote a full equity research report and defended it to a panel of CFA charterholders" is a line that stands out on a résumé.
Who should join
You don't need to be a finance major. Accounting students can take apart the financial statements. Econ majors can place the company in its industry and the broader economy. Engineers and data science students often build the best models. Strong writers make the report readable, and good speakers carry the Q&A. The strongest teams mix these skills.
What you need is curiosity, discipline, and the confidence to stand behind a number.
Time commitment
This is a multi-month commitment, running roughly from fall through late February for the local round. Plan on about 4–6 hours a week while you research and build the model, rising to 10–15 hours a week in the final weeks before the report deadline and the presentation. Most of that time goes to team meetings, meetings with your mentor, and practice presentations. Teams that advance will keep preparing into the spring, with travel for later rounds.
Questions?
Email VP Zac Ramsey directly through your Rice email, or email riceeconomicforum@gmail.com