A student team from Kozminski University in Poland has won the Global Champion at the 19th annual CFA Institute Research Challenge. The global final was held in person in Chicago, alongside the CFA Institute Annual Conference: CFA Institute Live 2025. The student teams hailed from around the world, including finalists from Australia, Canada, Hong Kong, Poland, Switzerland, and the United States.
Official website of the Research Challenge competition in Poland »
Research Challenge participants are required to research, evaluate, create a report, and present on an equity stock. This hands-on learning experience teaches the next generation of analysts the best practices and skills required for a successful career in investment analysis. The student teams are then assessed by a panel of distinguished judges drawn from leading investment industry organizations. Each student team works alongside industry mentors, with support from a local CFA Society, to guide them through the competition.
"The CFA Institute Research Challenge is a consistent reminder of the incredible potential and determination of the next generation of investment professionals," said Margaret Franklin, CFA, President and CEO of CFA Institute. "It was an honor to meet all of the students at this year’s global final in Chicago. I’d like to personally congratulate the team from Kozminski University on being named Global Champion and acknowledge all of the hard work by every team that competed in the Research Challenge. Every year the bar is raised, and we are blown away by the hard work, dedication, and grit of these students. Having met these students, I know the future of the investment industry is in very capable hands."
A team from Poland flew to Chicago with an analysis of the company Dom Development, thanks to which they won the Polish edition and came first in the EMEA stage. Together with Switzerland, they went through to the world finals at the end of April.
Official website of the Research Challenge competition in Poland »
The winning team from Kozminski University is comprised of five students, including: Shaheer Ansari, Anastazja Domek, Aniket Thakkar, Oskar Witkowski, and Zofia Wojtacha. The team was supported throughout the Research Challenge by their faculty advisor, Franjo Mlinarič, and industry mentor Jakub Ptak.
The panel of judges included:
- Glenna Anderson, CFA, Equity Analyst, CFA Society Chicago
- Emma Mugo, CFA, Portfolio Manager at GenAfrica Asset Managers, CFA Society East Africa
- Guillermo Rodriguez, CFA, Head of Latin America and US Offshore at WisdomTree, CFA Society Miami
- Chang Hwan Sung, CFA, Portfolio Manager at Invesco, CFA Society South Korea
This year, more than 7,000 students from 1,153 universities around the globe participated in the Research Challenge. The global final runners-up, deemed champions in their respective regions, joined the competition in person to compete for the title of global winner. These teams represented:
- The University of Hong Kong, Hong Kong
- University of Sydney, Australia
- University of Neuchâtel, Switzerland
- Kozminski University, Poland
- University of Waterloo, Canada
- Appalachian State University, United States
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