November 29, 2022

Donalds Hobby

World Finance Reviews

University of Waterloo, School of Accounting and Finance

Toronto, ON, Feb. 18, 2022 (GLOBE NEWSWIRE) — Congratulations to the students from the University of Waterloo, School of Accounting and Finance for their compelling research which earned them the winning title at the local level of the CFA Institute Research Challenge. The student team members, Ziming Gao, Alice Qin, Murtaza Zaidi, and Muhammad Sadiq will each receive a thousand dollar prize and will be advancing to the sub-regional competition of the CFA Institute Research Challenge. Winners of each sub-regional level will advance to the regional semi-finals on 07 April 2022. 

“The CFA Research Challenge is where hard work and passion for finance intersect! This was no ordinary case competition. We explored the depths of primary research to create a product that was original but most importantly convincing. Countless hours were spent researching technicals and interviewing subject experts. What we got out of it was an in-depth view of the true value Transcontinental offered. To know such detailed knowledge feels exhilarating and we are proud to understand one company in this much depth. The presentation cannot have been done without the help of the University of Waterloo Alumni and those who volunteered to listen to us present. Everyone provided great insights and made us rethink our pitch. Through this process, we became more effective in both presenting and responding to questions. Overall, this case competition experience is unrivaled!” said Ziming Gao on behalf of the team.

The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis. Students work in teams to research and analyze a publicly-traded company, and each team writes a research report on its assigned company with a buy, sell, or hold recommendation.

“The University of Waterloo is very proud of Ziming, Muhammad, Alice, and Murtaza for all of the hard work and dedication they put into preparing for the 2022 CFA Institute Research Challenge. The team spent many hours conducting in-depth research and analysis, which resulted in a presentation that delivered a compelling thesis, accompanied by a unique valuation approach. Throughout the months of preparation, it was impressive to see how well the team worked together. This was on clear display during the question-and-answer session where the team worked collaboratively. Also, the team would not have been able to achieve this success without the invaluable guidance and support from their industry mentor, Jeannine LiChong.” said Steve Balaban, CFA, Faculty Advisor.

“We would like to congratulate the winning team and all the local CFA Institute Research Challenge participants for their diligence and hard work. We were impressed by the quality of the research performed and by the insights demonstrated by the students. We also would like to thank CFA Society Toronto and CFA Society Ottawa for having chosen TC Transcontinental as the subject company this year” said Donald LeCavalier, Chief Financial Officer of Transcontinental Inc.

Student teams from around the world will meet at the global finals of the competition on 16 May 2022 where they will present and defend their analysis to a panel of industry professionals. Students learn from experienced industry experts and peers from the world’s top business schools.

“The research presentations we judged today [17 February 2022] would put much if not most of Wall Street and Bay Street’s professional analysts to shame.  Today’s competitors can be very proud of the hard work they’ve done and can be confident they have very bright professional futures ahead of them indeed.  Directors of research, CIOs and hiring managers – mark your calendars – and send your top talent scouts to this event next year and every year.” said Brian Madden, CFA, CFP, CIM.

For more information visit CFA Institute Research Challenge

About CFA Society Toronto
Founded in 1936, CFA Society Toronto is part of the worldwide network of CFA Institute member societies that lead the investment profession globally by promoting the highest standards of ethics, education and professional excellence for the ultimate benefit of society. CFA Society Toronto represents the interests of over 10,000 investment professionals in the Greater Toronto Area through advocacy, education, events, and professional development.  For more information visit or follow us on Twitter @cfatoronto and on LinkedIn CFA Society Toronto.

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  • Winning team members of University of Waterloo, School of Accounting and Finance