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Investment Research Challenge - Texas (IRC-TX). Investment Research Challenge. The Investment Research Challenge TM is an educational initiative in which leading industry professionals teach business and finance students how to research, write and

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investment research challenge
Investment Research Challenge

The Investment Research ChallengeTM is an educational

initiative in which leading industry professionals teach

business and finance students how to research, write and

and present a report recommending a “Buy”, “Sell”, or

“Hold” position on a publicly traded company.

  • Originated and trademarked by the NYSSA the Investment Research Challenge (IRC) is now being replicated in Boston, Hong Kong and Texas societies (CFA HOUSTON/CFA-DFW) and starting up in Virginia and other regions by local CFA societies.
purpose of challenge
Purpose of Challenge
  • Teaches best practices in research to the next generation of analysts.
  • Provides experience in a real-world setting to complement students’ academic curriculum.
  • Develops interest in securities analysis and the investment profession at top area business schools.
  • Provides an opportunity for experienced professionals to give back.
investment research challenge texas process
Investment Research Challenge – Texas - Process

Mentors introduced and subject company announced

Seminars hosted at universities and web-casted

Teams selected by universities

Reports submitted and evaluated

Present to panel–select winner

Company presentation

Beginnings and Participants
  • Benefits to the Society
  • Key Components
  • Challenge Timeline
  • Next Steps
beginnings university participation
Beginnings-University Participation
  • Steps for Challenge Development:
    • Core schools
      • Rice
      • SMU
      • TCU
      • Texas A&M
      • U of H
      • UT
    • Add new school(s) each year (Texas Tech in 2008)
    • Annual Research Challenge
    • Winners compete globally
  • First Program (SEMI)
    • Scholarship
    • Education
    • Mentoring
    • Internship
  • Objective:
    • Outreach to Schools

providing students a forum for exchange of ideas

benefits to the society
Benefits to the Society
  • Fulfills mission to educate investment professionals and investing public.
  • Promotes investment management best practices and ethical standards.
  • Increases number of professionals who volunteer at Society.
  • Attracts senior-level professionals who may not otherwise be active in Society.
  • Forges relationships with area business schools and students.
Key Components



Company Presentation

Written Reports

Panel Presentations

  • What: Investment professionals provide basic knowledge of components of securities research and analysis
    • Internet as the Ultimate Securities Analyst Tool
    • Research Report Writing – Buy and Sell-side Perspectives
    • Ethics
  • When: September - December
  • Where: On campus and/or web cast
challenge timeline
Challenge Timeline

September – December

  • Universities select teams
  • Seminars at participating universities or via web cast


  • Teams submit questions for company – Company Presents
  • Mentors chosen and confirmed
  • Kick-off meeting at which mentors are introduced and rules are discussed

February - March

  • Teams do written reports

April - May

  • Final reports are submitted and graded
  • Panel Presentations co-ordinated with TIPS Program
  • Winner of IRC-TX competes globally at CFA Annual Conference, Vancouver or New York, London, or Hong Kong.
steps completed
Steps Completed:
  • Secured funding support from CFA Institute
  • Selected instructors
  • Co-ordinated Seminars
  • Installed web casting
  • Company approached
  • Final oral competition scheduled with TIPS program in April at Texas A&M.
next steps or in progress
Next Steps (or in progress):
  • Assign mentors
  • Getting commitments on Judges/Panelists
  • Solicit sponsors for events/competition
  • Establish awards – will include CFA exam fees reimbursements for winning team members
  • Develop global competition with winners of other regional/country challenges at CFA Institute’s Annual Conference or other financial center.
  • Leah Bennett, CFA

CFA Society of Houston

713-961-0462 (x112)

  • Sharon Criswell, CFA

CFA Society of Dallas/Fort Worth

214-987-0860 (x116)

nyssa irc
  • The New York Society of Security Analysts (NYSSA) introduced the Investment Research Challenge in the 2002-2003 academic year as a means to promote best practices in research among the next generation of analysts. The Challenge is an eight-month educational initiative in which leading industry professionals teach business and finance students how to research and report on a publicly traded company. The challenge is now fully supported at CFA Institute and is being offered in other regions including Hong Kong, Boston, Texas and Virginia with many additional local CFA societies looking to add a Challenge in the 2008/2009 academic year.