Another BI Victory at the CFA Institute Research Challenge

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After four hours of intense competition, BI Norwegian Business School celebrated its victory in the local level of this year’s CFA Institute Research Challenge last Thursday.

The winning team of students from BI cheer as their victory is announced. Photo: Aleksander Storsveen

CFA Institute Research Challenge is an annual competition that encourages university students to challenge themselves with intensive training in equity research. Teams from different universities around the world are required to conduct research on a publicly traded company, generate a written report and eventually showcase their research findings to a panel of industry professionals. The competition takes place on local, regional, and global levels.

This year, four representative teams from BI Norwegian Business School, Copenhagen Business School, Norwegian School of Economics, and Nord University participated in the research challenge. Trained by the faculty advisors from BI, NHH and Nord University, in collaboration with industry mentors from Carnegie, Cleaves Securities and Statoil, the teams dedicated their time and energy in the past two months to generate brilliant equity research for Tomra Systems ASA, a Norwegian multinational corporation creating sensor-based solutions for food sorting and recycling.

The joint collaboration between CFA Society Norway and Finansforeningen/CFA Society Denmark has been the highlight of this year’s Challenge, expecting the new talents representing both Norway and Denmark in the coming EMEA regional final. Last year, BI came the fourth place in the global final among more than a thousand participating universities around the world.

Thorough Organization
– The teams have prepared intensely in the previous months and have completed a 30 pages sell-side report with support from industry professionals. We are very proud to arrange such event for future finance talents and they have been through a hectic time, says Kim Watle, Senior Investment Analyst at Gard AS, as well as the organiser of theCFA Institute Research Challenge.

Each presentation, consists of 10 minutes of detailed illustration of their research findings and 10 minutes of Q&A, were meticulously composed with comprehensive industry and company-level analysis, and confidently presented in front of a panel of experts and representative from Tomra Systems by the four representing teams.

BI Norwegian Business School won over the judges with their in-depth analysis both on company and industry level and scored the highest on both of their written report and final presentation. With their local-level victory, the team is qualified for the EMEA regional final held in Dublin on April 4.

Members of the jury. Photo: Aleksander Storsveen

– The BI team showed supreme confidence in their presentation and impressed the jury by their tremendous insights into Tomra’s business. Their evaluation part is also very good. Thus BI teams won both the report and the presentation part of the CFA challenge, says Audun Nordtveit, former Analyst at Norges Bank Investment Management.

– I think they will be good representatives of Norway and Danmark and we will all be proud of the fact that they will be representing us, he continues.

The winning team from BI, along with representatives from the organizer and Tomra. Photo: Aleksander Storsveen

The winning team was overwhelmed with excitement and joy and celebrated the rewarding moment.

– Analyzing Tomra was very intense. There was a lot of information that we could possibly look at. The most difficult part of our analysis was actually what to do to constantly improve. We put the most effort in that part and I believe that was rewarding, said Rit Chatterje, one of the five representatives of the BI team. – I’m really proud of my team and we are excited about the next competition, the winner continues.

Representatives from CBS, NHH and Nord University also expressed a sense of fulfillment through their engagement in the competition.

– Even though we lost, it has been a very fun experience. One of the judges said that consider it as an internship, said Jens Helvig Eriksen, representative of CBS. – The best advice I can give is to put your mind and heart into it, and give it your best try. Try it out and don’t hold back, even you are busy. If you take your time and participate, it is a great opportunity provided for you to do equity analyst that is unfound anywhere else.

Photo: Aleksander Storsveen

Immense Challenges 
Speaking of the most difficult aspect of the competition, Jørgen Husby, representative of Nord University, expressed the difficulty to confront the challenges from the panel.

– We need to have the confidence to stand by our point of view. Even though facing critical questions, you should stand on your ground and respond confidently.

This year, the teams embraced diversity and collaborated with teammates from different countries.

– We have such a diverse team regarding age and nationality. Our teammates are from Italy, Kazakhstan, U.S. and Norway. Such a combination made it very fun for us to get to know each other through the process, said Håkon Trondvoll, representative from NHH.

Photo: Aleksander Storsveen

However, the diversity of genders still awaits to be seen in the future. Among the four teams, there was only one female participant among 17 representatives.

Impressed by the incredible work of students, Elisabet Sandnes, VP Investor Relations at Tomra Group, sent her congratulations to all the teams. On International Women’s day, the female leader also emphasized on the importance of women’s presence in the finance world.

– The level of female participants has yet increased in the finance industry since I started (my career). We need to inform the female participants how fun it is, and call on more female participants to make women’s voices heard, she said.

If you are interested in participating in 2019’s CFA Institute Research Challenge, please visit for further information.

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