Investment Research Challenge - Texas
(IRC-TX)
Investment Research Challenge
The Investment Research ChallengeTM is an educationalinitiative in which leading industry professionals teachbusiness and finance students how to research, write andand 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
• 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
Seminars hosted at
universities and web-casted
Teams selected by universities
Mentors introduced and subject company
announced
Company presentation
Reports submitted
and evaluated
Present to panel–select
winner
• Beginnings and Participants
• Benefits to the Society
• Key Components
• Challenge Timeline
• Next Steps
Beginnings-University Participation
• First Program (SEMI)– Scholarship
– Education
– Mentoring
– Internship
• Objective:– Outreach to Schools
providing students a forum for exchange of ideas
• 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
Challenge Participants
CFA Society Faculty Students IndustryResponsibilities
• Determine rules • Liaise with university
advisors and students• Recruit volunteers –
mentors, graders, panelists
• Coordinate logistics together with staff
Responsibilities• Co-ordinate all on
campus activities.• Prepare recruiting
session in the fall • Create council wide
events
Responsibilities• Co-ordinate all student
campus activities.• Work with University
staff to get student club involvement
Responsibilities• Provide knowledge and• Resources• Co-ordinate Company
wide activities• Firm wide involvement
in CFA Houston CFA-DFW
Benefits • Become an active
Society volunteer• Receive recognition in
Challenge-related publicity in the newsletter, on the website, and in press releases
• Network with other volunteers
Benefits• Network with other
schools and universities• Network with CFA
Houston and CFA-DFW members
• Free sharing of ideas with working Industry and other
• University staff
Benefits• Network with other
students in other schools and universities
• Network with CFA Houston and CFA-DFW members and learn about CFA
• Create Industry network for after graduation
Benefits• Easy give back to
community • Network with other
Industry professional• Have a active role in
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
Seminars
Mentoring
Company Presentation
Written Reports
Panel Presentations
SEMINARS
• 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
September – December Universities select teams Seminars at participating universities or via web cast
January 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:
• 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):
• 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.
Coordinators
• Leah Bennett, CFACFA Society of Houston713-961-0462 (x112)[email protected]
• Sharon Criswell, CFACFA Society of Dallas/Fort Worth214-987-0860 (x116)[email protected]
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.
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