Oct 202017

This month, the teams that EADA will send to the CFA Research Challenge 2018 were announced. The annual event is organised by the CFA Institute and is among the most prestigious finance competitions with teams from more than 1000 universities and business schools around the world.

Participating teams must produce an investor report for a publically listed company (this year: Indra), completing a comprehensive financial analysis, a 5-year forecast of financial statements and a final company valuation.

Niklas Wronka, representing Germany, is looking forward to the challenge. “This is the perfect opportunity to gain hands-on experience in a realistic project framework to expand my understanding of holistic financial analysis and valuation,” he said. Niklas was valedictorian of his class at university and studied and worked abroad in Mexico and China before starting his master’s at EADA.

This year, EADA will send two teams of 5 to the event. There was stiff competition among participants applying to represent EADA, with just 10 students from the International Master in Finance programmes selected from the 34 candidate from the masters in the area of finance. In addition to an in-depth review of professional qualifications, the Selection Committee heard individual presentations from candidates to evaluate communication and presentation skills.

Croatian participant Teo Sirola is thrilled to have been selected. “I love challenges and I love investing, so the CFA Research Challenge seems like a perfect way to challenge myself and do what I love at the same time,” he said. Teo came to EADA with the CFA Level I.

Panamanian Vittorio Crovari is on EADA’s other team. Vittorio was motivated to join the team for two main reasons: to get real-life experience in valuation for future professional opportunities and to contribute to EADA’s prestige as an institution.

Bangladeshi-American participant Ashiqur Rahman knew that he wanted to be part of the CFA Research Challenge from the very beginning. “I am most excited about giving it our best shot and being part of a team that brings home the trophy for EADA,” he said.

The teams will start working in the upcoming weeks, as all final reports must be submitted by February 15. Finalists will then compete at the Madrid Stock Market in March 8 defending an oral presentation of their final report. EADA has consistently been placed in the top three positions in the Madrid final during the last year´s.

The CFA Research Challenge 2018 teams are made up of the following participants:


Ashiqur Rahman (Bangladesh-U.S.A)

Vittorio Crovari (Panama)

Sunny Gupta (India)

Matilda Karlsson (Sweden)

Grecia Colmenares (Mexico)


Teo Sirola (Croatia)

Niklas Wronka (Germany)

Valentina Matas (Chile)

Gerardo Palacios (El Salvador)

Kunal Talwar (India)

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