This month, EADA selected the team that will participate in the CFA Research Challenge 2022. This year’s team was made up of 5 members: Yahia Ibrahim (Egypt), Ana Luisa Da Silva Alves (Portugal), Jonathan Harling (Denmark), Ammar Hasolkar (India) and Ariadne Prieto (Mexico).
The annual Research Challenge is hosted by the CFA Institute, the premier global association for investment management professionals. Each year, more than 5,000 students from top universities and business schools compete to produce a comprehensive equity research report for a publicly listed company (this year: Banco Santander).
Team tutor and EADA professor Joan Tarradellas, Ph.D. points out the unique challenges that valuing Banco Santander poses for this year’s team. “Valuing financial institutions has traditionally been one of the most challenging exercises,” he says. “Since 2020, valuing a European global banking corporation has become even more difficult due to the European Central Bank’s ban on dividend distribution from banks. The task for our EADA team will be enormous this year, but the expertise and commitment of the team members is even greater.”
“I am especially excited compete against top business schools doing a proper valuation of one of the biggest banks in Spain,” says team member Yahia.
The Challenge involves several steps:
- Analysis of a public company
- Mentoring by a professional research analyst or portfolio manager
- Writing an equity research report
- Presentation of research to a panel of experts
EADA has consistently been placed in the top three positions in the Madrid final, with one team making it all the way to the EMEA final. “Attending the EMEA final was a great experience,” confirms Jaume Bonet, director of the programmes in the area of finance. “This year’s team is very motivated to repeat that success.”
Jonathan is thrilled to have been selected to participate. “EADA’s connection to the CFA Institute was one of the reasons I wanted to come and study here,” he says. “I am most excited about working with our tutor and representing the school. I look forward to the exposure and training in researching, preparing and presenting such an extensive report.”
Ammar was inspired to join the CFA team by EADA’s reputation as a winner in the competition. “EADA has always been one of the best performing team of Spain, winning the Spanish regional competition in 2020,” he points out. “This reputation combined with the opportunity for me to learn personally made me want to join the team.”
There was stiff competition among participants to participate in the event, with just 5 students selected from the International Master in Finance programme. In addition to an in-depth analysis of each candidate’s qualifications, the Selection Committee heard individual presentations to evaluate communication and presentation skills.
Ariadne is glad to be among those chosen to represent EADA in the CFA team. “I am excited about getting to know my team,” she says. “Time management will a challenging part of the CFA experience, but it will definitely worth it.”
For Ana Luisa, the Research Challenge is more about the journey than the destination. “I am beyond excited about going through this entire experience side-by-side with my classmates,” she says. “I believe we already have an ace up our sleeve, considering that the diversity of our team will be an extremely valuable asset.”
The teams have already started working, as the deadline for turning in the final equity research report is February 3, 2022. At this time, finalists are selected to compete at the Madrid Stock Market at the end of February, defending an oral presentation of their report in front of a panel of experts.