An announcement has been made regarding participation in the 2026–2027 Turkey round of the CFA Institute Research Challenge, an international investment research and company valuation competition for university students. Universities must submit their team information and application forms to the organizers by October 12, 2026. Open to undergraduate, graduate, and doctoral students, the competition will see teams of 3–5 members prepare an investment research report on Borusan Pipe.
Organized by CFA Society Istanbul, the CFA Institute Research Challenge is an international competition in which university students prepare projects in the areas of financial analysis, corporate valuation, and investment research. The competition aims to enable students to apply their theoretical knowledge to a real company and to develop their research, professional ethics, report writing, teamwork, and presentation skills.
Eligibility Requirements
Each university may enter the competition with a maximum of one team consisting of 3–5 students. Undergraduate, graduate, and doctoral students may be part of the same team. Participants must be enrolled at their university as of the date of the local kick-off meeting and must be taking at least a part-time course load.
Students who were previously part of a team that submitted a report in the local phase of the competition are not eligible to participate again. Individuals who have worked or are currently working in professions involving investment decision-making, as well as CFA charterholders, are also excluded from participation. However, short-term internships do not, by themselves, disqualify participants.
The deadline for submitting team information is October 12
Participating universities must submit the completed team information form, along with their confirmation of participation, to the organizers by October 12, 2026. The form includes information on the university and academic advisor, as well as the students’ contact information, departments, and academic levels.
The subject line of the application email must include the university’s name, and the body of the message must state that the application has been completed.
An English-language research report on Borusan Pipe will be prepared
In the Turkey stage, teams will conduct a company and industry analysis using Borusan Pipe’s publicly available information. By examining financial performance, competitive conditions, valuation, investment risks, and environmental, social, and governance (ESG) factors, they will develop a well-reasoned investment opinion.
The research report must be prepared in English and consist of no more than 10 pages. Up to 10 additional pages may be included as appendices. Teams will present their findings to a jury composed of investment professionals.
In the evaluation, in addition to financial analysis and valuation, the rationale behind the investment opinion, the handling of risks, the consistency of the presentation, and the responses to the jury’s questions will be taken into account.
Academic advisors and industry mentors will provide guidance
Teams will be guided by an academic advisor from their university and an industry mentor assigned by the organization. While the advisor and mentor will provide guidance and feedback, the students will be responsible for preparing the research, analysis, report, and presentation content.
The preparatory program, scheduled for October, will include Rasyonet training, sessions on macroeconomics, ESG, and regulation, as well as a valuation camp. A detailed program will be announced separately.
Opening on November 9; Global Final in Singapore
The competition’s opening ceremony will be held in Istanbul on November 9, 2026, in a hybrid format. The report-writing process will begin with the opening, and industry mentors will be assigned. In November, questions from the teams directed at the company will be collected.
Final English-language reports are scheduled to be submitted in January 2027, and the Turkey final is planned for February 2027. Exact submission and final dates will be announced by the organizers.
Teams advancing from the Turkey stage will participate in the sub-regional round in March 2027. Regional semifinals will be held on April 6–7, 2027, and regional finals on April 8–9, 2027. The global final will be held in Singapore during the week of May 10, 2027.
For more information: https://www.cfainstitute.org/insights/events/research-challenge
Contact: researchchallenge@cfaturkishsociety.org
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