The IES team won second place in the Czech and Slovak round of the CFA Research Challenge

The team from the Institute of Economic Studies, Faculty of Social Sciences, Charles University — Mykyta Huskov, Arsenii Rybchenko, Maksym Stetskov, Oryna Yakovenko, and Andrii Zatirka — succeeded in the prestigious international CFA Institute Research Challenge. In the final local round for the Czech Republic and Slovakia, they achieved an excellent second place among 12 university teams from both countries.

Participation in the CFA Research Challenge organized by the CFA Institute is among the most valuable practical experiences that students of finance and economics can gain during their studies. Every year, thousands of students from leading universities in more than 100 countries take part. The competition simulates the real work of investment analysts and requires not only extensive knowledge of finance, but also teamwork, presentation skills, and the ability to defend one’s conclusions.

This year’s regional assignment was to prepare a comprehensive equity research report — including financial analysis, company valuation, risk identification, and an investment recommendation — for Kofola ČeskoSlovensko a.s.

As Mykyta Huskov, one of the participants, puts it: "Kofola is a particularly interesting company because it operates in a relatively traditional non-alcoholic beverage industry, yet it has a surprisingly complex profile. It carries strong national significance in Czechia and Slovakia and has pursued frequent M&A to broaden and diversify its portfolio. I was especially surprised to learn that it owns UGO Salaterie as well as beer brands such as Zubr and Litovel. This led to the central question of our project: Have Kofola’s acquisitions and portfolio diversification created value for investors?"  

The time-demanding participation in the competition covered the entire process, from studying annual reports and building financial models to the final presentation before an expert jury composed of professionals from the fields of investment and asset management. During this defense, the participants had to answer detailed questions regarding their methodology, model assumptions, and the market environment.

Throughout the competition, the team worked intensively with an industry mentor, Radovan Fišer, and received expert guidance and support from their academic mentor at IES, Jiří Novák.

Congratulations on this achievement!

What else do the students themselves have to say about taking part in the competition? 
And what would they recommend to those considering testing their skills against other teams in future editions?