BIG Supporters,
The 2025 CFA Institute Research Challenge has come to a close, marking the end of a truly historic journey. After eight months of tireless effort, beginning amid the Hurricane Helene campus closure and continuing through holiday break, spring break, and final exams, Appalachian State University’s Broyhill Fellows advanced through six rigorous rounds of competition. Their extraordinary performance earned them a place among the Top 6 teams globally, out of more than 7,000 students representing 1,153 universities around the world.
While they were not ultimately named Global Champions, their performance in the Global Final was nothing short of outstanding, a testament to their deep analytical ability, composure under pressure, and unwavering commitment to excellence. This achievement reflects their world-class financial acumen, resilience, and the strength of their teamwork. We could not be prouder of what they have accomplished on the global stage!
Please join us in congratulating Keira Andrews, Carson Beane, Jack Parquette, Davis Pharr, and Brenden Wortman, who represented Appalachian State University with intellect, professionalism, and heart at every phase of this incredible journey.
We are grateful to Mr. Patrick Wells, Senior Portfolio Manager at Broyhill Asset Management, for his outstanding mentorship and support; to Dr. Delbert Goff, Mr. Chris Pavese, and the many former Broyhill Fellows whose dedication laid the foundation for this year’s success; and to CFA Society North Carolina and the Bowden Investment Group for their steadfast support and encouragement of our team throughout the challenge.
The Broyhill Fellows earned the following distinctions:
North Carolina Local Champion
Southeastern Sub-Regional Champion
Americas Regional Champion
Top 6 Global Finalist
They competed head-to-head against the following institutions on their journey to the Global Final, including many teams of graduate students:
University of North Carolina Wilmington (2nd place in North Carolina)
Elon University (3rd place in North Carolina)
University of North Carolina Greensboro (4th place in North Carolina)
SKEMA Business School (5th place in North Carolina)
Indiana University Southeast – CFA Society Louisville
Kennesaw State University – CFA Societies Alabama, Atlanta, and South Carolina
Millsaps College – CFA Societies Arkansas, Memphis, and Mississippi
Stetson University – CFA Societies Jacksonville, Miami, Naples, Orlando, South Florida, and Tampa Bay
University of Tennessee at Chattanooga – CFA Societies East Tennessee and Nashville
California State University, Fullerton – CFA Society Los Angeles
Fairfield University – CFA Society New York
Babson College – CFA Society Boston
University of Oklahoma – CFA Society Oklahoma
Universidad Adolfo Ibáñez – CFA Society Chile
Universidad Argentina de la Empresa – CFA Societies Argentina & Uruguay
University of Alberta – CFA Societies Calgary, Edmonton, Saskatchewan, and Winnipeg
University of Waterloo – CFA Societies Ottawa & Toronto
The 2025 Global Finalists were:
Americas Champion – Appalachian State University (CFA Society North Carolina)
Americas Champion – University of Waterloo (CFA Society Ottawa & CFA Society Toronto)
EMEA Champion – Kozminski University (CFA Society Poland)
EMEA Champion – University of Neuchâtel (CFA Society Liechtenstein & CFA Society Switzerland)
Asia Pacific Champion – University of Hong Kong (CFA Society Hong Kong)
Asia Pacific Champion – University of Sydney (CFA Society Australia)
A special congratulations to Kozminski University of Poland, the 2025 Global Champion. We are honored to have competed alongside such exceptional teams from around the world.
The CFA Institute Research Challenge is one of the most prestigious finance competitions in the world. Advancing to the Global Final demands not only exceptional analytical ability, but also composure, professionalism, and consistency under pressure. Teams must master equity valuation, craft a professional-grade research report, deliver compelling presentations, and defend their investment theses, again and again, before panels of leading industry experts. Competing at this level is a testament to a team’s world-class financial insight, strategic thinking, and ability to perform on the global stage.
This incredible achievement reflects not only academic rigor, but the character and commitment of the students involved. We hope you’ll join us in celebrating this outstanding group!
Thank you for your continued support!
