The CFA Institute Research Challenge offers students the unique opportunity to learn from leading industry experts and compete with peers from the world’s top finance programs. This annual educational initiative promotes best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.

The Challenge gathers students, investment industry professionals, publicly traded companies, and corporate sponsors together locally, regionally, and globally for a real world competition. Additionally, all participants are introduced to and held to the standard of the CFA Institute Code of Ethics and Standards of Professional Conduct.

CFA Society Sydney is proud to host its sixth annual local level of the CFA Institute Research Challenge in Sydney.

  • Subject Company
  • Schedule of Events
  • Sponsors
  • Participating Universities
  • Volunteer
  • Honour Roll



Flight Centre started with one shop in the early 1980’s. It is now one of the world’s largest travel agency groups.  It has operations in 11 countries and a corporate travel management network that spans more than 75 countries. It employs more than 15,000 people globally and has a total of 2500 stores.

Specialist brands operated by Flight Centre include FCM Travel Solutions, Corporate Traveller, Campus Travel, CiEvents, Stage & Screen Travel Services, Student Flights, Escape Travel, Cruiseabout, Quickbeds, Liberty Travel, GoGo Worldwide Vacations & Worldwide Traveler

The company is listed on the Australian Stock Exchange (ASX:FLT) with an annual total turnover of $17 billion as at June 2015.  Flight Centre has twice been judged Australia’s best employer, in addition to claiming a number of other employer and travel agency awards in Australia and overseas.




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Date Event
8 August 2016 2016-17 Kick Off Meeting
5 September 2016 Subject Company Information Session
22 September 2016 Submit Final Written Report

23 September 2016

Announcement of Four Finalists

The four teams with the highest written report scores will advance to present to a panel of judges at the Final

14 October 2016 Final: CFA Institute Research Challenge Sydney Competition
15-16 March 2017 Asia Pacific Regional Final - Bangkok, Thailand
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  • Industry Mentor: mentor university student teams
  • Report Grader: review and grade student research reports
  • Presentation Judge: listen to and critique student stock recommendations

If you are interested in any of these volunteer opportunities, please contact This email address is being protected from spambots. You need JavaScript enabled to view it.

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Year Winning Team

The University of Sydney

Team: George Hadjia, Daniel Wu, Murphy Xue, Tobias Hasbani and Justin Zuo

Faculty Adviser: Angelo Aspris

Mentor: Ian Myles, CFA

Subject Company: Fairfax Media Limited (FXJ)


The University of Sydney

Team: Brendan Coughlan, Leelan Goddard, David Kohn, Kurtis Larsen and Aaron Mbakwe

Faculty Adviser: Angelo Aspris

Mentor: Roger Samuel, CFA

Subject Company: Blackmores Limited (BKL)


Griffith University

Team: Euan Orsini, John Fan, Andrew L'Estrelle, Jake Muspratt & Jason Rayment

Faculty Adviser: Alexandr Akimov, CFA

Mentor: Ken Howard, CFA

Subject Company: Caltex Australia Limited (CTX)


 The University of Sydney

Team: Luke McAlpin, Ryan McCourt, Bravin Ragavan, Ivan Yang & Marco Anselmi

Faculty Adviser: Angelo Aspris

Mentor: Ross Curran

Subject Company: Woolworths Limited (WOW)


 The University of Sydney

TeamAngus Gibbs, Anthony Yao, Levi Romanov, Zubin Bilimoria, Lisa Wang 

Faculty Adviser: Angelo Aspris

Mentor: Vincent Ling, CFA

Subject Company: Sydney Airport


Griffith University

Team: Lisa Rawlings, Rhyan Nash, Tingxi Zhang, Ruby Sethi, Elias Greil

Faculty Adviser:  Alexandr Akimov, CFA

Mentor:   Ken Howard, CFA

Subject Company:  Flight Centre Travel Group

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