Detailed Rules

The Alberta School of Business/Edmonton CFA Society

Investment Research Competition

Detailed Rules

1. The Nature of the Contest

  1. The Alberta School of Business/Edmonton CFA Society Investment Research Competition (ASB/ECFAS Competition) is a contest between teams made up of students who research a designated publicly traded company, prepare a brief written report on that select company and present results to judges on Saturday, March 12, 2016. Judges will rank the presentations, with prize money being awarded to the top 2 teams. Prize money will be allocated as follows, with the amounts shown being divided equally among team members:

    First place team: $2,500

    Second place team: $1,000

    Third place team: $500

  2. The teams in the contest will perform their research from the perspective of an independent research analyst performing an evaluation of a publicly traded company. The goal of the research will be to make an investment recommendation (i.e. Buy, Sell, or Hold). The investment recommendation will specify a price target that the analyst team expects to be reached within a 12-month horizon. Judges will evaluate both the quality of the presentation and the quality of the analysis.

2. Teams and eligibility

  1. Teams will be comprised of no more than three eligible Alberta School of Business students. Teams may be made up of fewer than three students.
  2. To be eligible, students must:
    1. presently be registered full-time in any program that requires the completion of courses offered by the Alberta School of Business’s Department of Finance and Statistical Analysis. Full-time students of Business Administration at NAIT and full-time students of Business Administration at MacEwan University are also eligible to participate.
    2. have received credit toward completion of the degree program in which they are presently registered for both an introductory finance and introductory accounting course.
    3. agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct;
  3. Students are ineligible to participate if any of the following conditions hold:
    1. student has been, or is, employed in a role whose primary duty involves fundamental company analysis, unless the Team Member was an intern and the cumulative time the primary duty involved fundamental company analysis was less than 6 months; 
    2. student is a CFA Charterholder;
    3. student has been sanctioned by the CFA Institute Professional Conduct Program

3. Research

  1. Only team members may conduct research on the Subject Company for the purposes of the ASB/ECFAS Competition. Teams may use only publicly available information in conducting their research. Teams may not enlist the help of any other professionals in conducting research or writing the report.
    Teams may read existing research on the company, but all analysis should be their own. They may not cut and paste analysis from another source into their written reports or presentations. They may, however, cite available research from sources other than the investment industry (e.g. trade publications, news papers or magazines and the like) in support of their conclusions.
  2. All teams will be provided with a template of a financial model for the Subject Company. Teams are free to develop their own financial models as they see fit.
  3. As part of their research, teams may contact the Investor Relations department of the Subject Company, as well as the Subject Company’s customers, competitors, and suppliers; however, each team member must identify himself/herself as a student and disclose his/her participation in the ASB/ECFAS Investment Research Competition.

4. Written report

  1. Each team will provide a one-page written report, augmented by any appendices the team deems necessary, that summarizes their investment conclusion and rationale. This report will be due on Monday, March 7, 2016. This report will be graded and will count 25% in the evaluation of the first round of the competition. Teams advancing to subsequent rounds will be evaluated solely on the basis of their presentations. 
    A style guide and other details regarding the written report will be provided at a later date.

5. Presentation

  1. Each Team must make a Presentation of its findings to a panel of Judges. The Presentation may include the use of PowerPoint or other visual aids. 
  2. Only Team Members may participate in the Presentation. The Presentation must be in English. The Presentation is limited to 10 minutes: however, an additional 10 minutes will be provided to answer questions posed by the Judges. The 10 minutes question period will begin at the earlier of the end of the 10 minute presentation time or when the team announces they have completed the presentation. Only Judges are permitted to pose questions to a Team during a Presentation.
    Each Presentation will be timed and the time-keeper will provide a one minute warning and an announcement when time has expired. When the timekeeper announces that time has expired, Teams must immediately conclude the Presentation.
  3. The Presentations will be judged on materials, argument, poise, questions, and use of resources.

6. Subject Company

The subject company and related information will be made available by Noon on Friday, February 12, 2016.

7. Miscellaneous:

  1. The competition organizers reserve the right to make alterations to the timing of events listed in these detailed rules or in other documents related to this competition provided appropriate notice is given. 
  2. Competition organizers reserve the right to cancel the competition in the event that there is an insufficient number of team registrations.