A team of five students from the University of Waterloo’s School of Accounting and Finance (SAF) advanced to the Global Finals of the 2025 CFA Institute Research Challenge—an achievement that places them among the top six teams in a competition featuring more than 7,000 students from nearly 100 countries. This marks Waterloo’s second consecutive year competing on the global stage of this competition, following a first-place finish in 2024.
Joshua, Hemadri, Luka, and Charlene, all in the Accounting and Financial Management (AFM) program, and Jai, a student in Mathematical Studies, travelled to Chicago to represent the Americas region as champions of CFA Society Toronto. Over the course of several months, they progressed through multiple rounds of intense competition, including local, sub-regional and regional stages.
At the global finals, the team presented a “buy” recommendation on BRP Inc. (TSX: DOO, NASDAQ: DOOO), a Quebec-based manufacturer of recreational vehicles. Their pitch included sophisticated tools to model potential financial outcomes under varying economic conditions. “We wanted to go beyond the basics this year. Our university encourages us to keep improving and trying new things,” said team captain Luka.
Throughout the process, the team adapted their investment thesis in real time to reflect shifts in market conditions, including BRP’s divestment of a business unit and newly announced tariffs in the U.S. Their success was supported by faculty advisor Steve Balaban and industry mentor Jeannine LiChong (MAcc ’92), whose guidance helped the team refine their work and compete at a global level.
Their incredible performance reflects Waterloo’s continued excellence in experiential education and applied finance and sets the stage for the next generation of leaders to follow.
