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Kick-off meeting 2011-12
14 November 2011
Hellenic CFA Society Information
2011 Global Champions Politecnico di Milano – Milan, Italy
What is the CFA Institute
Research Challenge?
• Worldwide University competition
between teams of students
• Organized by local CFA societies
• Analysis of a publicly traded
company
• Interview company management
• Mentoring by a CFA charterholder
• Research report writing
• Presentation of research
2011 Research Challenge Network
• 2500 Students
• 546 Universities
• 1200 Industry
Volunteers
• 102 Local CFA
Societies
2012 Tournament Diagram
91 LOCAL LEVEL CHALLENGES
Asia-Pacific Regional
19 Teams
EMEA Regional
25 Teams
Americas Regional
47 Teams
New York Regional
20 Teams
Global Finals
2011 Tournament Results
Participating Teams University Faculty Advisor Mentor
ALBA Dr N Tessaromatis Petros Georgilas, CFA
Business School/MSc in Finance Dr S. Zarkos
AUEB Dr D. Giamouridis Alex Boulougouris, CFA
Dept of Accounting and Finance Dr S. Anagnostopoulou
IHU Dr S. Leventis Panagiotis Kladis, CFA
Graduate School /MSc in Finance Dr A. Dasilas
UOA Dr.S. Thomadakis Dr N. Milonas
Maria Kioulafa, CFA
Dept of Economics Dr A. Christopoulos
UOM Dr Y. Lazarides Dimitris Karydas, CFA
Dept of Accounting and Finance Dr S. Papadopoulos
UNIPI Dr A. Merikas Nikos Koskoletos, CFA
Dept of Maritime Studies Dr G. Paroikakis
Timeline
Today Kick-Off
Next 10 days Preliminary Research
Question Development
December 7 (11:00) Company Presentation
January 9 1st Draft Due to Mentor
January 30 Final Report Due
Interim Report Grading
Feb 9 Local Competition Final
March 7 EMEA Region Final (London, UK)
April 12 Global Final (New York, USA)
Rules Overview
• Teams of 3-5 students
• Only 1 team per University
• Enrolled in school at time
of kick off meeting
• Original work of students
• No contact with company
outside of organized events
• No purchased or
professional research
reports may be used
• Mentors and faculty may
NOT contact the company
• Mentors and faculty may
NOT provide inside
information or company
reports
• Students, Mentors, and
Faculty all agree to the
CFA Institute Code of
Ethics and Standards of
Professional Conduct
Advisor and Mentor Involvement
Faculty Advisor
• Insight and guidance on
research methods and tools
as taught in academia
• 10 hours of productive time
maximum
• Access to faculty for other
projects unrelated to the
Research Challenge is
permitted
• All work must be the original
work of the students
Industry Mentor
• Insight and guidance on
industry practice
• 6 hours of productive time
maximum
• Face to face or virtual
• Company management
question development
• Review first draft of research
report
• Presentation development
assistance
Online Ethics Case Study
Ethical Standards for Investment Professionals: An Interactive Case-Based Course
Sample Report
Report Scoring
Section
Investment Summary
Valuation
Business Description
Other Headings
Industry Overview & Competitive Positioning
Financial Analysis
Investment Risks
Total
Maximum
20
20
5
5
15
20
15
100
Presentation Scoring
Section
Argument
Questions
Financial, Valuation & other Analysis
Team Involvement
Poise
Materials
Total
Maximum
25
25
20
15
10
5
100
Subject Company
• Coca Cola Hellenic Bottling Co http://www.coca-colahellenic.com (bloom: EEEK GA)
• Company Profile Coca-Cola Hellenic Bottling Company S.A. produces, Sells and distributes soft drinks, fruit juices, and mineral water. The company produces all kinds of Coca-Cola brand name products such as Coke, diet Coke, Sprite, diet Sprite, and Fanta. Coca-Cola Hellenic manufactures and distributes in 26 countries worldwide.
• Management George David, Chairman Robert Murrey, CFO Jan S Gustavsson, Dir of Strategy Oya Gur, Dir of Investor Relations
Interacting with Coca Cola Hellenic
• Designated Officers ONLY
• Organized Meetings ONLY
• Industry Mentor or Faculty Advisor must be present for ALL student-company interactions
• Students may contact company suppliers, customers, vendors, etc.
Questions
The Student Benefits and Experience
Benefits for Students
• Learn best practices in research and report writing
• Real-life learning experience as a Sell-Side Equity
Analyst
• Gain access and exposure to leading industry
professionals
• Professional report and experience can be featured
on resume/CV and on job interviews
• Experience presenting to top financial professionals
• Individual and team prizes
• Opportunity for travel (all expenses paid)
• Potential for media exposure
• Join a network of over 5000 students & 2000
volunteers worldwide
The Student Experience
– “Candid feedback from mentors, graders, and judges helped me to understand the industry”
– “It was a thrill to open the NYSE!”
– “It was an honor to win US$10,000 for my university”
– Understanding : “opportunity favors the prepared mind”
– “My sell-side research report opened doors to a fantastic internship”
– “I was offered a job in the investment industry where jobs are difficult to find.”
Media Exposure
Student Testimonial
“I found the Research challenge to be an invaluable, real-life prep for job interviews. I interviewed with an equity research firm while working on the report and the interviewers were amazed at my level of exposure as a student. I was extended an offer, based without a doubt, on my participation in the Challenge. I highly recommend the Research Challenge to students who are interested in a career in finance.”
– Steve Catera, Rutgers University, 2009 Research Challenge Participant
2012 Timeline
Asia-Pacific Regional Final Hong Kong, Week of February 28, 2012
EMEA Regional Final London, Week of March 5, 2012
Americas Regional Final New York City, Week of April 9, 2012
CFA Institute Research Challenge Global Final New York City, Week of April 9, 2012
Questions
Page
25
Ethical Decision Making
CFA Institute Mission Statement
11/19/2011 Ethical Decision Making
To lead the investment profession globally by
setting the highest standards of ethics,
education, and professional excellence.
Why Ethics Matters
11/19/2011 Ethical Decision Making
Code of Ethics
11/19/2011 Ethical Decision Making
Ethics
Integrity
Competence
Professionalism
Diligence Respect
Independent judgment
Reasonable
care
Law vs. Ethics
11/19/2011 Ethical Decision Making
Law: a clearly defined set of enforceable rules that applies to
everyone. It represents a minimum level of expected conduct that everyone must
observe.
Ethics: guidelines that address situations not covered by the
law (relations with competitors, interpersonal relations at work)
and also contribute to the creation of laws.
“Buffett Test”
11/19/2011 Ethical Decision Making
Warren E. Buffett, CEO of Berkshire Hathaway Inc.
I want employees to ask themselves whether they are
willing to have any contemplated act appear the next
day on the front page of their local paper—to be read
by their spouses, children and friends—with the
reporting done by an informed and critical reporter.
Ethics in the CFA Institute Research Challenge (1/2)
How does this apply to my participation in the CFA Institute Research Challenge?
All participants must adhere to the Code of Ethics and Standards of Professional Conduct, with emphasis on the Standards outlined in the next slide:
11/19/2011 Ethical Decision Making
Ethics in the CFA Institute Research Challenge (2/2)
–Standard I.B (Independence and Objectivity)
–Standard I.C (Misrepresentation)
–Standard II.A (Material Nonpublic Information)
–Standard II.B (Market Manipulation)
–Standard V.A (Diligence and Reasonable Basis)
–Standard V.B (Communication with Clients and Prospective Clients)
11/19/2011 Ethical Decision Making
Questions
CFA Institute Research Challenge Team
Brian Stype – Manager
Amanda Quinn – Program Coordinator
Amy Strunk – Administrator
• www.researchchallenge.org
• email: [email protected]