CFA Institute

2009 GLOBAL INVESTMENT CHALLENGE

CFA CFA Association of Taiwan

What is the Investment Research Challenge?

An equity research competition among student teams from the worlds top university business and finance programs. Students write an equity research report on a publicly traded company (e.g., Taiwan Mobile), and present their findings to an expert panel (to be confirmed). - Peter Kurz, Head of Taiwan Equity Research, Citigroup - Sophia Cheng, Head of Research, Merrill Lynch - Victor Shih, Chief Investment Officer, Invesco SITE The teams are judged on their written reports and the presentations and a winner is selected. Throughout the competition, leading investment professionals volunteer as mentors and judges and teach these students best practices in equity research and corporate analysis.

Why do you want to participate?

A great opportunity to:
Learn the essence of investment research via the mentorship of leading investment professionals Meet and compete with students around the world (Regional Final in Singapore in March 2009 and Global Final in London in April 2009) Network with investment professionals at the CFA Association for career development advice Win scholarship (e.g., CFA exams, pocket money, etc.) Put something nice on your resume for:
top business school application job-hunting

How is the Challenge different from a stock-picking competition?

The focus is on learning best practices in equity research, corporate analysis, and formulating a convincing argument to defend conclusions. Students are mentored by an industry professional to conduct in-depth analysis on a single company and produce a full equity research report on that company. The winning team is picked based on the thoroughness of its analysis and knowledge of the company rather than whether their predictions of the stock price are correct.

Important Dates
December
22nd 26th: Campus Presentation & Team Formation 29th 10:30: Taiwan Mobile Corporate Visit and IR Presentation

January: Research Work & Mentoring February (to be confirmed)

15th: Written Report Submission Deadline 23rd: Final Presentation and Award Ceremony

March (to be confirmed)

6th: Winning Team to Leave for Singapore 7th: Regional Final

April 2nd (to be confirmed): Global Final in London

Contact
CFA ASSOCIATION OF TAIWAN David Chih-Cheng CHENG , CFA Board Director/Spokesperson Public Awareness Committee Chair
DavidChihCheng@yahoo.com Tel: 0910-399-141

Cheryl HSU , CFA Secretary General

secretary@taiwan.cfasociety.org

Appendix Sample Research Report

Template will be provided.

Sample Research Report 1/6

Sample Research Report 2/6

Investment Summary

Valuation

Sample Research Report 3/6

Business Description Financial Analysis

(Other Headings Relevant to Company)

Industry Overview and Competitive Positioning

Investment Risks

Sample Research Report 4/6

Income Statement

Balance Sheet

Sample Research Report 5/6

Statement of Cash Flows

Other Statements or Exhibits

Sample Research Report 6/6

Ownership and material conflicts of interest: Disclosures Receipt of compensation: Position as a officer or director: Market making: Ratings guide: Investment Research Challenge and Global Investment Research Challenge Acknowledgement: Disclaimer: