Hosted for the first time in Bangladesh, the CFA Institute Research Challenge in Bangladesh is a global competition that tests the equity research and valuation, investment report writing, and presentation skills of university students.


Hosted for the first time in Bangladesh by the CFA Society Bangladesh, it is a global competition that tests the equity research and valuation, investment report writing, and presentation skills of university students.

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 mission of CFA Institute is to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.

The Research Challenge aims to extend this mission to a vast student population by teaching best practices in investments at the earliest point in one’s career. We want students to understand that CFA Institute is an organization that serious investment professionals aspire to join. We also strive for students to believe that CFA Institute leads the industry’s thinking in the area of ethics, integrity, and excellence of practice.

Local CFA Institute volunteers work in conjunction with participating local universities to assemble teams of 3–5 business and finance students. Each team works directly with a professional mentor to research and prepare an equity research report on a publicly traded company. Each team’s findings are locally evaluated by high-profile panels of heads of research, portfolio managers, and chief investment officers from the world’s top firms. Local champions advance to regional competitions in the Americas, Asia Pacific, and EMEA, and then to the global final.


Hotel Ruposhi Bangla is a five-star hotel in Gulshan 2 area with nice city-view and easy commute to all key business hot-spots of Dhaka. The property has 300 room keys, 2 banquet halls with maximum guest capacity of 100 each and 3 food-courts each serving to 75 in-house and walk-in customers with Asian continental and Italian cuisines. The hotel is managed by an international hotel management chain that shares 7.5% of the hotel’s net revenue (VAT 15% on all products and services). Currently the hotel does not have any outstanding debt but pays regular corporate taxes and books total annual depreciation of BDT 15 million. Additionally, the hotel spends BDT 3 million per year for maintenance and there is no other capital or working capital requirement.


  • Valuation of the hotel for a year of ownership (how much investment would you consider to bid for owning the hotel for 1 year)? Please submit a financial model in MS-Excel format with relevant assumptions and drivers to back-up your valuation estimate.
  • Articulate key investment positives and risks associated with such an investment idea (please include macro and industry perspectives) in maximum two pages printed on one-side.

Guideline for candidates:

  • 20% of the credit will be given for the accuracy and consistency of the financial model with given assumptions, 30% on the quality of assumptions (how realistic or reasonable they are). In the investment thesis- 20% of the credit be allocated for the macro and industry perspectives, 20% for company specific points and remaining 10% for general quality of the content.
  • Deploy a top-down approach (starting from macro variable to company-specific drivers)

You are allowed to use all necessary assumption.
Strength of logic and quality of assumption-inputs will be credited.



The CFA Institute Research Challenge is a competition between university-sponsored Teams that research a designated publicly traded company, prepare a Written Report on that selected company and then present their findings to a panel of Judges. The competition has three levels: Local, Regional, and Global. Winners at the Local level advance to compete against Teams within their geographic region at the Regional level. Winning Teams at the Regional level advance to compete at the Global level. One Team is designated the ultimate winning Team, or Champion, at the Global level.


2.1 Team Composition:

a) Each University Team may consist of both undergraduate and graduate students.
b) A Team must consist of no fewer than three and no more than five members; and
c) There can be no alternates. If a Team loses one of its members, that member can be replaced no later than two weeks prior to the submission of the Written Report at the Local level. If a Team falls below three registered members after this date, they will not be eligible to continue in the competition.

2.2 Team Member Requirements

Each Team Member must:

a) accept the terms of the Participation Agreement upon registration;
b) agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct;
c) be a currently enrolled college or university student in an undergraduate or graduate program at the time of the Local level Kickoff Meeting;
d) be registered for at least a part-time course load, as defined by his or her University, at the time of the Local level Kickoff Meeting; and
e) complete the official registration form on the CFA Institute Research Challenge website no later than two weeks prior to the submission of the Written Report to the Local level Host. Timely completion of the official registration entitles students to be recognized participants by CFA Institute.

2.3 Ineligibility

An individual is ineligible to be a Team Member, if that individual:

a) has previously participated as a Team Member at any level of the CFA Institute Research Challenge on any team that has submitted a Written Report at the Local level;
b) has been, or is, employed in a role whose primary duty involves fundamental company analysis at the time of the Local level Kickoff Meeting; unless the Team member qualifies as an intern, and is permitted to participate as a Team Member, under Local competition rules.
c) has been, or is, a CFA charterholder; or
d) has been sanctioned by the CFA Institute Professional Conduct Program.

Registration Closed


Md Saimum Hossain
Country Coordinator
CFA Institute Research Challenge in Bangladesh