{"id":30889,"date":"2024-05-31T12:54:37","date_gmt":"2024-05-31T19:54:37","guid":{"rendered":"https:\/\/www.uwb.edu\/news\/?p=30889"},"modified":"2024-05-31T14:11:05","modified_gmt":"2024-05-31T21:11:05","slug":"students-become-research-analysts-in-global-competition","status":"publish","type":"post","link":"https:\/\/www.uwb.edu\/news\/2024\/05\/31\/students-become-research-analysts-in-global-competition","title":{"rendered":"Students become research analysts in global competition\u00a0"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Five students from the University of Washington Bothell competed in the Chartered Financial Analyst Institute Research Challenge \u2014 a global financial competition that attracts students from 95 countries and more than 1,000 universities, totaling more than 6,000 competitors.&nbsp;<\/p>\n\n\n\n<p>Through the competition, which occurs annually and has several levels, students assume the role of a research analyst and create an analyst report for a company of the CFA\u2019s choosing. Students have approximately three months to prepare before their reports are judged at the local level by CFA Institute members and volunteers.&nbsp;<\/p>\n\n\n\n<p>Once the reports are graded, finalists from each local competition advance to the presentation round, and this year the team from UW Bothell\u2019s <a href=\"https:\/\/www.uwb.edu\/business\/\" target=\"_blank\" rel=\"noreferrer noopener\">School of Business<\/a> was among those teams chosen as finalists.&nbsp;<\/p>\n\n\n\n<p>\u201cEach year I am impressed by the sheer volume of time and energy the students dedicate to writing their reports,\u201d said Dr. Andrea Anthony, assistant teaching professor and faculty adviser to UW Bothell\u2019s CFA Research Challenge participants.<strong> <\/strong>\u201cIt seems like a huge task at the beginning, but our students always find a way to get it done and knock it out of the park while doing it. This year&#8217;s team was no exception.&nbsp;<\/p>\n\n\n\n<p>\u201cI am so proud of our students\u2019 hard work and how they represented the School of Business.\u201d&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"30900\" src=\"https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-5-1024x683.jpg\" alt=\"A person with a microphone.\" class=\"wp-image-30900\" srcset=\"https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-5-1024x683.jpg 1024w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-5-300x200.jpg 300w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-5-768x512.jpg 768w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-5-600x400.jpg 600w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-5.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"30899\" src=\"https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-6-1024x683.jpg\" alt=\"A group of people presenting.\" class=\"wp-image-30899\" srcset=\"https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-6-1024x683.jpg 1024w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-6-300x200.jpg 300w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-6-768x512.jpg 768w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-6-600x400.jpg 600w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-6.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Paired with professionals<\/strong><\/h2>\n\n\n\n<p>Each year, dozens of UW Bothell students apply for the opportunity to take on the research challenge, and because each institution can only be represented by one team of five students, the process is extremely competitive.&nbsp;<\/p>\n\n\n\n<p>\u201cI was really excited to have gotten a spot on the team,\u201d said Kilian Larose, who was selected along with Anastasiya Fritch, Brian Hsu, Phung Vo and Andrew Weiss to represent the School of Business. \u201cI knew how serious the competition was and did not take the responsibility of being chosen lightly.\u201d&nbsp;<\/p>\n\n\n\n<p>The students, all Business Administration majors, began preparing for the competition in October, after the CFA announced Expedia as this year\u2019s company to analyze. Their research endeavor was supported by Anthony as well as by Derek Leonard, financial adviser and certified financial planner with Morgan Stanley, a multinational investment bank and financial services company.&nbsp;<\/p>\n\n\n\n<p>Anthony and Leonard provided the students with mentoring and intensive training in financial analysis and professional ethics. \u201cAndrea helped us stay on track and made sure we did everything at the appropriate time so we didn\u2019t fall behind,\u201d Hsu said. \u201cAs a professor in finance, she is also very knowledgeable, and we were able to ask her about just about anything we needed clarification on \u2014 even the smaller, nitty gritty things.&nbsp;<\/p>\n\n\n\n<p>\u201cAnd Derek, our mentor in the industry, was also super helpful in being able to guide us through the complexity of our financial analysis as this was above and beyond any previous project experience we had ever had.\u201d&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-2 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"30901\" src=\"https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-2-1024x683.jpg\" alt=\"\" class=\"wp-image-30901\" srcset=\"https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-2-1024x683.jpg 1024w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-2-300x200.jpg 300w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-2-768x512.jpg 768w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-2-600x400.jpg 600w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-2.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"30902\" src=\"https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-4-1024x683.jpg\" alt=\"\" class=\"wp-image-30902\" srcset=\"https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-4-1024x683.jpg 1024w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-4-300x200.jpg 300w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-4-768x512.jpg 768w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-4-600x400.jpg 600w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA-4.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Magnitude of the model<\/strong>&nbsp;<\/h2>\n\n\n\n<p>The analyst report students were expected to create would include detailed a recommendation, target price, investment thesis, valuation and investment risks for Expedia. \u201cWe were each spending 20 to 25 hours a week on this,\u201d Hsu said. \u201cMost of us, me included, were also full-time students with jobs. It was a lot of work, but we all saw the value in it.\u201d&nbsp;<\/p>\n\n\n\n<p>They began by creating a discounted cash flow valuation \u2014 a type of financial model that determines whether an investment is worthwhile based on future cash flows. \u201cA DCF model is based on the idea that a company\u2019s value is determined by how well the company can generate cash flows for its investors in the future,\u201d Hsu explained. \u201cThis was the most challenging and the most crucial part of our entire project.\u201d&nbsp;<\/p>\n\n\n\n<p>A key part of building a DCF model is to define and forecast the cash flows that the business will likely generate. \u201cWe did a deep dive on the company\u2019s financials and gathered a bunch of historical data. We then carefully analyzed each financial statement to ensure our projections were accurate and as reflective as possible of any future potential scenarios,\u201d Hsu said. \u201cWe were meticulous as we recognized this was the backbone for our entire project.\u201d&nbsp;<\/p>\n\n\n\n<p>The students dedicated months to refining the model, adjusting numbers and assumptions, testing different scenarios and validating their projections against the industry standards. \u201cThe final step was to integrate all of the outcomes of our DCF into a comprehensive analyst report where we not only provided an investment recommendation, but we also gave a detailed reasoning behind why,\u201d Hsu said.&nbsp;<\/p>\n\n\n\n<p>The final report was then judged by CFA Society Seattle members and volunteers who functioned as local hosts.<strong> <\/strong>It took the judges<strong> <\/strong>a few weeks to review and rank all the reports before announcing their decision of the three teams who were selected as finalists.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"633\" src=\"https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA_Research2024_0232-1-1024x633.jpg\" alt=\"A group of five people.\" class=\"wp-image-30903\" srcset=\"https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA_Research2024_0232-1-1024x633.jpg 1024w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA_Research2024_0232-1-300x186.jpg 300w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA_Research2024_0232-1-768x475.jpg 768w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA_Research2024_0232-1-600x371.jpg 600w, https:\/\/www.uwb.edu\/news\/wp-content\/uploads\/sites\/4\/2024\/05\/CFA_Research2024_0232-1.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">L-R: Anastasiya Fritch, Kilian Larose, Andrew Weiss, Brian Hsu and Phung Vo.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Report gets recognition<\/strong><\/h2>\n\n\n\n<p>For the UW Bothell students, the email announcing their advancement to the next round was cause for celebration. The team could only allow themselves a day or so to enjoy the victory, however, as the turnaround time for the next round was quick. \u201cWe only had a week-and-a-half to create and prepare for a 10-minute presentation that detailed a 30-page report,\u201d Larose said. \u201cIt was a lot of pressure.\u201d&nbsp;<\/p>\n\n\n\n<p>Hsu noted, \u201cThe challenge itself had spanned over roughly three months so by the time the sub-regional competition came around, some things had changed within the company. This meant that in addition to everything else, we also had to update all the numbers, financial analysis and stock prices for Expedia so that we were giving the most up-to-date and accurate recommendations.\u201d&nbsp;<\/p>\n\n\n\n<p>Not only did their report shift, but the audience they were presenting to also shifted. For the next round, the students were judged by different CFA members and industry professionals \u2014 and in person. \u201cThat was really intimidating because we are just studentsand we had to stand up in front of people who are highly respected and established in the industry,\u201d Hsu said. \u201cI did my best to project confidence, but I would be lying if I said I wasn\u2019t nervous.\u201d&nbsp;<\/p>\n\n\n\n<p>As Anthony noted, \u201cThe presentations are especially nerve-wracking as in addition to covering a lot of material, the students must also be ready\u202fto answer questions from judges on the spot.&nbsp;<\/p>\n\n\n\n<p>\u201cThis year the team practiced for many days, trying to get their arguments and presentation style as strong as possible,\u201d she said. \u201cThey admitted that some members of the team were not naturally strong at presenting before this challenge, but they overcame those fears and came across as confident and knowledgeable.\u201d&nbsp;<\/p>\n\n\n<?xml encoding=\"utf-8\" ?><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" viewbox=\"0 0 31.93 23.66\" width=\"34\">\n  <path fill=\"currentColor\" d=\"M19.94 23.655h11.988V12.578h-6.6a6.63 6.63 0 0 1 .662-3.486 8.55 8.55 0 0 1 5.721-4.722V.001a14.8 14.8 0 0 0-8.687 4.768q-3.089 3.606-3.089 9.994v8.893Zm-19.938 0H11.99V12.578h-6.6a7.5 7.5 0 0 1 .631-3.575q1.47-3.277 5.763-4.633V.001a14.54 14.54 0 0 0-8.771 4.788c-2 2.427-3.008 5.781-3.008 9.974Z\"><\/path>\n<\/svg><p>The experience I gained from this challenge is unlike anything else. Not only did it help me grow as a person, but it also helped me make tremendous strides as a professional. <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" viewbox=\"0 0 31.93 23.66\" width=\"34\" style=\"transform:rotate(180deg);transform-origin:center\">\n  <path fill=\"currentColor\" d=\"M19.94 23.655h11.988V12.578h-6.6a6.63 6.63 0 0 1 .662-3.486 8.55 8.55 0 0 1 5.721-4.722V.001a14.8 14.8 0 0 0-8.687 4.768q-3.089 3.606-3.089 9.994v8.893Zm-19.938 0H11.99V12.578h-6.6a7.5 7.5 0 0 1 .631-3.575q1.47-3.277 5.763-4.633V.001a14.54 14.54 0 0 0-8.771 4.788c-2 2.427-3.008 5.781-3.008 9.974Z\"><\/path>\n<\/svg><\/p>\n<cite>Brian Hsu, senior, Business Administration<\/cite><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Deliverables of dedication<\/strong><\/h2>\n\n\n\n<p>Although the team didn\u2019t receive the title in the sub-regional competition, the scores between the three finalists were very close. And the students felt that what they did get was something just as valuable as winning: they developed new skills and the confidence to put them to practice.&nbsp;<\/p>\n\n\n\n<p>\u201cThe experience I gained from this challenge is unlike anything else. Not only did it help me grow as a person, but it also helped me make tremendous strides as a professional,\u201d Hsu said. \u201cI spoke about my participation in the CFA Research Challenge in an interview at JP Morgan Chase, and I was promoted as a private banker.&nbsp;<\/p>\n\n\n\n<p>\u201cI was first hired as an associate banker, and I was told by my market director that he had never before seen an advancement or a promotion from an associate banker to a Chase private client banker as the leap is so huge.\u201d&nbsp;<\/p>\n\n\n\n<p>Hsu said he is grateful for the impact the challenge has had on his career.&nbsp; \u201cI credit the CFA Research Challenge for giving me the experience I needed to be qualified for such a big career jump. While it wasn\u2019t easy, it was certainly worth it \u2014 and I would highly encourage other students interested in finance to participate as the reward far outweighs the work.\u201d&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The global CFA Institute Research Challenge provides students with hands-on mentoring and real-world skills in the field of finance.<\/p>\n","protected":false},"author":121,"featured_media":30897,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_is_archived":false,"_archived_contact_email":"","footnotes":""},"categories":[202,253,214,204,1],"tags":[],"school":[417],"class_list":["post-30889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-campus-news","category-global-impact","category-research","category-students","category-uncategorized","school-school-of-business"],"acf":{"related_links":{"toggle_visibility":false,"link_1":"","link_2":"","link_3":"","link_4":"","link_5":""},"highlight_box":{"toggle_visibility":false,"title":"","content":"","button":"","button_style":"angled-purple-button","button_screen_reader_text":""},"contact_type_1":{"toggle_visibility":true,"contact_title":"","email":"","phone":"","box":"","address_line_1":"","address_line_2":"","location":""},"contact_type_2":{"toggle_visibility":false,"contact_title":"","email":"","phone":"","box":"","address_line_1":"","address_line_2":"","location":""},"social_media":{"toggle_visibility":false,"facebook_url":"","instagram_url":"","linkedin_url":"","twitter_url":"","youtube_url":""},"blog_archive_sidebar_visibility":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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