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Teams of Kyiv National Economic University and Kyiv School of Economics are the Winners of CFA Institute Research Challenge in Ukraine

posted 4 Mar 2014, 09:26 by CFAUkr aine   [ updated 4 Mar 2014, 10:25 ]
On Friday, February 28, 2014 at Institute of Postgraduate Education was held the Local Final of the most prestigious world-wide student competition in equity research - CFA Institute Research Challenge.

Last year Ukraine became number 3 in the world by number of participating teams. This year more than 150 students from 25 leading Universities in 15 regions of Ukraine participated in the Research Challenge.

Each team had two months to write the real sell-side report with buy, sell or hold recommendation on publicly traded company. This year the role of Subject Company was played by SES - the leading satellite operator in the world that owns and operates a fleet of 54 geostationary. SES headquartered in Luxembourg. SES is listed on Euronext Paris and on the Luxembourg Stock Exchange (SESG).

Supporting students in their hard-working, Thomson Reuters, as an Information Sponsor, provided them with trial access to their terminals and Fitch Learning, as a Principal Sponsor, facilitated the online educational resources for participants of Ukrainian Challenge.

From last year onwards, Ukraine practices the staggered format of the Local Final. Due to grading results, only 12 universities were advanced based on the written report scores for presentation of their results to the experienced panel of judges.

The 4th Local Final of competition was opened by the Chair of CFA Institute Research Challenge in Ukraine – Roman Anzin, who welcomed participants and guests with an introductory speech on key issues of semi-final round.

The Final consists of two rounds of presentations: Semi-Final Round (where 12 teams had 10 minutes presentations followed by Q&A Session) and then Final Round (where the best 4 teams due to the results of Semi-Final Round presented their results).

After semi-final round all participants and guests had a chance to learn more on career opportunities from the companies of Big4 – the biggest employers in Ukraine. Representatives from Deloitte, EY, KPMG and PwC came out with companies’ overview, opened positions, career ladder, management etc. Students and young professionals had an opportunity to communicate with speakers and ask all details how to start successful career in international company.

The Final Round started by the President of CFA Society Ukraine – Andrey Bespyatov, CFA, with announcement of the teams that were advanced due to presentation scores from Semi-Final Round. The super finalists had become:
  • Kyiv National Economic University named after Vadym Hetman
  • National University “Kyiv-Mohyla Academy”
  • Kyiv School of Economics
  • Taras Shevchenko National University of Kyiv
Final Presentations were judges by the leading investment professionals with 5+ years’ experience in equity research. The main goal of the Final Round was the presentation of the results by the four best teams according to the Semi-Final Round to the new panel of financial industry experts that provides the highest level of objectivity and impartiality. This year, all finalists were coded, hence, judges did not know the name of universities presenting. The Final Round panel of high-expirienced judges included:
  • Andriy Bespyatov, CFA, PhDA, Managing Director, Research at Dragon Capital; President at CFA Society Ukraine;
  • Yuriy Shved, Associate Director, Transactions and Restructing, KPMG in Ukraine;
  • Alexey Aristov, Director, Transaction Services, Financial Advisory Services, West Region, Deloitte & Touche;
  • Oleksandr Romanishyn, M&A Standard Services, EY Ukraine;
  • Yuriy Bezhenar, CFA, ACCA, VP Research and Analytics, Ogilchyn Capital.
Due to combined score for written report and presentation, the winners were defined. According to Official Rules, countries with more than 23 participating universities have two representative teams during the Regional Final.

Tatiana Nichosova, CFA, PhD, VP, University Liaison at CFA Society Ukraine, as a Founder of CFA Institute Research Challenge in Ukraine congratulated the finalists and awarded them with participation certificates and small presents from CFA Society Ukraine.

EY Representative – Oleksandr Romanishyn congratulated all participants with the Final and awarded team from Chernihiv National Technological University in nomination: “Forward Team Involvement”.

Andrey Bespyatov, CFA
, announced the Winners of the 4th CFA Instiute Research Challenge in Ukraine who will represent our country on the EMEA Regional Final on April 1-2, 2014 in Milan, Italy:
  • Kyiv National Economic University named after Vadym Hetman 
  • Kyiv School of Economics 
The winners were congratulated by KPMG as a Premium Sponsor of the Research Challenge in Ukraine. KPMG Representative - Yuriy Shved congratulated the winners and wish them to become a winner of the Global Final in Singapore.

In addition, the winners were awarded by recordative books on satellite industry from the subject company SES.

On April 1-2, 2014 Kyiv National Economic University named after Vadym Hetman and Kyiv School of Economics will compete on the EMEA Regional Final in Milan, Italy.

On behalf of CFA Society Ukraine, we wish our teams a good luck and win on EMEA Regional Final!


Principal Sponsor

Working with nine of the top ten investment banks and nine of the top ten fund managers, Fitch Learning is a global financial services training company with training centres in London, Singapore, New York and Dubai. With the largest CFA charterholder faculty in the world and award winning online solutions, visit: to see how Fitch Learning can support you through your CFA studies.

Information Sponsor

Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to

Premium Sponsor

KPMG is one of the largest professional services company in the world and one of the Big Four auditors. KPMG has been working in Ukraine since 1992, and their goal has always been to use the firm's global intellectual potential, combined with the practical experience of our Ukrainian professionals, to help leading companies to achieve their goals. KPMG provides audit and advisory services on tax and financial issues to major Ukrainian and global companies and to a broad range of non-governmental organizations and financial institutions. For more details, please, visit:


CFAUkr aine,
4 Mar 2014, 09:29