The CFA Institute Research Challenge is an annual global competition in equity research hosted by the CFA Institute started in 2007. The competition provides university students with hands-on training and mentoring in financial analysis. Students assume the role of a research analyst and are scored based on their ability to value a stock, write an initiation-of-coverage report, and present their recommendations. The competition is split by 3 geographical regions, Asia Pacific, EMEA, and the Americas. Both undergraduate and graduate students are eligible to participate. Teams begin in local competitions, from which winners advance to regional competitions. A final competition held in April identifies the winning team at the global level.