Research Challenge

2024 Edition

CFA Institute Research Challenge 2024


This year again, the CFA Italian Research Challenge 2024, the challenge among Italian universities for aspiring financial analysts was particularly hard-fought. During the national final held yesterday in Milan, among the eleven universities competing, the team from the University of Naples Federico II clinched victory. The event was organized by the CFA Institute and locally supported by CFA Society Italy, in collaboration with FactSetPwC, and GVS, the subject of this year's financial analysis.

The winning team, composed of Giacomo CapassoRenata LaccettiMichele LentoMartina Majellaand Gaetano Stefanelli, led by Professor Giovanni Walter Puopolo, under the supervision of mentor Michelangelo Gigante, CFA, FRM, secured the first place in the national round, thus earning their spot in the EMEA semi-finals scheduled for next April. The other three finalist teams were from Ca' Foscari University of Venice, the University of Bologna, and the Polytechnic University of Milan.


The winning team, composed of Giacomo CapassoRenata LaccettiMichele LentoMartina Majellaand Gaetano Stefanelli.


"We are excited and proud to have brought home the victory in the Italian round of the CFA Research Challenge 2024, a historic achievement for our university. This success would not have been possible without the hard work, determination, and commitment of each of us. But it's not just a recognition of our individual effort, but also of our team's strength and the valuable support of our professors and everyone who supported us along this journey. We will now prepare with even more determination and commitment for the next stage, the EMEA semi-finals, where we will proudly and dedicatedly carry forward the name of Italy and the University of Naples Federico II. We thank the CFA Institute, CFA Society Italy, GVS, FactSet, PwC, and everyone who made this incredible educational experience possible," said the members of the winning team.

The competition, conforming to the standards of the CFA Institute, is divided into three stages: national, regional, and global. The winning team of the Italian round thus advances to the EMEA regional competition, while the global final will take place in May 2024 in Poland, where the six finalist teams from Europe, Asia Pacific, and the Americas will compete for the title.


The photos of the evening can be viewed here.


Reports and presentations of the eleven universities that took part to the 2024 CFA Institute Italian Research Challenge follow:

Università Report PDF
Politecnico di Milano report PDF
Università Cattolica del Sacro Cuore di Milano report PDF
Università degli Studi di Firenze report PDF
Università Ca' Foscari Venezia report PDF
Università degli Studi di Bologna report PDF
Università Politecnica delle Marche report PDF
Università degli Studi di Roma Tor Vergata report PDF
Università degli Studi di Pavia report PDF
Sapienza Università di Roma report PDF
Università degli Studi di Udine report PDF
Università di Napoli Federico II  report PDF


The students challenged each other by performing financial analysis on GVS, an Italian company that is a world leader in the production of filters and components for various sectors, including medical, automotive, personal protective equipment, appliances, and commercial and industrial filtration. With 19 manufacturing sites in various parts of the world and 29 commercial offices distributed globally, GVS represented an exciting challenge for the participants.

Giuliano Palumbo, CFA, President of CFA Society Italy, emphasized the importance of this competition as a bridge between the academic world and the professional realm: "The CFA Research Challenge represents an ambitious project aimed at promoting innovation and excellence in the academic and educational context. The primary goal is to prepare students for entry into the professional world, combining academic knowledge with the practices and tools used in the financial sector. This synergy is increasingly vital, considering the rapid evolution of market needs. We also aim to highlight the excellence of Italian universities at a European and global level, demonstrating our commitment to quality and cutting-edge education."

Giuseppe Quarto di Palo, CFA, University Committee Chair CFA Society Italy, who coordinated the organization of the CFA Research Challenge in Italy, said: "CFA Society Italy has established a solid partnership with major Italian universities over the years, with the aim of promoting core values of integrity and professional excellence among the new generations. We are thrilled to offer academic institutions and their brilliant students the opportunity to participate in an engaging competition, designed to simulate the experience of a professional financial analyst. Furthermore, we offer scholarships to the most promising talents to facilitate their access to the prestigious CFA Program, allowing them to achieve a high-value certification globally recognized in the financial field."

In past editions, thanks to the solid preparation of Italian students, the Made in Italy shone with the team from the Polytechnic University of Milan, reaching the EMEA regional final five times, in the years 2023, 2022, 2016, 2014, and 2011, and winning the global final in 2011.

The 2024 Italian edition of the finance competition saw the involvement of the following Italian universities: Università di Napoli Federico II, Politecnico di Milano, Università del Sacro Cuore di Milano, Università di Firenze, Università Ca' Foscari di Venezia, Università di Bologna, Università Politecnica delle Marche, Università di Roma Tor Vergata, Università di Pavia, Università la Sapienza di Roma, and Università di Udine.