Research Challenge

CFA Institute Research Challenge 2025

The team from the School of Management at Politecnico di Milano has won the Italian final of the CFA Research Challenge 2025, an international competition promoted by CFA Institute and organized in Italy by CFA Society Italy, with the support of PwC Italia and FactSet.

The final event, which involved 10 universities and 50 students, took place at PwC Italia’s headquarters in Milan.

The winning team, composed of Elena Mascolo, Eleonora Mercurio, Lorenzo Pelizza, Matteo Pasini, and Anna Tognotti, under the mentorship of Giovanni Righi, secured first place nationally with their  financial analysis on De Nora, an Italian multinational listed on the Euronext Milan stock exchange, a leader in the electrochemical sector and sustainable technologies, playing a key role in the green hydrogen supply chain, committed to developing innovative solutions to support energy transition and environmental sustainability.

The winning team has earned the opportunity to compete in the EMEA semifinals scheduled for April 2025. The other three finalist teams were from the University of Naples Federico II - winner of the 2024 edition - the University of Venice Ca’ Foscari, and the Polytechnic University of Marche.

“We are truly thrilled to have won the Italian phase of the CFA Research Challenge 2025, proudly bringing this title back to Politecnico di Milano once again. Each of us contributed our professional skills and strengths, working together to deliver a thorough and high-level analysis. Now we are even more motivated to give our best in the EMEA semifinals, aiming for an outstanding performance. A sincere thank you to CFA Institute, CFA Society Italy, De Nora, FactSet, PwC Italy, and especially to Professor Laura Grassi for her invaluable guidance throughout the journey. A special thanks also to our mentor, Giovanni Righi, for his technical expertise and constant support,” said the winning team members.

The competition, in line with CFA Institute’s standards, consists of three phases: national, regional, and global. The winning team of the Italian phase advances to the EMEA regional competition, while the global final will be held on May 5 in Chicago, USA, featuring the six best teams from Europe, Asia-Pacific, and the Americas.

Giuliano Palumbo, CFA, President of CFA Society Italy, highlighted the importance of the competition for students’ growth and their entry into the professional world: “The CFA Research Challenge is an invaluable educational initiative that allows students to tackle real-world financial challenges, developing analytical and professional skills. The goal is to bridge the academic and professional worlds, equipping students with concrete tools to enter the job market with top-tier preparation. We are proud to see emerging talent from Italian universities every year and to offer them an opportunity for growth and international visibility.”

Giuseppe Quarto di Palo, CFA, University Committee Chair of CFA Society Italy, added: “The CFA Research Challenge is a unique experience for students, allowing them to experience firsthand the role of a financial analyst and apply academic knowledge to real cases. Our collaboration with Italian universities is crucial for spreading the values of integrity, excellence, and professionalism that define our industry. Furthermore, through scholarships and educational support, we aim to give young talents access to the prestigious CFA Program, fostering their professional growth and future success.”

Reports and presentations of the universities that took part to the 2025 CFA Institute Italian Research Challenge follow:

In previous years, Italian students have stood out internationally: Politecnico di Milano has reached the world final on five occasions (2023, 2022, 2016, 2014, and 2011) and won the global final in 2011.

The 2025 Italian edition featured participation from the following universities: Università Ca' Foscari Venezia, Università degli Studi di Bologna, Università degli Studi di Roma Tor Vergata, Università degli Studi di Firenze, Università degli Studi di Napoli Federico II, Politecnico di Milano, Università Politecnica delle Marche, Università Cattolica del Sacro Cuore Milano, Sapienza Università di Roma, Università degli Studi di Udine.