04 March 2026
The University of Naples Federico II has won the 2026 Italian edition of the CFA Research Challenge, the prestigious global competition organized by CFA Institute and locally supported by CFA Society Italy, in collaboration with FactSet and PwC. The national final took place in Milan at PwC Italy’s headquarters, concluding a day of semifinals and final presentations marked by rigorous technical debate among the thirteen leading Italian universities participating in this year’s competition.
The winning team declared:
“Winning the CFA Institute Research Challenge Italy 2026 reflects the growing quality and preparation at the University of Naples Federico II, made possible through rigour, teamwork and the support of our professor, Giovanni Walter Puopolo, together with the insights of our mentor Massimo Mazzarello. We are grateful to CFA Society Italy for organising such an important competition that truly reflects the professional world, as well as to PwC for hosting us in its headquarters and FactSet for providing access to the platform.
We also thank all the participating teams for making the challenge even more stimulating. We are now excited and highly motivated for the next step at the EMEA stage.”
Antonio Galli, Antonio Rossi, Giuliano Giobbe, Leonardo Rucci and Francesco Scotto di Perrotolo, all students from the Department of Economic and Statistical Sciences, were guided during the Challenge by Professor Giovanni Walter Puopolo. Their work stood out for the robustness of its valuation framework, the coherence of its market assumptions, and the team’s ability to rigorously defend every analytical choice underpinning their research on TechnoProbe, a globally listed leader in the design and production of probe cards for semiconductor testing.
In the final round, Federico II faced Politecnico di Milano, an institution that has historically dominated the Italian stage of the competition. The head-to-head confrontation, built on financial modeling, forward-looking scenarios and valuation methodologies, ultimately rewarded the technical precision and methodological consistency demonstrated by the Naples team.
With the national title secured, Federico II will now advance to the EMEA regional stage, scheduled for late March, with the ambition of progressing to the global final in May in Hong Kong.
Professor Giovanni Walter Puopolo commented:
“This result confirms a journey built consistently over the years, grounded in method, rigor and a strong focus on the quality of preparation. The students demonstrated analytical maturity and an outstanding ability to work as a team, tackling a complex challenge with professionalism and determination. We now look to the European stage with enthusiasm and a strong sense of responsibility, ready to represent our University and Italy in a highly competitive international context.”
Giuliano Palumbo, CFA, President of CFA Society Italy, highlighted the broader significance of the initiative:
“The CFA Research Challenge is not just an academic competition, but a true professional training ground. It places students in front of real cases, challenges them to structure rigorous analysis, defend their conclusions and operate as a team much like in a real research office. In a market that increasingly demands advanced technical skills, critical thinking and a strong sense of responsibility in investment decisions, initiatives like this serve as a concrete bridge between academia and industry. Our goal is to contribute to the development of well-prepared, ethically grounded professionals ready to compete in an international environment.”
Giuseppe Quarto di Palo, CFA, University Committee Chair of CFA Society Italy and coordinator of the initiative in Italy, added:
“The Research Challenge is one of those moments when we truly witness the transition from students to young professionals. It is not just about applying formulas or models, but about taking a position, assuming responsibility for an investment recommendation, and defending one’s analysis under pressure. It accelerates professional maturity by fostering discipline, method and integrity. For many participants, this is their first real exposure to international professional standards — an experience that leaves a lasting mark and often becomes a turning point in their career path.”
Widely regarded as one of the most selective and impactful educational experiences for students of economics and finance, the CFA Research Challenge engages thousands of students each year across more than 1,000 universities worldwide. The competition closely mirrors the work of a professional financial analyst: drafting a comprehensive equity research report, issuing an investment recommendation, and presenting the analysis before a panel of industry professionals. Each team is supported by industry mentors and relies on professional tools, including the FactSet platform.
Through initiatives such as the CFA Research Challenge, CFA Society Italy continues to strengthen the connection between universities and the investment profession, contributing to the development of the next generation of financial analysts committed to excellence, integrity and global standards.
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, Università Politecnica delle Marche, Università Cattolica del Sacro Cuore Milano, Sapienza Università di Roma, Università degli Studi di Udine, and Politecnico di Milano.