For this year’s CFA Institute Research Challenge, the RSM team members included: Team Lead, Bruce Hooikaas (Finance & Investments, 2026) and team members Caterina Chellini (Finance & Investments, 2026), Beatrice Skietryte (Finance & Investments, 2027), Boris Petrašovič (Finance & Investments, 2027), and Wei-Chen Chang (International Business Administration, 2026).
All the university student teams, participating in the local Benelux challenge, began the CFA Institute Research Challenge with an analysis of the same stock, Universal Music Group (UMG), listed on Euronext Amsterdam under the ticker symbol as UMG:AMS.
RSM team member Caterina Chellini commented, “Music is part of most people’s daily life, so it was really interesting for us to look at the company behind so many of the artists people listen to every day.” In agreement, Boris Petrašovič added, “Music is a fundamental part of the human experience, inseparable from culture.”
Strong fundamentals and clear thesis
The RSM student team’s equity research report managed to tell a high-conviction story that reinforced its thesis, which was constructed with the students’ deep fundamental understanding of the UMG business proposition and model as well as the financial details surrounding it. Petrašovič said, “For me, I think it was the new accounting dynamics within the music industry that stood out the most. I really enjoyed dissecting the details and learning about this.”
Winning on presentation and defence
After advancing from the report stage during the Benelux local competition to the West Europe sub-regionals, the final decision of the CFA jury came down to the outcome of the presentations. This stage of the event was held at the Amsterdam Euronext stock exchange. The RSM team impressed the panel of industry judges with a clear narrative and strong visuals, which condensed over 1,000 hours of research into just ten minutes.
Team lead Bruce Hooikaas explained, “Each team at the finals did an excellent job and delivered a great presentation. Due to the intense competitive nature of the CFA Institute Research Challenge finals, everything had to exceed the normal expectations in order to win. Our team managed to score well in every category, and I feel like we especially excelled in our Q&A defence.”
Recognition and rewards
During the first stages of the CFA Institute Research Challenge, RSM’s team placed in the top three for their report on UMG:AMS and they ranked first in their presentation, thereby securing the overall win during both the Benelux and sub-regional competitions. The judges praised the RSM team for their detailed valuations, ESG analysis, and insights into the impact AI has on Universal Music Group.
In addition to a trophy, the RSM student team also received EUR 1,500 in prize money, alongside global recognition that can be included in their CVs and could help to shape their future careers.
Even though the RSM team did not reach the Global Final, which takes place in Hong Kong on 12 May, they presented a high level of capability, tenacity and teamwork throughout the Challenge that clearly set them apart.
About the CFA Research Challenge
As stated on its website, ‘the CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis and professional ethics. Each student will be tested on their analytical, valuation, report writing, and presentation skills. They gain real-world experience as they assume the role of a research analyst.'
