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Subject Company - What to expect Next?

posted Aug 16, 2012, 3:00 AM by Biharilal Deora CFA   [ updated Aug 16, 2012, 3:02 AM ]
Subject Company is the company assigned by IAIP to the Student Team as the basis for the Written Report and Presentation. 

Informational Session
The Subject Company may provide Teams with an informational session. The informational session may be followed by a question and answer session during which time Teams may pose questions to the Subject Company and the Subject Company may respond. Teams may send one follow-up communication to the Subject Company. When contacting the Subject Company, each Team must confine its contact to those corporate officers who normally interact with investors, such as IR officers, CEO’s or CFO’s. Teams may not contact the Subject Company for the purposes of the CFA Institute Research Challenge other than the informational session, the question-and-answer session, and the one permitted follow-up communication. 

IAIP will announce the subject companies soon and the relevant dates for Company information session (Tentatively September)

Only Team Members may conduct research on the Subject Company for the purposes of the CFA Institute Research Challenge. Teams may use only publicly available information in conducting their research.
  • Teams may utilize their Industry Mentor or Faculty Adviser as resources, but may not enlist the help of any other professionals in conducting research specific to the Subject Company.
  • The research reports and Presentations should be prepared from the perspective of an independent research analyst.
  • Teams can read existing research on the Subject Company, but all analysis should be their own; they may not copy analysis (i.e., plagiarize) from another source into their Written Reports or Presentations.

Publicly available information includes:
  • Information in company financial statements, press releases, and
  • Information in the media about the company and its competitors
  • Information from data aggregators (e.g., Bloomberg, CapIQ, FactSet, etc.)

Publicly available information does not include:
  • Information about the company that is (or should be) known only to staff or some staff employed by the company or firms with whom the company does business.
  • Information that is (or should be) known only to those involved in legal or regulatory proceedings involved with the company.

Primary/Secondary Research
  • Teams may contact the Subject Company’s customers, competitors, and suppliers in conducting research, including surveys; however, each Team Member must identify him/herself as a student and disclose his/her participation in the CFA Institute Research Challenge. 
  • Prior to contacting the Subject Company, its customers, competitors or suppliers, the Team must submit its questions to the Faculty Adviser or Industry Mentor. 
  • The Faculty Adviser or Industry Mentor must participate in each contact but only for the purpose of ensuring that no material non-public information is discussed. Faculty Advisers and Industry Mentors are not permitted to ask any questions or provide any opinions on the Subject Company. The Faculty Adviser or Industry Mentor time will not count towards the maximum number of hours allotted for Faculty Adviser or Industry Mentor involvement.

Subject Companies - Past Events