Victory in the German Finals

Thanks to their excellent financial analysis, a group of students from WHU – Otto Beisheim School of Management won the German finals of the CFA Institute Research Challenge. Maxim Hofmann (BSc 2026), Moritz Kautzsch (MSc 2026), Bruno Kutz, Alice Puschkarow, and Jonathan Wienciers (all BSc 2026) were victorious in the finals, which were hosted in Frankfurt by CFA Society Germany, one of the most prestigious professional associations in the investment industry.

“With BASF as the subject company, this year's Research Challenge presented a particularly challenging task. The transformation of the chemical industry, geopolitical uncertainties, and sustainability-related requirements demanded a high degree of analytical depth,” explains Susan Spinner, CEO of CFA Society Germany.

“The CFA Institute Research Challenge offers students an excellent opportunity to gain first-hand experience in the field of investment,” said Professor Nic Schaub, Chair of Household Finance at WHU, who supported the team as Faculty Advisor. “Throughout their studies at WHU, students are thoroughly prepared for precisely these kinds of demanding tasks.”

As part of the competition, the students assumed the role of financial analysts and conducted an in-depth financial analysis and company valuation of BASF SE. Based on their findings, they developed an investment recommendation. Their analysis, valuation and recommendation were consolidated in a comprehensive report whose high quality secured the team’s victory.

More than ten German universities initially participated in the preliminary round. Alongside WHU, Rheinland-Pfälzische Technische Universität Kaiserslautern-Landau and RWTH Aachen made it to the German finals.

During the presentation on February 25, the jury considered the financial analysis and company valuation but also took the analysis of ESG factors into account. In addition, the presentation itself was evaluated. With its victory, the WHU team has now qualified for the sub-regionals. If they are again successful, they will advance to the Regional Semifinals and Finals (EMEA) and finally to the global finals in Hong Kong in early May, where the best teams from around the world will compete.

About the CFA Institute Research Challenge

The CFA Institute Research Challenge is a global academic competition that connects the next generation of finance professionals with experienced mentors from the investment industry each year. In Germany, the competition has been organized by CFA Society Germany since 2010, following its inaugural edition in New York in 2002. Participating teams are supported by faculty advisors and industry mentors who provide guidance throughout the process.

About CFA Institute & CFA Society Germany e. V.

CFA Institute is a global not-for-profit professional organization dedicated to promoting the highest standards of ethics, education and professional excellence in the investment industry. It is widely recognized as a trusted source of expertise in capital markets. The organization’s mission is to create an environment in which investors’ interests come first, markets function effectively and economies grow. Worldwide, nearly 200,000 CFA charterholders are active across 160 markets. CFA Institute operates through ten offices and 160 local societies globally. In Germany, it has been represented by CFA Society Germany since 2000. With more than 2,900 members, it is the country’s largest professional association for investment professionals and portfolio managers.