On behalf of CFA Society Bulgaria, we are glad to invite Sofia University to participate in the 2025/2026 season of the CFA Institute Research Challenge. Like any great challenge, this annual initiative provides all participants - including students and volunteers - with incredible opportunities. The Research Challenge is a competition in which student teams from leading business universities in Bulgaria prepare an equity research report on an assigned publicly traded company and present their findings to a panel of investment industry experts.

The Research Challenge gives students all around the world the chance to learn best practices in equity research through hands-on mentoring and intensive training in company analysis. Last year’s competition featured nearly 6,000 students from more than 1,000 universities worldwide.

Open to both graduate and undergraduate students, as a participating university your team of three to five students will compete against other universities in the area and will have the chance to:

• Analyze a public company (listed on the Bulgarian Stock Exchange): Speedy AD
• Be mentored by investment management professionals
• Write an equity research report
• Present their research to a high-profile panel of experts
• Advance to Regional and Global levels of competition if they win the local challenge

Each Research Challenge season leverages the efforts of over 150 CFA member societies, 3,000 member volunteers, and more than 6,700 students from over 1,000 universities. In the 2024/2025 season, the CFA Institute Research Challenge in Bulgaria local champion was Team Dividend Detectives from the American University in Bulgaria.

For this season of CFA Institute Research Challenge in Bulgaria, we are currently waiting to receive confirmation for the participation of the following universities: Sofia University, American University in Bulgaria, D. A. Tsenov Academy of Economics, VUZF University, University of Economics-Varna, Varna Free University „Chernorizets Hrabar“, Burgas Free University, New Bulgarian University, Plovdiv University Paisii Hilendarski, and St. Cyril and St. Methodius University of Veliko Turnovo.

The Subject company meeting is expected in mid-October 2025.

Interested FEBA students are required to give an e-mail to Assoc. Prof. Bozhidar Nedev, PhD (Bozhidar.nedev@feb.uni-sofia.bg) no later than Friday, the 3rd of October 2025 with the following information:

- Your full name;

- Faculty number;

- Bachelors`; Masters` or PhD Degree Program and year of study;

- Phone number.