CMU finance students win Michigan CFA Institute Research Challenge

A team of Central Michigan University finance students has won the Michigan CFA Institute Research Challenge, a demanding competition that mirrors the work of professional equity analysts.

For CMU seniors Trevor Carnovsky, Nathan Green, Cole Carpenter, John Angerman, and Lucas Pratt, the win was the result of months of disciplined research and collaboration.

“Winning the CFA Institute Research Challenge was incredibly meaningful because of the endurance it required,” said Trevor Carnovsky, a senior majoring in finance and accounting from Berkley, Mich. “We began in early October and spent nearly five months refining our thesis, valuation, and presentation. It was a long process of iteration, feedback, and constant improvement. Taking home the trophy validated the depth of our work and the discipline we maintained throughout the process. More than anything, it showed what consistent effort and high standards can produce over time.”

A rigorous, real-world competition

The CFA Institute Research Challenge asks students to analyze a real company, produce a full equity research report, develop a valuation, and defend their investment recommendation in front of industry professionals.

Finance faculty member Brad Taylor, who advised the team, said the competition closely mirrors real-world expectations.

“The CFA Research Challenge is the ‘Endurance Challenge’ of finance competitions,” Taylor said. “It is international. It starts in October and Ends in February. Over those months, students meet with the investor relations team of the target company and prepare a research report of around 20 pages. They prepare a valuation and issue a ‘buy, sell or hold’ opinion. This is then presented to judges who have extensive time to question the conclusion.”

“It is the most rigorous competition that CMU enters.”

For the CMU team, the challenge meant diving deeply into Penske Automotive Group’s business model, strategy, and financial performance.

“The hardest part was longevity and staying consistent over a four-month project,” said Cole Carpenter, a senior majoring in personal financial planning with a minor in finance from Mount Pleasant, Mich. “Once we learned the company was Penske, we realized quickly how much there was too deeply understand: the business model, the revenue drivers, and even the industry and competitors. It required real sacrifice and long nights.”

Defending their analysis

The final stage required the team to present their recommendation and answer detailed questions from CFA charterholders.

“Presenting in front of CFA charter holders was both exciting and demanding,” Carnovsky said. “They asked thoughtful, technical questions that pushed us to defend our assumptions, risk factors, and valuation framework in real time. The 20-minute Q&A felt like a true investment committee setting.”

Carpenter said the pressure of the final round made the experience even more rewarding.

“It was exciting and nerve-racking at the same time,” he said. “The questions were detailed and direct, not only on the company’s core operations but also on topics like M&A strategy and the specific risk mitigants. Presenting in front of the full room in the final round raised the stakes, and that’s where we ultimately won.”

Teamwork that made the difference

Both students said the team’s culture helped sustain momentum throughout the long competition.

“Communication was the foundation of our success,” Carnovsky said. “We set clear deadlines, held each other accountable, and maintained high standards throughout the process. At the same time, we collaborated closely, challenging each other’s assumptions and refining ideas together.”

Carpenter said the supportive environment made the months of work manageable.

“A big part of our success was the environment that we created,” he said. “We kept communication open, set high standards, and gave each other the freedom to challenge ideas without ego.”

He also credited the team’s faculty mentor.

“Without his high standards and relentless support, this would not have been possible.”

A meaningful win for CMU

For Carpenter, the victory carried personal significance.

“As someone local to Mount Pleasant, it meant a lot to represent CMU and win with conviction,” he said. “For our team, it validated four months of disciplined work and showed that Central's finance program can compete with larger schools.”