UW-Whitewater Team Wins 2025 Local Finals of the CFA Research Challenge
March 17, 2025
Written by Gracie Weston
A team of finance students from the University of Wisconsin-Whitewater made history this week by securing first place in the 2025 Local Finals of the CFA Institute Research Challenge in Milwaukee, WI. This marks the first time UW-Whitewater has won the prestigious competition in the fourteen years it has participated.
The winning team—Nathan Parrish, Joshua Peterson, Alexa Gill, Kelsey Hengst, and Carter Voigt—competed against top universities in the region. Their success was part of UW-Whitewater’s Applied Investments Program (AIP). AIP is under the direction of UW-Whitewater Finance and Business Law instructor R.J. New and industry mentor John O'Hare, Managing Director at O'Hare Wealth Management. Both provided invaluable support, helping the students refine their research and presentation skills.
As part of the challenge, the team conducted extensive equity research on Manitowoc, Inc. (MTW), a U.S.-based crane manufacturer. Their analysis included evaluating the company’s financial statements, developing projected financial performance models, and determining a target stock price based on discounted cash flow valuation. To enhance their understanding, the team also interviewed professional crane operators, gaining firsthand insights into how MTW cranes compare to competitors in real-world applications.
“The competition was an incredible experience, and I can't wait to see what we can achieve in the next stage,” said team member Carter Voigt. “Being able to bridge classroom learning with real-world financial analysis has been invaluable. This experience has not only expanded our technical skills but also prepared us for future careers in finance.” Kelsey Hengst echoed this sentiment, emphasizing the competition’s role in professional development. “Throughout this experience, I gained invaluable skills that will benefit my professional career. We learned how to properly analyze financial statements, build financial models, evaluate key financial ratios, and forecast future earnings. Additionally, the competition’s Q&A session forced us to think critically and respond under pressure, which will be crucial in our future careers.”
The CFA Institute Research Challenge is an annual global competition designed to provide university students with hands-on mentoring and intensive training in financial analysis and ethics. Students work with CFA professionals, faculty advisors, and industry mentors to produce a professional-grade research report and present their investment recommendations to a panel of expert judges. After submitting their written reports in January, the UW-Whitewater team delivered their final presentations on February 25.
With this victory, the UW-Whitewater team advances to the sub-regional competition, where they will submit a video recording of their presentation. Their success highlights the strength of UW-Whitewater’s College of Business and Economics in providing high-impact, experiential learning opportunities that prepare students for real-world careers in finance.
As the team moves forward in the competition, they remain focused on refining their research, sharpening their presentation skills, and continuing their success on a larger stage.
More about the Applied Investments Program at UW-Whitewater:
UW-Whitewater’s Applied Investment Program (AIP) gives students the opportunity to gain real-world experience by managing an investment portfolio worth more than $1 million. AIP offers training on Bloomberg terminals, the platform used most by investment professionals.
Students in the AIP will develop analytical skills and critical thinking while learning to be a professional. They’ll have the opportunity to learn how to write professional quality reports, how to present their ideas effectively, and how to function in a professional environment.
AIP acts as an honors program for finance majors in the university’s College of Business and Economics, Wisconsin’s largest business school.
More about the University of Wisconsin-Whitewater College of Business and Economics (CoBE):
The University of Wisconsin-Whitewater College of Business and Economics (CoBE) is Wisconsin’s largest business college. It is home to the #1 ranked online, single school Masters of Business Administration (MBA) program in the State and is the only college in Wisconsin that offers an AACSB-accredited Doctorate of Business Administration (DBA) degree program. CoBE is in the top 2% of the world’s business schools having earned both AACSB and AACSB Accounting Accreditation. For more information on the College of Business and Economics, visit uww.edu/cobe or email cobe@uww.edu.
