CFA Research Challenge in Morocco
Edition 2021-2022

CFA Challenge Morocco 2022 Key Facts


Participating Students






Graders & Judges


Finalist Universities


Finalist Students

Corporate Partners

Participating Universities include

2022 Final Ranking of Participating Moroccan Universities

Finalist teams

Champion of Morocco 2022 : Al Akhawayn University in Ifrane
2nd Finalist : ENCG - El Jadida
3rd Finalist : ISCAE - Casablanca
4th Finalist : ENSA - Agadir

Tier 2 teams, by alphabetical order (no intra-ranking within this group)

ENCG - Agadir
ENCG - Marrakech
ESLSCA Business School Campus de Rabat
HEM - Casablanca

Tier 3 teams, by alphabetical order (no intra-ranking within  this group)

ENCG - Moulay Ismail University
ENCG - Settat
ENSIAS - Rabat Team A
ENSIAS - Rabat Team B
ESCA - Casablanca
HEM - Rabat
International University of Rabat


"The CFA Research Challenge was such an amazing experience working with industry mentors from the field of investment banking and asset management giving me a remarkable knowledge in investment and financial analysis assuming the role of a sell-side Equity Research Analyst. Presenting our recommendation in front of professionals, who are CFA Charterholders, allow me to get a different perspective about the way we approach equity analysis and valuation. It was great exposure!"

Badr-Eddine Tahir, 2022 CFA Challenge Morocco finalist, representing ENCG EL JADIDA.

"As a past Moroccan champion of the CFA Research Challenge, it is beyond amazing to see the growth of the competition in just a little time as it continues to hone the skills of the new generation of investment analysts. It is all about hard work, intensive learning, industry experience, and personal growth with no down-side risk - the best investment to consider for all finance students!" 

Karim Bahoum, 2021 CFA Challenge Morocco champion, representing Al Akhawayn University

Important dates

Tuesday 14 October 2021 : Subject Company (Aradei Capital) Presentation and Q&A session.

Saturday 20 November 2021 : First draft due to industry mentor.

Thursday 30 November 2021 : Q&A session with Mr Nawfal Bendefa CFA, CEO of Aradei Capital.

Monday 10 January 2022 at 10am : Final written report due to IASNA society.

Saturday 26 February 2022 : Morocco Local Final Presentations.

Monday 16 May 2022 : Global Final.

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