Mercer University, for the third time in six years, recently won the 2025 CFA Institute Southern Classic Research Challenge, which features aspiring investment professionals representing colleges and universities in Georgia, South Carolina and Alabama. The Mercer team won the Challenge in 2021 and 2022 and placed second in 2020, 2023 and 2024.

CFA Institute Research Challenges are held across the globe to test university students’ analytic, valuation, report writing and presentation skills. Each challenge includes analysis of a publicly traded company, mentoring by a faculty and a professional research analyst, writing a research report and presenting the same to a panel of experts. This year’s subject company was children’s apparel company Carter’s (CRI). 

Mercer’s winning team consisted of  Stetson-Hatcher School of Business seniors Shannon Dougherty, Alina A. Noorani and Luke E. Hand, and junior Dylan J. Mitchell. They will represent the Southern Classic in the next sub-regional round of competition.

The students were led by faculty mentor Dr. Geoffrey Ngene, who has coached Mercer’s CFA Institute Research Challenge teams since 2014 (except in 2024 when he was on sabbatical), and industry mentor Aaron Foresman of Crawford Investment Counsel.

“Winning the competition for the third time after two runner-up placements demonstrates passion, drive for improvement and competitive spirit of the Bears,” said Dr. Ngene. “The process of developing the report and making compelling and impactful presentations to the judges evinces the profound role of experiential learning, critical thinking and analytical-based decision-making process. In addition to raising the profile of Mercer University and Stetson-Hatcher School of Business, the success is a testimony of the writing, presentation, decision-making and analytical skills the students gain in preparation for their chosen career paths.”

The 17th Annual CFA Institute Southern Classic Research Challenge was held on March 1 at Kennesaw State University. The first CFA Institute Research Challenge competition was hosted by the New York Society of Security Analysts in 2002 and involved just five teams from the New York area. Since then, the competition has grown to include thousands of students from more than 1,000 universities in more than 75 countries.