2016-17 CFA Institute Research Challenge

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Subject Company

Many thanks to F.N.B. Corporation

Matt Lazzaro, Manager of Investor Relations

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What is the CFA Institute

Research Challenge?

• Worldwide intercollegiate

competition between teams of

students

• Organized by local CFA societies

• Analysis of a publicly traded

company

• Interview company management

• Mentoring by a CFA charterholder

• Research report writing

• Presentation of research

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Benefits for Students

• Learn best practices in research and report writing

• Real-life learning experience as a Sell-Side Equity

Analyst

• Gain access and exposure to leading industry

professionals

• Professional report and experience can be

featured on resume/CV and on job interviews

• Experience presenting to top financial

professionals

• Individual and team prizes

• Opportunity for travel (all expenses paid)

• Potential for media exposure

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Tournament Structure

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100+ LOCAL LEVEL CHALLENGES

AP Regional

~20 Teams

EMEA Regional

~30 Teams

Americas Regional

~50 Teams

Global Final

Global Network of 4,250+ Students

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Participating Teams University Faculty Advisor Mentor

Carnegie Mellon University Burton Holifield Brandon Swartz

Duquesne University Chris Wiles Matt Wickline

Harrisburg University Stanley Nwoji Jon Reddig

Indiana University of Pennsylvania Robert Boldin Mal Polley

Penn State University Park Randall Woolridge Dave Waters

Penn State Behrend Greg Filbeck Mike Donnelly

Penn State World Brian Boscaljon Dave Khani

Robert Morris University Riza Emekter Tony Venturino

University of Pittsburgh Akin Sayrak Matt Karr

Washington and Jefferson College Steven Kuhn Mike Halloran

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Timeline

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Date Event

September 22, 2016 4:00 pm

Company Presentation The Omni William Penn Hotel 530 William Penn Place Pittsburgh, PA 15219

December 5, 2016 Follow-up Q&A via email

February 1, 2017 1st Draft Due to Mentor

February 12, 2017 Final Report Due

Interim Report Grading

March 1, 2017 Local Final Presentations Rivers Club (Tentative)

April 6-7, 2017 Regional Finals (Seattle)

April 28, 2017 Global Finals (Prague, Czech Republic)

Rules Overview

• Teams of 3-5 students

• Only 1 team per University

• Enrolled in school at time

of kick off meeting

• Original work of students

• No contact with company

outside of organized events

• Mentors and faculty may

NOT contact the company

• Mentors and faculty may

NOT provide inside

information or company

reports

• Students, Mentors, and

Faculty all agree to the

CFA Institute Code of

Ethics and Standards of

Professional Conduct

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https://www.cfainstitute.org/community/challenge/Documents/research_challenge_official_rules.pdf

Advisor and Mentor Involvement

Faculty Advisor

• Insight and guidance on

research methods and tools

as taught in academia

• 10 hours of productive time

maximum

• Access to faculty for other

projects unrelated to the

Research Challenge is

permitted

• All work must be the original

work of the students

Industry Mentor

• Insight and guidance on

industry practice

• 6 hours of productive time

maximum

• Face to face or virtual

• Company management

question development

• Review first draft of research

report

• Presentation development

assistance

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Sample Reports and Presentations from Prior Years on CFA Website

https://www.cfainstitute.org/community/challenge/about/Pages/past_champions.aspx

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Report Scoring

Section

Business Description

Industry Overview & Competitive Positioning

Investment Summary

Valuation

Financial Analysis

Investment Risks

Corporate Governance

Total

Maximum

5

15

20

20

20

15

5

100

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Presentation Scoring

Section

Financial Analysis

Valuation

Presentation

Question & Answer

Team Involvement

Materials

Total

Maximum

25

25

20

15

10

5

100

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Interacting with F.N.B. Corporation

• Designated Officers ONLY

• Organized Meeting ONLY

• Industry Mentor or Faculty Advisor must be present for ALL student-FNB interactions

• Students MAY contact company suppliers, customers, vendors

• Will be allowed 5 questions for company via email (details to follow)

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Notable Rule Changes

• Report and Presentation scoring has changed

• Appendix – limited to 20 pages

• Housekeeping – Team Captain

– Global Finals (Prague, Czech Republic)

– Register:https://www.cfainstitute.org/community/challenge/involved/Pages/student_welcome.aspx

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CFA Society Pittsburgh

Student Membership

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• Special Research Challenge Pricing - $50/year

• Limited to First 50 Students

• First 2 Lunches Free - $10 thereafter

• Upcoming Events – Oct 5th – Charter Event – Rivers Casino

– Oct 12th – Luncheon – Larry McDonald, Author

– Nov 30th – Networking Event

• Register: https://www.eventbrite.com/e/2016-2017-student-membership-tickets-27733231843

Questions

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CFA Institute Research Challenge Team

Josh Armstrong – Local Host Coordinator

jarmstrong@symonscapital.com

Amanda Quinn – Research Challenge Coordinator

researchchallenge@cfainstitute.org

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