CFA Institute Research Challenge: Analyzing Nucor

Finance students from Appalachian State University recently delved into equity research by participating in the CFA Institute Research Challenge, a competition between university-sponsored teams that research a designated publicly traded company, prepare a written report on that selected company, and then present their findings to a panel of judges. 

The students are Brianna GilmoreCorbin LammersDerek MahatoAshley Meacham, and Maximus Pavone.

Their mission? To analyze and prepare an in-depth analyst report and investment recommendation for Nucor (NYSE: NUE), a leading steel and steel products manufacturer. This internationally recognized competition brings together students from more than 1,000 schools worldwide and provides students with the opportunity to apply their financial analysis skills as they assume the role of a research analyst.

The Broyhill Fellows team is comprised of members of the Bowden Investment Group, a competitive student group managing the Bowden Investment Fund, a “growth and income fund” investing solely in equities. 

"The students embraced this challenge wholeheartedly as they scrutinized Nucor's financial statements, assessed its competitive positioning, developed dynamic three-statement valuation models, and provided an investment recommendation, all while adhering to the highest industry standards," said a faculty member in the Department of Finance, Banking & Insurance.

In the second stage of the competition, the students will vie to be the North Carolina State Champion by defending their analysis and recommendation before a panel of industry experts. If successful at the state level, the team can advance to the Southeastern, Americas, and Global Finals, competing against top universities from around the world. Their dedication to producing an exceptional, comprehensive analyst report demonstrates their commitment to excellence in financial research. 

The CFA Research Challenge is one of four recent competitions for finance, banking and insurance students at App State; the others are: Spencer-RIMS RISK Challenge; UGA's Stock Pitch Competition; and Catastrophe Insurance Underwriting Profitability. Read about all the competitions on the department's webpage: FB&I Students Make the Most of Their Break with Competitive Challenges.

About the Department of Finance, Banking and Insurance

The Department of Finance, Banking and Insurance develops leaders for business, government and education by offering a Bachelor of Science in business administration in two specializations: finance and banking, and risk management and insurance. Learn more at

Published: Feb 5, 2024 3:46pm