A team of students from Appalachian State University won the State Finals Round of the 2026 CFA Institute Research Challenge.
The team — App State’s 2026 Broyhill Fellows and members of the university's Bowden Investment Group — includes Matt Adkins, Abigail Ledford, Pearce Lowrey, Rian Mofu, and Avin Patel.
Fellow state finalists Elon University and SKEMA Business School, as well as teams from Campbell University, UNC Charlotte, UNC Greensboro, UNC Wilmington, and Wake Forest University, also participated in the Local / State Rounds.
The CFA Institute Research Challenge is a global security analysis competition that begins at the local level. Teams progress through multiple stages, including research report submissions, expert evaluation, and virtual and in‑person presentations.
App State teams have now won 14 of the 18 years the competition has been held in North Carolina. The university also remains the only institution to reach the state finals every year since the challenge began.
"This success is the result of countless hours of research, in-depth financial modeling, a meticulously crafted analyst report, and rigorous presentation preparation," said Dr. Brandy Hadley, faculty advisor for the Broyhill Fellows and its parent student group, the Bowden Investment Group. "They are outstanding representatives of Appalachian State, and we are incredibly proud of their accomplishment."
Going forward to future rounds and representing North Carolina’s CFA Society, the students are supported by CFA industry mentor Patrick Wells, past faculty advisor Dr. Delbert Goff and former members of App State’s competing teams.
CFA Institute Research Challenge Rounds
- Local (State/North Carolina) Rounds: Hosted by the CFA Society of North Carolina (February–March)
- Sub‑Regional (Southeast) Finals: Winning North Carolina teams compete against nearby states in the Americas sub‑regional bracket (March)
- Regional Semifinals (Americas Region): Sub‑regional winners advance to the regional semifinals (March)
- All‑Region Finals (Americas Regional Final): Regional semifinal winners compete to determine the Americas champion (April)
- Global Final: Americas champion advances to the global competition (May)
About App State's Broyhill Fellows
Selected from members of the Bowden Investment Group, four to five finance and banking students represent Appalachian State University each year in the CFA Institute Research Challenge. Named in honor of the longstanding relationship between the Walker College of Business and the Broyhill Family, the Fellows are mentored by professionals from Broyhill Asset Management.
About App State's Bowden Investment Group
The Elbert V. Bowden Investment Group provides hands‑on investment experience through an investment management course. The student‑managed investment fund, established in 2000, is supported by donations from alumni, faculty, businesses, and other supporters. Students analyze opportunities and manage a real portfolio with the goal of outperforming the S&P 500 Index. Learn more at https://big.appstate.edu.
About App State's 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 https://finance.appstate.edu.
From left are Pearce Lowrey, Abigal Ledford, Avin Patel, Rian Mofu and Matt Adkins
Photo submitted