ECU students “clear standout” at 2025 CFA Research Challenge Perth

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ECU students “clear standout” at 2025 CFA Research Challenge Perth

Monday, 03 November 2025

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Four Accounting and Finance students from ECU School of Business and Law have achieved outstanding success at this year’s Certified Financial Analyst (CFA) Research Challenge Perth final, placing runner-up and earning high praise from industry judges.

Madhur Kumar, Andrew Robinson, Bernadette Balbacal, and Joel McKenzie spent three months investigating ASX-listed copper producer Sandfire Resources, testing their analytical skills to decide whether investors should buy, hold, or sell the company’s shares. They ultimately recommended investors sell the company’s shares based on their financial modelling and market research.

“We built on each team members’ strengths during the long competition, bringing together all we learned during our Bachelor of Commerce studies,” said Andrew Robinson.

Team captain Madhur Kumar reflected on the experience as a transformative learning opportunity:

“I’d participate in this challenge again given the opportunity. It has transformed my ability to bring theory to practice.”

Over the course of the competition, the students navigated a demanding workload, analysing company reports, studying the global copper market, and developing financial forecasts to shape a persuasive investment thesis.

They credit their involvement in the Finance and Accounting Society (FAAS) and its Student Managed Investment Fund (SMIF) for helping refine their skills and build confidence in valuation and research. The student-run society connects finance and accounting students with industry insights, networking opportunities, and peer support.

The team is already planning to mentor next year’s ECU competitors, ensuring future participants benefit from their insight and experience.

At the Perth final in mid-October, the judging panel, led by Rob Huth, Chief Investment Officer at DR Capital, praised the group’s performance, noting that “the ECU team’s pitch was a clear standout this year, against the other WA universities.”

A global competition testing real-world skills

The CFA Institute Research Challenge is an annual international competition that gives university students hands-on experience in financial analysis, valuation, report writing, and presentation. More than 600 universities worldwide participate each year, with local winners advancing through sub-regional, regional, and global stages.

This year’s ECU team was supported by industry mentor Julian Lake, Resources Analyst at Viburnum Funds, and academic mentors Dr Thach Pham and Dr Jaime Yong from the School of Business and Law.

A proud achievement for ECU

The result is a strong reflection of ECU’s growing reputation for practical, industry-connected learning in finance and accounting.

By combining rigorous research with collaboration and industry mentorship, the students showcased the calibre of ECU’s Accounting and Finance programs and their readiness to lead in a global financial landscape.

School of Business and Law