Every year, students around the globe enter the CFA Institute Research Challenge—an intense, months-long competition where university teams act as equity analysts, dive into company research, and present their findings to panels of industry professionals. This year, AUBG was represented by two outstanding teams who not only rose to the challenge but walked away with well-earned recognition.
Real-World Finance, Real Growth
For both teams—Dividend Detectives and Capital Explorers—the journey began with a company: Shelly Group SE, a fast-growing Bulgarian tech firm operating in the “Internet of Things” sector. The students quickly discovered that this competition was not just about crunching numbers.
“Before dealing with the strict financial aspect, our research efforts focused on the internal specifics of the company as well as the industry outlook,” said Georgi Pandev, from the Capital Explorers team. “It was very informative to learn about the growing ‘Internet of Things’ sector and the great positioning that a Bulgarian business has achieved in this promising industry.”
Over the course of several months, the students combined financial modeling with deep sector research. Their goal was to craft a clear, compelling investment recommendation. For Capital Explorers—composed of Denis Milanov, Stanimir Stoev, Nikolay Ganev, Dimitar Zhelezov, and Georgi Pandev—this meant not only translating academic theory into practice but also building a story that resonated.
And they did it. Although the team didn’t advance to the next round, they received the “Equity Story Award” from Impetus Capital, given to the team with the most compelling investment narrative.
“This was a true testimony to our dedication and diligent preparation,” Georgi said.
Taking First Place
Meanwhile, Team Dividend Detectives—Aleksandar Zemlyakov, Erlis Kazmaj, Klaudio Lushka, and Elio Pujo—emerged as first-place winners in the Local Final of the CFA Institute Research Challenge – Bulgaria. Their win was a product of both depth of analysis and strong presentation.
“We realized we were analyzing every aspect of our target company: from financials to the legal environment, from social factors to macroeconomic trends,” Aleksandar shared. “Most importantly, we learned the value of presenting our message clearly, backing it up with solid facts and evidence, all while being concise and structured.”
What stood out for the students wasn’t just the data they dealt with, but the dynamics they built as a team. They credit their success to clear communication, trust, and a shared sense of responsibility.
“In fact, I would say [team harmony] was the key to our success.”
The team will continue their journey at the Sub-Regional Research Challenge 2025, representing Bulgaria and AUBG on the next competitive level.
Mentorship That Matters
Behind both teams were mentors who provided constant support and guidance. Professor Andrey Gurov, who worked closely with both groups, praised their commitment and performance:
“It was a very positive experience. Both teams did great and both won awards – best team and best presentation.”
He also acknowledged the contribution of prof. Ali Termos, who supported the students before going on sabbatical. Prof. Termos has been an on-going support for the CFA teams for the past years.
In addition, Galina Dimitrova, CFA, and Julia Katsarova, CFA, played a pivotal role as mentors to each of the teams, helping the students polish their analysis and delivery.
More Than a Competition
For both teams, the CFA Research Challenge was more than a test of financial skill—it was a gateway into the professional world. From understanding real companies to presenting in front of experienced finance professionals, the students came away with insights, connections, and a deeper motivation to pursue careers in the field.
“The final event itself was an invaluable opportunity to meet and network with some of the best Bulgarian professionals in the financial industry,” Georgi added.
AUBG’s performance this year shows that when theory meets practice—and students are supported by engaged mentors—great things happen. Whether taking first place or crafting an award-winning equity story, both teams proved that they’re ready to take on the world of finance, one analysis at a time.
