A team of Westminster University students won the 2025-2026 CFA Institute Research Challenge Salt Lake competition, earning top honors for their investment analysis of The Lovesac Company and advancing to the next stage of the global contest.
The Westminster team, comprised of Katie Barraco (team captain), Macie Edwards, Keller Hopkins, Kimberly Howes and Anthony Turco, prevailed over teams from Brigham Young University, Utah State University and two teams from the University of Utah in the final round. The competition included teams from universities across Utah.
To qualify for the finals, Westminster’s team submitted a comprehensive equity research report in January analyzing The Lovesac Company. During the final round, held earlier this month, the team delivered a 10-minute presentation to a panel of industry judges followed by a question-and-answer session. Judges evaluated the teams on the strength of their financial analysis, investment recommendation and ability to defend their conclusions.
With the win, Westminster advances to the West Coast subregional round of the international competition. Each team member will also receive $600 in prize money.
The CFA Institute Research Challenge is a global competition that gives university students hands-on experience in financial analysis and professional investment research. Student teams analyze a publicly traded company, produce an institutional-quality research report and present their findings to industry professionals.
Adjunct Finance Professor Matt Crouse, the team’s faculty advisor, said the students’ success reflects months of preparation and collaboration.
“I couldn’t be more proud of this team,” Crouse said. “They put in countless hours building a rigorous financial analysis, refining their presentation and preparing for the judges’ questions. Their work ethic, professionalism and ability to communicate complex ideas clearly really set them apart.”
The Westminster students were supported by alum and industry mentor Francesca Scopello, who worked closely with the team for several months while based in New York. Scopello provided extensive hands-on guidance as the students developed their research and investment thesis.
The team also received presentation coaching from Susan Arsht, whose guidance helped students sharpen how they communicated their analysis to judges.
Crouse said that support played a key role in the team’s performance.
“Francesca was gung-ho from the start and spent months mentoring the team remotely, offering practical insights and pushing them to elevate their work,” he said. “Susan helped the students translate complex financial concepts into a presentation that was clear and accessible, which the judges specifically noted as one of the team’s strengths.”
For the students, the competition mirrors the work performed by professional equity analysts and portfolio managers, requiring both technical expertise and the ability to defend investment recommendations under pressure.
The Westminster team will now prepare to represent the university at the West Coast subregional round, where they will compete against top teams from across the region.
