On a Thursday night at 9 p.m., while most students were winding down from lectures or planning their weekends, five Strathmore University students logged into yet another meeting.  September 2025 marked the start of their journey. Between coursework deadlines, internships, and family commitments, exhaustion was constant. But so was resolve. Week after week, they returned to the same virtual room, driven by something bigger than grades or glory. This was no ordinary student challenge. This was the CFA Institute Research Challenge and they had come prepared to outwork, outthink, and outlast.

The team comprising Julian Kiplagat and Matthiew Njoroge, both pursuing the Bachelor of Business Science in Financial Economics, alongside Victor Mwangangi, Preston Ndegwa, and Nereah Kay, who are enrolled in the Bachelor of Business Science in Financial Engineering, had been friends long before they became national champions. MaryJane, who later stepped back but continued supporting them, remained an integral part of their journey. 

For Matthew, the competition had been on his bucket list since his second year. For Preston, it was a turning point conversation with an investment professional who insisted, “Tackle the CFA Research Challenge.” For Victor, it was a chance to merge financial engineering, ACCA, and financial modeling into a practical application. For Nereah, who joined later, it was about immersion diving fully into a space she knew would stretch her. The competition required them to step into the shoes of professional equity research analysts. This year’s subject company was NMB Bank, a leading commercial bank in Tanzania. Their task was to analyze the bank’s financials, assess its environment, value the company, and issue a clear investment recommendation: buy, sell, or hold. It was not enough to report facts. The numbers were public. Every competing team had access to the same annual reports, macroeconomic data, and industry trends. The real differentiator lay in the analysis. The ability to extract insight, to interpret what was not immediately obvious, and to defend every assumption under scrutiny. 

What Turned Numbers into Victory?

Preparation was methodical. Matthew created a spreadsheet mapping out each member’s strengths before the competition even began. Roles were assigned accordingly. Preston led environmental, social and governance (ESG) analysis, determined not to let it become a token slide tucked into an appendix. Julian handled intrinsic valuation, using dividend discount and residual income models, which were appropriate for a bank whose capital structure made discounted cash flow less suitable. Victor focused on relative valuation, comparing NMB to regional peers including CRDB, Equity Bank, and KCB, adjusting price-to-earnings and price-to-book ratios for profitability and country-specific risk. Matthew developed the industry analysis and investment thesis, while Nereah and MaryJane elevated the report and presentation design, transforming technical rigor into visual clarity. 

Trust was tested most during December. While peers traveled and families gathered, they wrestled with models and drafts. Deadlines loomed, and fatigue crept in. After submitting the written report, a lull followed. The illusion that the hardest part was over. Motivation dipped. At one point, someone asked bluntly, “Do you really want this bad enough?” It was the wake-up call they needed. They returned to physical practice sessions, challenging one another, simulating judge questions tougher than those likely to come on the day. Their industry mentor, Caroline, a CFA charterholder with over a decade of experience, relentlessly raised their standards. Her questions were sharper than the judges’. Her mentorship and feedback were catalytic. She saw the gap between where they were and where they needed to be.

On valuation, their conclusion was decisive: a buy recommendation on NMB, with a projected upside of 10.24% and a total return of 15.8% including dividends. Tanzania’s macroeconomic outlook was favorable. Its stock exchange had been performing strongly. NMB stood as the largest and most profitable listed company in the country, boasting strong capital adequacy, efficient cost-to-income ratios, and manageable risks already being mitigated. They applied a defensive beta reflective of economic conditions and ESG strength, lowering the cost of equity and supporting a higher intrinsic value. Their assumptions were not plucked from thin air; each was grounded in historical performance and observable trends. 

Grounded, Hungry, and Victorious 

But beyond the numbers, what truly distinguished them was cohesion. They described it as “team rapport” a bond forged through late nights, candid feedback, and shared belief. They often spoke not in terms of “if we win,” but “when we win.” Julian mentioned. Borrowing from the late Kobe Bryant, they also adopted the phrase “job not finished.” It kept them grounded and hungry. 

Presenting before a live audience and panel of industry professionals was, in Matthew’s words, the most nerve-breaking experience of his life. The screen behind them was massive; the event was livestreamed. Every word mattered. Preston coached a 4-7-8 breathing technique to steady nerves. Julian focused inward, confident in his preparation. Nereah, battling imposter syndrome, reminded herself she had earned her place. When the final five-minute pitch required them to persuade the judges anew, without repeating earlier arguments, each member leaned into their specialty: Macroeconomics. Valuation nuance. ESG insight. Narrative finesse.

Nereah closed with a line that would linger: ‘’ It was no longer a question of why banking, why Tanzania, or why NMB. It was a question of why are you not at the shareholders’ table.’’  Fifteen minutes later, Team A was announced national champions. For Victor, the win proved that hard work bears fruit. For Preston, it sparked action, he opened a trading account and began investing, applying the analysis he had mastered. For Julian, it affirmed that belief and preparation create their own momentum; this marked the third major competition victory he had shared with teammates. For Matthew, it was confirmation that investment finance is not just an interest but a calling. For Nereah, it dissolved doubt. When a judge later told her, “You inspired me,” it reframed everything. She realized she was not an outsider in finance. She was part of shaping it.  Being the only woman on the team never felt isolating. She described her teammates as gentlemen who treated her not as a token presence but as a professional equal. The boys echoed the sentiment: she was not “the girl on the team,” but a specialist whose strengths elevated their weaknesses. In a year when NMB itself highlighted gender empowerment, led by a female CEO and issuing a gender bond, their team’s dynamic felt aligned with the times. 

Looking Forward 

Now, their journey continues beyond national borders. Sub-regionals will pit them against teams from East Africa, South Africa, Nigeria, and Mauritius. Regional rounds extend across Europe, the Middle East, and Africa. The global finals await in Hong Kong. No African team has won the global title. They are acutely aware of the challenge, and the opportunity. They understand that, for now, they represent not just themselves, but Kenyan undergraduate finance students. Their performance will reflect how far their peers and institutions have come.

Asked to describe the journey in one sentence, Nereah pauses before settling on a single word: impactful. It challenged them. It stretched them. It affirmed them.  What they are most proud of, however, is not the trophy. It is their togetherness. Over four months, they became more than classmates or collaborators. They became a network that will outlast university, a network that may one day include CEOs, fund managers, economists, and innovators shaping African capital markets. 

For now, though, they return to their phrase.  Job not finished.

Article written by: Russell Kenakudia