Classroom knowledge is one thing, but putting it to the test in a high-stakes, real-world competition? That’s a whole different game. And Joy Nyarogolla Msingo, Sasha Wamalwa, Winfrey Odero, Nicole Luseno (all third-year Bachelor of Business Science in Financial Engineering students), and Shanice Matola (third-year Bachelor of Business Science in Actuarial Science student) were more than ready to play and win!

Last month, these five brilliant minds took on the 2025 CFA Institute Research Challenge, an intense competition that brings together top university students from across East Africa, challenging them in financial analysis, valuation, ethics, and presentation skills.

Each of them had their own reasons for stepping up to the challenge: Joy wanted to push her limits and prove she could achieve anything she set her mind to. Sasha, Winfrey, and Nicole were excited to apply their Financial Analysis coursework to real-world scenarios. Shanice, always up for an adventure, was looking for something she had never done before. Different motivations, but one shared goal: to win.

This year’s challenge focused on valuing CRDB Bank, Tanzania’s leading integrated financial service provider. CRDB Bank plays a crucial role in East Africa’s financial landscape, driving economic growth and creating sustainable value for its stakeholders. Determined to crack the numbers and uncover insights, the team rolled up their sleeves and dove into their analysis.

Telling a story with numbers

Valuation is the process of determining the worth of a company or asset, using various techniques and metrics. Analysts assess factors such as management, capital structure, future earnings potential, and market value to arrive at a reliable estimate. And considering that the CRDB case involved a bank from a different country, they had to go the extra mile to fully understand its operations and valuation. This meant conducting thorough research, analyzing its financial landscape, and diving deep into an in-depth study of the company. Their focus was on key financial indicators such as revenue, profits, interest income, and industry performance. To ensure accuracy and credibility, they relied on audited financial statements, reputable industry sources, and historical data, cross-checking their assumptions against market benchmarks. To get a comprehensive view, they applied multiple valuation models. The Dividend Discount Model (DDM) and Residual Income Model (RIM) formed the foundation, while comparative analysis with peer companies helped refine their insights. But to truly account for uncertainty, they turned to the Monte Carlo Simulation, a technique that stress-tests financial projections by simulating thousands of possible outcomes.

Leveraging their individual strengths, the team divided their tasks strategically: Nyarogolla handled the investment summary. Sasha focused on the Introduction, Company and industry, Nicole explored the impact of ESG factors on investment decisions, Winfrey took charge of the Valuation, and Shanice conducted the Financial Analysis. 

One of their biggest revelations was how much ESG (Environmental, Social, and Governance) factors influence investment decisions. Sustainability often seems like a distant future goal, but through CRDB, they saw that the future is already here. While financial performance remained crucial, governance, sustainability, and corporate responsibility played an equally significant role in shaping investment decisions.

After a thorough analysis, their final verdict was clear: a strong “ BUY” on the stocks.

Juggling it all

With their heads buried deep in competition prep on one side and academic responsibilities piling up on the other, this team had no choice but to juggle it all, examinations, research, and their thesis writing. Late nights, burning the midnight oil, and minimal sleep became the norm as they tried to keep up with notes, research, and deadlines. As fourth-year students, the pressure was real, but they all agreed on one thing: time management and sacrifices were the game-changers.

Despite the hurdles, the experience was an invaluable learning experience, one they all remain deeply grateful for. “ It has shown me that financial analysis is never set in stone, it’s built on countless assumptions that can change from one person to another. Being open minded is key,” reflected Sasha and Winfrey as they looked back on their journey. For Shanice and Nyarogolla, the competition provided an eye-opening glimpse into how real markets operate and the depth of effort required to determine a company’s valuation. Nicole summed it up best: “this experience gave me the confidence to pursue a career in this field.” Her sentiments resonated with the entire team, as they left the challenge not just with newfound knowledge, but with a clearer vision of where they wanted to go next.

Next Up: You!

If these five made it to the finals, and won, then so can you! The only way to know what you’re capable of is to take the leap and give it a shot.

The key to success? Choosing the right team. Surround yourself with people who share your drive, complement your strengths, and pull their weight. When you have a solid team, everything else falls into place.

Believe in yourself, stay resilient, and never quit. With the right mindset and determination, there’s no limit to what you can achieve. But above all, trust the process and enjoy the journey. It’s a once-in-a-lifetime experience that will challenge you, shape, and prepare you for the real world of finance. So go for it!

As for them, they walked away with the ultimate prize: this year’s championship title! And let’s just say, they’re absolutely thrilled to be the ones holding the trophy!

Article written by: Jemmy M. Kamau