Seton Hall Team Wins New York Local Finals CFA Institute Research Challenge

Seton Hall University earned first place in the New York Local Finals of the annual CFA Institute Research Challenge, continuing a longstanding tradition of excellence in one of the world’s premier collegiate finance competitions. 

The global competition provides university students with hands-on mentoring and intensive training in financial analysis, equity research and professional ethics.

Representing the Stillman School of Business were Cameron Balatbat, junior, Finance and Economics; Jonathan Merlis, junior, Mathematical Finance; Sean Moravsky, senior, Finance and Economics; Aaron Bobby Joel Nishbert, junior, Finance; and Lara Todorovic, senior, Financial Mathematics. They were led by Stillman School of Business Instructor of Finance Christakis Droussiotis. “The CFA Research Challenge mirrors the work of a professional buy-side analyst, requiring students to produce a comprehensive investment report and defend their recommendations before industry judges,” said Droussiotis. “Serving as an advisor goes far beyond overseeing research; it is an intensive mentorship process that builds analytical rigor, communication skills and professional confidence. Watching students grow into independent thinkers capable of defending their perspectives at a professional level has been incredibly rewarding.”

Working in teams, students gained real-world experience as they assumed the role of research analysts and are judged on their ability to value a stock, write a research report and present their recommendations. 

The Seton Hall team began preparations in fall 2025, researching emerging nuclear technology platform Nano Nuclear Energy, Inc., before submitting their written report in January.

Sixteen university teams across the New York region advanced to the presentation round, where Seton Hall captured first place and moved on to the New York Local Final Round alongside Cornell, Fordham and Rutgers Universities. Following a 10-minute presentation and rigorous question-and-answer session with judges, Seton Hall and Fordham were selected to advance to the Sub-Regional Round.

“Congratulations to our CFA team on besting the other ‘Final Four’ contenders,” said Joyce Strawser, Ph.D., dean of the Stillman School of Business. “The Challenge requires student teams to analyze an assigned company and support a buy, sell or hold recommendation, and our team’s analysis of Nano Nuclear Energy was quite impressive. We will be cheering them on in this next round of competition.”

The victory adds to a remarkable record of success for Seton Hall in the competition. Since 2004, Stillman teams have reached the New York finals at least 18 times over the past 22 years, underscoring the University’s sustained leadership in experiential finance education.

This year’s achievement carries special significance, marking 20 years since Seton Hall first won the New York Society of Security Analysts (NYSSA) Investment Research Challenge — the former name of today’s CFA Institute Research Challenge — in 2006. In recognition of that championship, the Seton Hall team was invited to ring the closing bell at the New York Stock Exchange on May 2, 2006, a milestone that remains a proud moment in the University’s history.

For team members, the competition provided an opportunity to bridge classroom learning with real-world applications. “I wanted to close the gap between what I was learning in the classroom and actually doing it,” said Balatbat. “Standing in front of experienced professionals and justifying every number, every assumption, every projection, is a completely different challenge.”

“Ever since I joined Seton Hall, my goal was to set myself up to be included in the many opportunities that the school offers, and the CFA Institute Research Challenge was one of the most prestigious,” said Nishbert. “The experience helped me develop important career skills, from company and financial analysis to teamwork and presenting.”

Preparation and teamwork proved critical throughout the process, according to Merlis,

I’ve wanted to do this since my freshman year for the learning experience it offers as one of the hardest things Stillman provides. It has been as transformative as I thought it would be, both in knowledge and in the camaraderie with my teammates.

Todorovic noted that extensive preparation helped the team perform confidently under pressure, 

I wanted to challenge myself in a more applied setting beyond the classroom and be part of Seton Hall’s legacy in the competition. This experience pushed me to become more comfortable speaking, presenting, and explaining my work, and I realized strong analysis is not enough if you cannot communicate it clearly.

Moravsky emphasized the importance of storytelling alongside technical expertise,

I’ve known about the CFA Challenge since I was a freshman and looked up to the students participating because of how prestigious it was. The most important lesson I learned is that it doesn’t matter how in-depth your research is if you can’t present it in a simple and digestible way.

The team is now preparing for the Sub-Regional Round, where are 11 teams divided into three groups. This round required teams to submit recorded presentations, with Seton Hall competing against Penn State, Sacred Heart University and Canisius University. One team from each breakout group will advance to the Regional Semifinal Round, where they would face the winners of the other two Eastern groups, which include schools such as Villanova University and the University of Maine.

The regional semifinals will take place March 31–April 1, followed by the regional finals on April 2–3, featuring teams from the Atlantic Islands and Latin America, the Midwest, and the western United States. The Global Finals are scheduled for May 12, 2026, in Hong Kong, where finalists will compete against teams from Asia and the Europe, Middle East, and Africa (EMEA) region.

As Seton Hall continues its strong tradition in the CFA Institute Research Challenge, this year’s team adds another chapter to a legacy built on academic rigor, mentorship and hands-on learning.

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