CFA Institute Research Challenge 2026

BYU–Hawaii Students Gain Real-World Finance Experience at the 2026 CFA Institute Research Challenge

Students from Brigham Young University–Hawaii showcased their financial expertise and collaborative spirit at the CFA Institute Research Challenge 2026, held in San Diego, California. The annual competition gives university students worldwide the chance to step into the role of equity analysts—researching a public company, developing an investment recommendation, and presenting their findings to a panel of industry professionals.

This year, the BYU–Hawaii teams examined Jack in the Box Inc., one of the nation’s leading quick-service restaurant companies. Competing against seven universities from Hawaii and California, both groups demonstrated their ability to apply classroom knowledge to real-world financial problems. The team of Luo-Hao Chen, Mahealani Frogier, Veheani Krause, Aaron Tañola, and Jared Payne finished an impressive second place overall, placing just two points behind the winning team.

Turning Theory into Experience

For many students, the challenge was the most demanding and rewarding academic experience of their college careers. Aaron Tañola, who led the team’s financial modeling, said the competition pushed him beyond his comfort zone.

“I rebuilt our three-statement model several times before I felt confident in my assumptions,” he explained. “It taught me that true valuation isn’t just about the formulas—it’s about understanding the story behind the numbers.”Aaron shared that the experience came full circle from his early struggles in personal investing. “A few years ago, I lost money trading stocks because I didn’t really understand how to analyze companies,” he said. “Standing before professional judges this time, presenting research we built ourselves, showed me just how far I’ve come.”

Mahealani Frogier echoed that sentiment, describing the Challenge as a bridge between classroom learning and real-world finance.

“This experience forced me to think critically, manage my time, and communicate complex ideas clearly,” she reflected. “It proved that financial analysis is about more than numbers—it’s about understanding a company’s strategy, risks, and long-term potential.” For Veheani Krause, the process highlighted how consistency and teamwork cultivate excellence.

“Equity research requires daily effort and collaboration,” she said. “Through discipline and curiosity, we turned something unfamiliar into something we truly mastered.” Luo-Hao Chen found meaning in developing both mental resilience and professional mindset.

“We learned to believe in ourselves as capable of delivering expert-level work,” he explained. “Even under pressure, remembering our purpose—and how this experience connects to our future goals—kept us grounded.” Jared Payne added that the teamwork and mentorship made the journey especially impactful.

“Preparing and presenting at this level taught me resilience and leadership,” he said. “ Working with such a dedicated team reminded me how faith, preparation, and persistence create real growth.”

Lessons in Teamwork and Faith

The second BYU–Hawaii team, including Kaleb Hinckley, also found the challenge transformative. “It was one of the most demanding and rewarding experiences of my time at BYU–Hawaii,” Kaleb shared. “We learned how to take complex financial data and turn it into a clear, persuasive story.”

Across both teams, students highlighted the value of commitment, communication, and shared purpose. They met regularly, supported one another, and relied on their mentors, Professor Makise and Brother Patterson, for guidance. Before presenting, both teams gathered to pray together—a moment that reminded them that academic preparation and spiritual strength go hand in hand.

“That blessing helped us feel peace before presenting,” Aaron said. “It reminded us that BYU–Hawaii’s mission goes beyond academics—it’s about becoming lifelong disciples of Jesus Christ.”

More Than a Competition

While the team missed the top spot by a narrow two-point margin, their performance earned them a "prestigious credential" in the eyes of the professional judges. The Challenge strengthened their technical skills, built lifelong friendships, and deepened their confidence for future careers in finance.

As Frogier summarized, “We may not have brought home first place, but we gained skills, experiences, and lessons that will last far longer than any award.”

The 2026 CFA Institute Research Challenge has become more than a competition for the students at BYU–Hawaii. It has become a marker of their continued commitment to learning, unity, and the love of the process.