Business Reporter
A team of students from the National University of Science and Technology has been named the winner of the local round of the prestigious 2025/26 CFA Institute Research Challenge, earning the right to represent Zimbabwe at the upcoming Sub-Saharan Africa sub-regional competition.
The Investment Professionals Association of Zimbabwe (IPAZ) announced the victory this week, confirming that the NUST team impressed a panel of distinguished judges with their analysis and recommendation on Caledonia Mining Corporation Plc.
The winning team comprises Innocent Mutanguro, Nyaradzo Belinda Mpofu, Panashe Katsande, Mqhele Ncube, and Bonani Saneliso Moyo. They were guided by industrial mentor Tatenda Ngowe, Company Secretary at Econet Wireless Zimbabwe Limited, and faculty advisor Dr Chriscencia Murape, a lecturer at NUST.
Their presentation was the culmination of months of rigorous research, mirroring the process of crafting an initiation of coverage report for a publicly listed company. This included deep-dive financial analysis, building financial projection models, conducting a complex company valuation, and navigating the professional ethics required in the investment space. The team’s final buy, sell, or hold recommendation was evaluated by a judging panel of investment professionals: Amina Khan, CFA; Bright Mugova, CFA; Ken Nyangoni, CFA; and Isaac Isaki, CFA.
The final round of the local competition featured four teams, including two from NUST, and one each from the University of Zimbabwe (UZ) and Great Zimbabwe University (GZU). Other universities that participated in this year’s challenge included the Harare Institute of Technology, Africa University, and Midlands State University.
For Dr Murape, the victory was sealed not just by the team’s research, but by their composure under fire. “The moment that made me proud was watching the team handle the Q&A session”, she said.
“That’s the part of the competition where pressure is at its peak, every assumption in their research can be challenged, and every detail defended with intellectual rigour.”
She highlighted that NUST’s repeated success in the competition has a profound impact.
“It demonstrates the university’s ability to consistently produce students who meet global standards of analytical rigour, financial modelling, and professional presentation. It signals to employers, industry leaders, and academic peers that our programmes cultivate not only technical competence but also critical thinking, teamwork, and ethical decision-making— qualities that are highly valued in finance.”
The students themselves reflected on the challenging journey to the top. Nyaradzo Belinda Mpofu noted that the biggest hurdle was internal. “The biggest challenge right from the start was coordination among group members”, she explained.
“After receiving the case study, we first had to learn how to truly work as a team before diving into the research… It wasn’t easy at first, but pushing through that early phase together built the foundation for everything that followed.”
Fellow team member Panashe Katsande described the feeling of victory as a powerful validation of their efforts.
“This win feels incredible, not just because of the crown or beating every other university in the country, but because it’s real validation of our teamwork, commitment, and resilience, especially during the high-pressure moments”, Katsande said. “It reminds us to believe in ourselves more and proves that consistent hard work pays off.”
IPAZ President Ranga Makwata praised the high standard of this year’s competition, which was hosted by IPAZ and sponsored by Caledonia Mining Corporation.
“We are elated to have hosted another successful edition of the competition. Each year the competition is getting stiffer with improved quality of investment reports and top-notch presentations by students”, said Makwata.
“Our desire as IPAZ is to have the students take the skills they learnt and apply them in the industry in a way that props up the development of our capital markets. We wish the winning team great success at the sub-regional competition and hope for them to go all the way to the regional and global competition.”
The NUST team will now prepare to compete against other university champions from across Sub-Saharan Africa for a chance to advance to the next stage of the world’s leading investment research competition for students.
Source: The Herald Online
www.heraldonline.co.zw/nust-team-wins-local-cfa-research-challenge/