CFA is a securities analyst qualification accepted all over the world. The Investment Research Challenge is a student event held by the CFA Institute to nourish people who will take the CFA exam and the investment professionals of the future.

This event had been held in America, and Japan's first Challenge was held last year on November 28. I participated in this event along with Mr. Yoshinori Hayakawa and Mr. Masahiro Fujita, who are also members of Mr. Shinichi Hirota's seminar, and Ms. Haruna Mimoto of Mr. Yasuhiko Tanigawa's seminar.

Students are asked to create an analyst report with reasonable stock prices for a company, and an investment recommendation concerning whether or not one should buy that company's stock. Last year's Investment Research Challenge focused on Kao Corporation, a toiletry company. We gathered a great deal
of information about Kao's growth strategies, industry trends, and overseas markets, and then created a report.

We were then judged by professionals involved in finance. Along with the report itself, the comprehensive evaluation consisted of a presentation and question and answer session. We won first place and were given a trophy and the chance to go to the Asia Pacific Region Challenge. We then represented Japan at the Asia Pacific Region Challenge held on March 7 of this year in
Singapore. Unfortunately we did not win anything, but we really enjoyed the chance to interact with accomplished students from other countries.

The Investment Research Challenge provided me with two valuable
experiences. The first was experiencing what a securities analyst does, and carrying out stimulated analysis of a company. It's necessary to be creative since there are no absolute answers, which I found very interesting. It was also a wonderful experience to communicate with the people that are on the front lines of the actual financial industry.

I think that being around people who have managed to survive in the harsh financial world, and experiencing that atmosphere firsthand, will have positive effects on my future. And I hope that the Investment Research Challenge, which provides students with such valuable opportunities, will grow even bigger from now on.