A team of four students from the Department of Economics at the National and Kapodistrian University of Athens achieved a significant distinction, which won first place in the national round of the CFA Institute Research Challenge and represented Greece in the EMEA regional round.
The CFA Institute Research Challenge is one of the most important international student competitions in the field of financial analysis. Participants are asked to conduct an in-depth analysis of a publicly traded company, prepare a comprehensive valuation report and investment proposal, and present it to market professionals.
The NKUA team consisted of Ioannis Koutsourelis, Athanasios Magionos, Olga Zavanti, and Vasileios Aesop. Their success demonstrates in practice the connection between academic knowledge and the real demands of the market, notes the relevant announcement.
For Ioannis Koutsourelis, participating in the competition was “much more than just a competition, ” as the team was called upon to work under time pressure, overcome collaboration challenges, and defend their work before experienced analysts.
As he noted, it is “one of the few ways to work on something with professional demands before you actually find yourself in such an environment.”
Athanasios Magionos emphasized the practical aspect of the experience: “What stuck with me the most was the feeling that we were working on something real.” Financial modeling, valuation, and analysis of a publicly traded company did not remain at the theoretical level, but were applied to real-world scenarios and presented to market professionals.
Olga Zavanti described her participation as “one of the most demanding experiences of my studies, ” but also one of those that left “the most lasting impression” on her . As she noted, the competition closely simulates the work of an analyst in the real market, as it requires an understanding of the business model, financial analysis, and the formulation of a compelling investment proposal.
Vasileios Aesopos described his participation as “perhaps the most significant milestone in my academic career, ” emphasizing that through the competition, the team learned to think like professional analysts, assess risk and return, and support their views with data. He also made special mention of the decisive role played by professors Dimitris Kainourgiou and Ioannis Katsamboxakis, whose guidance contributed significantly to the team’s preparation.
Graduate studies with a strong connection to the market
The team’s participation took place within the framework of two Master’s Programs offered by the Department of Economics at the University of Athens: the Interdepartmental Master’s Program in “Applied Economics and Finance” and the Master’s Program in “Internal Audit, Risk Management & Regulatory Compliance (NKUA IARC).”
This distinction confirms that these programs are not limited to theoretical training but provide students with the tools, methodology, and professional mindset required by the modern market.
The MSc program in“Applied Economics and Finance” offers specialization in Financial Analysis and Policy, Applied Accounting and Auditing, and Public Auditing. It combines finance, accounting, auditing, and economic theory, covering contemporary topics such as international accounting standards, corporate governance, sustainability, taxation, and corporate law.
The Master’s Program in “Internal Audit, Risk Management & Compliance” is designed for those who do not simply wish to understand the framework of corporate governance but to be able to function professionally within the departments that implement it: Internal Audit, Risk Management, and Compliance. Its goal is to develop executives with a comprehensive professional profile, who understand how a business or organization operates, how it creates value, how it is controlled, how it manages capital and risks, and how it complies with a complex regulatory environment.
The success of Ioannis Koutsourelis, Athanasios Magionos, Olga Zavanti, and Vasilis Aesop in the CFA Institute Research Challenge is a prime example of how high-quality graduate education can translate into a real competitive advantage.
Applications for the 2026–2027 academic year are currently being accepted for both Master’s Programs.
- For the “Applied Economics and Finance” program, the application period for the 2026–2027 academic year is currently open and closes on June 14, 2026. The Program Announcement and Application Form are availablehere.
- For the “Internal Audit, Risk Management & Regulatory Compliance” program, applications for the 2026–2027 academic year will remain open until June 30, 2026. More information, as well as the Application Form, is availablehere.