Five Students with Niagara’s CFA Research team competed at the Western New York Investment Research Challenge on Saturday, Feb 7., 2026, at RIT. The team, led by Professor Chris Hugar, faculty fellow of finance, placed third in the competition. The competing students were:
- Ryan McMann ’26
- Dominic Goodenow ’26
- Owen Kiesman ’26
- Lucas Milne ’27
- Samuel Bingel ’27
The competition required the students to analyze a publicly traded company for a panel of industry experts. The analysis included a professional equity research report, and they presented a “buy, sell, or hold” recommendation to the panel. This year’s subject company Graham Corporation, a global manufacturing firm based in Batavia, NY that focuses on the defense, space, and energy industries. Niagara placed third in the competition that included Canisius University, SUNY Buffalo, SUNY Geneseo, SUNY Oswego, University at Rochester, St. Bonaventure University, St. John Fisher University, and RIT.
In reference to the benefit this competition brings to students, Professor Hugar said, “The competition pushes students to take classroom concepts and apply them to a live, publicly traded equity. Through real-world application, students discover that data is messier and situations are more nuanced than what’s in textbooks, but they’re finally experiencing the work just as financial professionals do. This deep dive in equity valuation gives the team members a leg up and the ability to ramp up quickly as they transition into their careers.”
The competition is handled by CFA Society Buffalo and CFA Society Rochester, with the support of the CFA Institute. The CFA Institute aims to lead the investment profession by promoting the highest standards of ethics, education, and professional excellence. The winner of this year’s Western New York Investment Research Challenge will go on to compete on the global stage, in Hong Kong.
“The work we did for this competition felt different from anything I’ve done in school.” said Ryan McMann, one of the team’s seniors, “There was no roadmap or ‘right’ answer at the end. We were forced to thoughtfully analyze a company, develop an opinion, and then defend it to industry professionals. It was a lot of hard work, but the bond I formed with my teammates made it worth it. We’ll probably be tracking the performance of Graham’s stock for the rest of our lives.”
Niagara University’s AACSB accredited Holzschuh College of Business offers programs in Finance, along with programs in, Accounting, Economics, Food Industry Management, Marketing, Business Management, and Supply Chain Management.
