Montana State University

MSU finance students take first place at research challenge competition

March 6, 2013 -- MSU News Service

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Tel: (406) 994-4571

Three students from the Montana State University College of Business recently placed first at a competition designed to test their investment analysis, writing and presentation skills.

Justin Hestekin, Amanda Johnson and Brad Penoyer earned first place honors in the local level of the Chartered Financial Analysts Institute Research Challenge held last month in Spokane, Wash. The team will now advance to the Americas regional round of the competition, set for March 20-21 in Toronto.

The challenge is a competition between university-sponsored teams. Each team researches a designated publicly traded company, prepares a written report and presents its findings to a panel of judges. The competition enables participating students to interact with investment professionals and firms while gaining experience in equity analysis, report writing and presentation skills. Teams from Whitworth University, Washington State University, Eastern Washington University, Gonzaga University, University of Montana and Carroll College also participated in the competition.

Peter Rubicam, an MSU adjunct instructor of finance, and Eric Flynn, an MSU alumnus who works at Bitterroot Capital Advisors, LLC, coached the students, who spent three months preparing for the competition. Rubicam said he was impressed by the students' "meticulous preparation and outstanding professionalism."

This is the third year that MSU College of Business has fielded a team. In 2011, a team from the college placed second at the Spokane competition.

For more information, contact Rubicam at or 994-6198. 

Contact: Audrey Lee, (406) 994-7026 or