CFA Society Austria Prize 2025/26: The decision has been made

Students participating the CFA Society Austria Prize

CFA Society Austria, the association of Austrian investment analysts awarded the "CFA Society Austria Prize" for the 18th time on February 27, 2026. The prize is awarded for bachelor, master or diploma theses and dissertations in the field of "Investments, Banking and Finance": The scholarship awarded will cover all costs for one sitting each for the CFA Level I, II, and III exams within the next 5 years from receipt of the award (i.e. CFA Program Enrolment Fee (1x), CFA Program Exam Registration (per level) and CFA Program Digital Curriculum Study Tool (per level)). In addition, winners will receive a free one-year CFA Society Austria student membership.

The decision

For the well-established CFA Society Austria Jury the CFA Prize is an important contribution to education and training. 6 members of CFA Society Austria jointly selected the 3 prize winners - Two third places were awarded:

1. PLACE: Leri Jijavadze

Topic of the master thesis: "The Generalized Interest Rate Model"

University of Applied Sciences BFI Vienna, Quantitative Asset and Risk Management, Submission by Prof. (FH) Mag. Dr. Christian Cech, MBA, Supervision by Dr. Filippo Fratini

2. Place (from left to right) Martin Worel, CFA, Board Member CFA Society Austria, Madalin-Stefan Titiriga, Harald P. Holzer, CFA, President, CFA Society Austria

2. PLACE: Madalin-Stefan Titiriga

Topic of the master thesis: "Volatility Management in Equity Factor Portfolios"

University: Vienna University of Economics and Business, Supervision by Univ.Prof. Dr. Otto Randl

3. PLACE – Lörinc Sebestyen Tatar

Topic of the bachelor thesis: "Understanding the Macroeconomic Drivers of Government Bond Risk Premia: Comparison of Developed and Emerging Economies"

University: Vienna University of Economics and Business, Supervision by Giorgoa Simion, Ph.D.

Ex aequo

3.PLACE – Hannes Haberstock

3.Place (from left to right) Martin Worel, CFA ,Board Member CFA Society Austria, Hannes Haberstock, Harald P. Holzer, CFA, President, CFA Society Austria

Topic of the master thesis: "Investigating the Carbon Premium: Analysing the Impact of Climate Risk on Stock Returns with a Focus on the 2022 Energy Crises"

Leopold-Franzens Universität Innsbruck, Submission by Univ.-Prof. Dr. Jochen Lawrenz, Supervision by Univ. Prof. DDr. Jürgen Huber

Academic jury

The papers were judged on practical relevance, presentation, innovative approach and research methodology. Only papers written at Austrian universities or universities of applied sciences and graded "1" were accepted for submission.

A top-class academic jury did the pre-selection, students of the Vienna University of Economics and Business could submit their papers themselves. These were then pre-selected by CFA Society Austria:

• Prof. (FH) Mag. Dr. Christian Cech, MBA, deputy head of the master program "Quantitative Asset and Risk Management", University of Applied Sciences BFI Vienna

• Univ.-Prof. Dr. Jochen Lawrenz, Risk Management, Institute for Banking and Finance, University of Innsbruck

• Paul Charles Pudschedl, BA LL.M. PhD, University of Applied Sciences Wiener Neustadt for Economics and Technology Ges.m.b.H.

• Univ. Prof. Dr. Otto Randl, contact person for WU Vienna

Due to the selection by the professors mentioned above, it was ensured that only outstanding work came up for evaluation. The prize was awarded in a festive ceremony together with the final presentations of the CFA Institute Research Challenge at the University of Applied Sciences BFI Wien Ges.m.b.H.

CFA Society Austria stands for ethics and integrity

The CFA Society Austria was founded in 2001 as the 101st local association of the CFA Institute - the internationally renowned association of investment professionals in 59 countries. CFA stands for "Chartered Financial Analyst" and is a title that may be held by those who pass all three partial examinations of the CFA Institute, which take place once a year worldwide and can also prove four years of professional experience. The local association - CFA Society Austria - aims to establish CFA as the first address for continuing education for all CFA Charterholders and to be the leading body in Austria for questions of ethics, integrity and financial analysis at the highest level. CFA is committed to the principle that financial markets should be fair, free and efficient, so that every investor has a chance for a fair return and the interests of the end investors must be paramount over the interests of all other stakeholders. Highest ethical principles and self-regulating standards are as important for fairness and market efficiency as rules and laws. Last but not least, CFA Society Austria acts as a point of contact for ethical issues, integrity and "best practice" in the field of finance in Austria.