CFA Spring 2011 Fund Managers have participated in the CFA Society of Alabama's Investment Research Challenge. The Challenge is a competition in which student teams from the top area business schools write an equity research report on an assigned company and present their findings to a panel of investment industry experts. The winning team advances to compete in the Americas Regional Investment Research Challenge hosted by CFA Institute. This annual educational initiative, based on the Investment Research Challenge originally developed by the New York Society of Security Analysts, is designed to promote best practices in research among the next generation of analysts through hands-on mentoring and intensive training in company analysis. It complements students' university curriculum by simulating the 'real world' experience of an equity analyst. The Challenge spans one semester, and consists of an analysis of a public company, mentoring by a professional research analyst or portfolio manager, writing an equity research report, and presentation of research to a panel of experts. The winners of the Alabama local competition advance to compete against local winners from North and South America.