CBV Institute is pleased to announce the top three teams for Business Valuation Challenge 2026 (“BV Challenge 2026“), which concluded on 5 November. Based on rigorous judging by a panel of distinguished Chartered Business Valuators (“CBVs”), the following teams have been awarded the highest marks for their business valuation skills.
Top three teams
| Place | School | Team members | Award |
| 1 | University of Calgary | Kamarie Dawkins, Dennis Onochie, Udodirim Ubani | $10,000 and complimentary enrolment to Level 1 in the CBV Program of Studies |
| 2 | University of Waterloo | Luke Li, Nathan Smillie | $5,000 |
| 3 | University of Toronto Mississauga | Mary Avanessian, Minseo Kim, Connor Moroney, Maxim Weerasinghe | $2,500 |
About BV Challenge 2026
Thirty teams of two to four undergraduate students from business schools across Canada competed on 4 and 5 November 2026. Each team tackled the same business valuation case study, developed by a CBV and adapted for an undergraduate audience. Before receiving the case, all participants were invited to attend a primer on the fundamentals of business valuation. Additionally, through our partnership with Financial Modeling Institute, all teams have received free access to the FMI Foundations Program until December 31, 2026.
Teams were given three days to prepare their responses. On the first day of presentations, each team presented virtually to the judges for 20 minutes and was assessed on accuracy, attention to detail and the overall quality of the presentation. The top six teams advanced to the final round on the second day, where they presented updated cases informed by the judges’ feedback.
“I liked that there wasn’t necessarily one correct way to approach the valuation. We had to make our own assumptions and think through how different decisions would affect our recommendation, which made the experience feel much more realistic than a typical assignment,” said Udodirim Ubani, BV Challenge 2026 winner.
The first-place team from the University of Calgary will be awarded $10,000. Members of the second and third place teams will receive $5,000 and $2,500, respectively. In addition to the monetary award, members of the first-place team will receive complimentary enrolment to Level 1 in the CBV Program of Studies.
Members of all six finalist teams will also be eligible to interview with Deloitte for a combined scholarship and internship. Selected candidates will receive an internship at their regional Deloitte office, a $4,000 scholarship toward their studies and complimentary enrolment in Level 1 of the CBV Program of Studies.
“We’re incredibly grateful for the experience and would highly recommend the BV Challenge to anyone looking to push themselves beyond the classroom,” said Luke Li, BV Challenge 2026 runner-up.
Thank you to our sponsors
CBV Institute thanks the judges, participants and staff members who made BV Challenge 2026 possible. We also recognize our title sponsor, Kalos Transaction Advisory, industry sponsor Deloitte, event sponsors, Davis Martindale, MNP, Richter, & supporter sponsors, Cohen Hamilton Steger, CPP Investments, Financial Modeling Institute and PwC Canada.
BV Challenge will return in 2027 and updates will be posted here. www.bvchallenge.ca