Pictured in Appalachian State University’s Walker College of Business are the university’s 2021 Broyhill Fellows — all of whom graduated from App State in May. From left to right: Sean James ’21, of Charlotte; Sam Crouse ’21, of Spruce Pine; Olivia Guillebeau ’21, of Charlotte; Zach Stowell ’21, of Conover; and Obi Ludwig ’21, of Winston-Salem. The fellows won state, regional and continental titles in this year’s CFA Institute Research Challenge. Photo submitted
BOONE, N.C. — Five Appalachian State University business majors made history this year with a trifecta win in the 2021 Chartered Financial Analysts Institute Research Challenge. The Walker College of Business Broyhill Fellows team took home state and regional titles and, in a first for App State, was named Americas Regional Champion, defeating teams from North and South America. The team also advanced to compete as one of the top five teams in the challenge’s Global Final.
During the challenge, students work in teams to research, analyze and report on a publicly traded company as if they are practicing analysts. Each student is individually tested on their analytical, valuation, report writing and presentation skills.
The fellows, all of whom graduated from App State in May and earned Bachelor of Science in business administration (BSBA) degrees through the Walker College:
- Sam Crouse ’21, of Spruce Pine.
- Olivia Guillebeau ’21, of Charlotte.
- Sean James ’21, of Charlotte.
- Obadja “Obi” Ludwig ’21, of Winston-Salem.
- Zachary “Zach” Stowell ’21, of Conover.
During the challenge events, held virtually in March and April due to the pandemic, the fellows competed against nearly 1,000 participating universities, many of which included Master of Business Administration students.
Pictured, from left to right, are Appalachian State University’s 2021 Broyhill Fellows: Zach Stowell ’21, of Conover; Sean James ’21, of Charlotte; Obi Ludwig ’21, of Winston-Salem; Sam Crouse ’21, of Spruce Pine; and Olivia Guillebeau ’21, of Charlotte. The fellows are shown in Broyhill Commons on App State’s campus, displaying one of the awards they received as part of the 2021 CFA Institute Research Challenge. Photo submitted
Dr. Brandy Hadley ’09 ’11, assistant professor in Appalachian State University’s Department of Finance, Banking and Insurance. Hadley, who is pictured in App State’s Walker College of Business, also serves as faculty adviser for the university’s Broyhill Fellows. Photo submitted
App State’s Dr. Brandy Hadley ’09 ’11, the group’s faculty adviser and an assistant professor of finance in WCOB, said, “This is a tremendous accomplishment, and I am incredibly proud of these students. The team has worked hard and are excellent representatives of Appalachian.”
Hadley also said the continued support of CFA mentor Chris Pavese and Dr. Delbert Goff was instrumental in the team’s success. Pavese serves as president and chief investment officer of Broyhill Asset Management, and Goff, a retired professor in the Department of Finance, Banking and Insurance, is one of the founders of the Broyhill Fellows and a longtime faculty adviser for the group.
According to Hadley, App State’s Broyhill Fellows program has a long history of success in the CFA challenge, having won the state competition 10 of the past 13 years to advance to the Americas Regional round — in which they compete against the top teams from North and South America.
This year the fellows also competed in and won a new level of the CFA competition — the Southeastern Subregional.
Broyhill Fellows are members of App State’s Elbert V. Bowden Investment Group (BIG), which was established in 2000 to provide students with hands-on, real-world experience in managing investments — namely those in the Elbert V. Bowden Student Managed Investment Fund.
Each year, five BIG members are selected to compete in the CFA Institute Research Challenge as Broyhill Fellows and are mentored by employees of investment firm Broyhill Asset Management throughout the competition. The Broyhill family, generations of whom have attended, supported and served App State, helped develop the university’s Broyhill Fellows program.
What do you think?
Share your feedback on this story.
About the Department of Finance, Banking and Insurance
The Department of Finance, Banking and Insurance develops leaders for business, government and education by offering a Bachelor of Science in business administration in two specializations: finance and banking, and risk management and insurance. Learn more at https://finance.appstate.edu.
About the Walker College of Business
The Walker College of Business at Appalachian State University delivers transformational educational experiences that prepare and inspire students to be ethical, innovative and engaged business leaders who positively impact their communities, both locally and globally. The college places emphasis on international experiences, sustainable business practices, entrepreneurial programs and real-world applications with industry. Enrolling more than 4,000 undergraduates in 11 majors, Walker College has the highest enrollment of full-time undergraduate students in the University of North Carolina System, and more than 250 graduate students are enrolled in the college’s three master’s programs. App State’s Walker College is accredited by AACSB International — the premier global accrediting body for business schools. Learn more at https://business.appstate.edu.
About Appalachian State University
As a premier public institution, Appalachian State University prepares students to lead purposeful lives. App State is one of 17 campuses in the University of North Carolina System, with a national reputation for innovative teaching and opening access to a high-quality, affordable education for all. The university enrolls more than 21,000 students, has a low student-to-faculty ratio and offers more than 150 undergraduate and 80 graduate majors at its Boone and Hickory campuses and through App State Online. Learn more at https://www.appstate.edu.
![App State to offer AI concentration in master’s programs [faculty featured]](/_images/_posts/2025/04/ai-concentration-600x400.jpg)
