Welcome to
The 21  ICMSS, Delegates!


The 21  ICMSS seeks to become a center of capital market learning and empowerment for college students, through our Equity Research Conference.


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The 21   ICMSS' Equity Research Conference is intended for undergraduate students, in which they are required to research a publicly traded company, prepare an equity research report, and then present their findings and recommendation in front of real-life equity analysts.



Other than just competing, the delegates of the Equity Research Conference will also attend case study discussions, financial workshops, and sharing sessions to enrich their knowledge in the field of finance and capital market industry.

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We are cordially inviting you to be our delegates and participate in the Equity Research Conference of The 21  ICMSS on February 12 - 18,  2022 in Jakarta, Indonesia.





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President Director of Credit Suisse Securities Indonesia

Rizal Gozali

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Head of Equity Research at Mandiri Sekuritas

Adrian Joezer

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Head of Equity Research at UOB KayHian Securities

Stevanus Juanda

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Head of Equity Research at BNP Paribas Investments

Ahmad Solihin

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Head of Equity Research at Deutsche Verdhana

Joko Sogie

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Board of Directors at CFA Society Indonesia

Ricardo Silaen


The People's Representative Council of Indonesia
The People's Representative Council of Indonesia

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Ministry of National Development and Planning, Indonesia
Ministry of National Development and Planning, Indonesia

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Ministry of Finance, Indonesia
Ministry of Finance, Indonesia

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The People's Representative Council of Indonesia
The People's Representative Council of Indonesia

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What is the Equity Research Conference of The 21st ICMSS?

A conference in which undergraduate students prepare and present an equity research thesis regarding a selected public company to compete for the Best Equity Research Team awards.

Who is eligible to join?

Three vocational / undergraduate students of any major enrolled in the same university, with no prior or current experience as a full-time employee in asset management and equity research firms. Past or current interns, however, are allowed.

What are the stocks chosen for the conference?

The paper must analyze one stock from a stocks list provided by The 21st ICMSS. The stock chosen must originate from the team’s country.

How can we register for the conference?

The delegates can register through the Delegates' Registration page. After filling the page with the required information, our team will contact the team captain's for payment and registration verification.

What is the Qualification Round of the conference?

Each team is required to submit an Equity Research Report detailing their recommendation to either buy, sell, or hold a company’s stock for the Qualification Round, which will be analyzed and scored by judges with capital market experience. The top 24 teams with the highest scores on their report will qualify for the Semi Final Round.

What is the Semi Final Round of the conference?

The top 24 team that have qualified for the Semi Final Round will revise their Equity Research Report based on critics and suggestions from the Qualification Round judges, and create a presentation on their findings and recommendations. They will then present their recommendations in front of panelists with years of experience in the capital market. The top 6 teams with the highest score will make it to the Grand Final Round.

What is the Grand Final Round of the conference?

The top 6 teams will participate in the Grand Final Round of the Equity Research Conference, in which they will present their findings and recommendations in front of heads of equity research and directors from multinational firms. The teams will only know if they've made it into the Grand Final Round right before their presentation turn.

How much will the registration fee cost?

For Indonesian teams, registration fee will be divided into two periods: Early Bird registration fee is Rp300,000.00 and Normal registration fee is Rp350,000.00. For International teams, there will be no registration fee.

When will the conference be held?

The core events of the Equity Research Conference of The 21st ICMSS will be held from Monday to Wednesday, 14-16 of February 2022. The whole entirety of The 21st ICMSS will be held from Saturday to Friday, 12-18 of February 2022.

What should we know by registering for the conference?

That you have registered for a chance to join the biggest and the oldest equity research conference held by students in Indonesia, providing you access to leadership training and self-development, networking opportunities with like-minded visionary undergraduates, chances to improve your financial and research acumen through feedback from real-life capital market practicioners, and winning prizes totaling US$3,000. We also remind you that by qualifying for our conference, it is mandatory to participate in all events of the conference.

Who should I contact if I have any more questions / issues?

Should you have any question or issue regarding the conference, please contact Vail at +62 85156006613 (text or WhatsApp) or through info@icmss-febui.com!

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Testimonies From Past Delegates

I gained a lot of critical and constructive exposure and feedback from professionals in the industry. The sharing sessions also well equip me with ideas and tools to practice the craft of equity research as well. Other than that, it was enriching to be exposed to different cultures and friends from many various countries.

It was fun, exciting and yet competitive. I could feel the sense of competitiveness when we were pitching and hearing others’ equity reports. Everyone is very experienced and we learnt a lot from each other. However, at the same time it was fun with all the various icebreakers, case studies and the cultural night. I would recommend everyone who has a passion for equity research to attend, it is truly a remarkable experience.

From ICMSS there are so many values ​​that can be taken. In my opinion, one of the most enjoyable things is getting to know a lot of great people from all over the world, which really opens us up a lot of insight and can develop even more. In addition, through ICMSS, my team and I also learned a lot from the papers and presentations we made and got a lot of valuable input from the judges who were also very, very cool. 

Overall ICMSS is really a very classy equity research competition.

ICMSS is one of the most structured competitions in Indonesia that I have ever participated in. In addition, the entire organizing committee is also very professional and certainly inviting so many universities from outside Indonesia is an extraordinary achievement from ICMSS. ICMSS every year also always maintains it as the most prestigious competition in Indonesia.

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While we can't fully experience the original-offline-ICMSS due to unfortunate occurrence, we think the underlying values of the competition are still intact. It's understated to name critical thinking, professionalism and fairness as the values from ICMSS-- as you'll experience more than what you expect. Thank you for the experience!


Participating in ICMSS has been one of the highlights in our college life. The experience, the thrill, the lessons learned, the friendship we've created along the way-- are all indescribable. Conducting such a grand event amid such circumstances was definitely not an easy task, yet the committee has done an incredible job. Kudos!

The 19th ICMSS has been an unforgettable journey, full of ups and downs since the very start. My team and I struggled to take grasp of what factors a good  equity pitch encompassed, but that contributed to the steep learning curve along the way to our Winner position. We have discovered the best practices of valuation thought process, sharp and well-rounded analysis, and story-lining our contents. But of course, if those were the only things I got, the memory would not have been this vivid still. I have fostered friendships from all across Southeast Asia through ice breaking games and engaging conversations, and the field trips the last few days were rather fun. Do participate if you are up for a fun challenge! 

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