2026 dates
September 18 to November 13competition datesFall 2026 Schedule
8 Weeks to NYC
Applications open at 12 p.m. ET on September 2. The 8-week competition begins with a virtual kickoff workshop on September 18 and concludes with the final round in NYC on November 13, 2026.
Fall 2026
At a Glance
Competition duration
8weeksCapacity
40student cohort capKey Dates
- 12 p.m. ET
Application Window
Applications Open
The Fall 2026 application window opens for eligible students.
- 11:45 p.m. ET
Application Deadline
Applications Close
The Fall 2026 application window closes.
Applicant Update
Application Decisions
Applicants receive their Fall 2026 decisions.
Confirmation Deadline
Selected Student Confirmation
Selected students confirm their participation by this date.
- 12 p.m. to 1:30 p.m. ET
Virtual Kickoff
Virtual Kickoff Workshop
Selected students meet their teammates online for the competition framework, a valuation and LBO modeling orientation, and S&P Capital IQ target-screening training.
- Monday, September 21 to Thursday, October 1
Research and Mentor Meetings
Teams organize the work, begin company and industry research, and meet with mentors.
Deliverable
Target Submission
Teams submit the public company they plan to analyze, subject to the final competition instructions.
- Monday, October 5 to Thursday, October 22
Deeper Analysis and Modeling
Teams test the investment thesis, build the operating and transaction cases, calculate returns, and develop downside scenarios.
Deliverable
Flash Memo
Teams summarize the developing recommendation in a Flash Memo for feedback.
- Monday, October 26 to Thursday, November 5
Case Feedback and Refinement
Teams use the feedback to strengthen the model and expand the analysis into an 8 to 10-slide semifinal deck.
- 9 a.m. to 3 p.m. ET
Pitch Round
Virtual Semifinal Round
The Semifinal Round runs on Zoom. Each team receives one 30-minute presentation slot and joins only for its assigned time.
Final Four Announcement
Final Four Teams Announced
The Final Four teams advancing to the NYC final are announced after the Semifinal Round.
NYC Final
NYC Final
The Final Four teams may refine their decks before pitching. All LBO competition participants are invited to attend the Final Four pitches in NYC.

Pitch Rounds
Semifinal Round
Teams use feedback on the Flash Memo to expand the analysis into an 8 to 10-slide semifinal deck for the November 6 Virtual Semifinal Round. The Final Four teams may refine their decks before pitching at the November 13 NYC final.
All LBO competition participants are invited to attend the Final Four pitches in NYC.










