From May 26 to June 1, 2025, the world’s brightest student managers competed in the Cesim Elite International Grand Final, powered this year by the Cesim Invest simulation. After a season of regional qualifiers with 20,000+ student participants, 16 elite teams from 6 regions battled it out in a high-stakes strategic investment showdown.
The road to the Cesim Elite International Final was both demanding and rewarding, with regional competitions taking place across China, EMEA, India, Latin America, and Vietnam.
To ensure a fair competition, the finalist teams were split randomly into 2 equal groups named Revontuli (Northern lights) and Kajo (First light of dawn).
During an intensive week-long challenge, the competition featured 5 simulation rounds and a challenging case task focused on investment strategy, ESG integration, and technological foresight. Remarkably, some teams spent over 100 hours on the platform, demonstrating exceptional dedication and drive to succeed.
Congratulations to the winners of the Cesim Elite International Final 2025!
The competition reached its peak with outstanding performances in the simulation and the case presentations, resulting with the recognition of three top teams:
🥇 1st Place: Team DUCK TANK, Sun Yat-sen University 🇨🇳
DUCK TANK’s simulation journey was marked by impressive ambition and a willingness to adapt to changing markets. The team started strong, capturing rapid growth and high client satisfaction through bold strategic choices in fees and asset allocation. Even when faced with challenging market conditions and shifts in client preferences, DUCK TANK responded proactively, adjusting their strategies and making a major comeback by capitalizing on emerging opportunities in renewables and alternative assets. While the final round brought new tests, the team’s experience underscores the value of agility, innovation, and resilience in asset management. Their performance demonstrates that taking calculated risks and learning from each round are essential ingredients for long-term success.
🥈 2nd Place: The French Bears, University of California, Berkeley 🇺🇸
The French Bears started the simulation with remarkable momentum, rapidly gaining market share and delighting clients with strong performance. When faced with the challenges that come with fast growth, they showed true leadership by reassessing their strategy, making smart adjustments to costs, fees, and client service. Their proactive approach paid off, as they managed to recover profitability and regain client satisfaction in the later rounds. The team’s experience highlights how embracing change and learning from setbacks can turn challenges into opportunities for greater success, ultimately underscoring the importance of balancing growth ambitions with disciplined cost management and staying responsive to shifting client and market expectations.
🥉 3rd Place: The Koi Team, Chang'an University 🇨🇳
Throughout the simulation, The Koi Team demonstrated adaptability and a willingness to innovate, launching new products and continually refining their strategy in response to changing market dynamics. Their proactive approach to fee reductions and the introduction of the Conservative Fund helped grow assets under management and broaden their client base, showcasing their commitment to meeting client needs. While profitability proved challenging amid industry-wide margin pressures, the team’s resilience and ability to rebound in client satisfaction and shareholder value toward the end of the game are commendable. Their experience highlights key lessons in balancing growth, client focus, and cost management. Skills that will serve them well in future leadership roles.
Congratulations also to the other teams! The Cesim Elite International Final also saw impressive performances from other teams, including:
4th Place: Team ChicouTeamy, Université du Québec à Chicoutimi 🇨🇦
5th Place: Team PUCCAMP GT, Pontificia Universidade Católica de Campinas 🇧🇷
6th Place: Team MUST, Mongolian University of Science and Technology 🇲🇳
Evaluation and ranking of the teams
The competition's scoring system is meticulously designed, with 50% based on simulation performance (cumulative total shareholder return) and 50% on the case task score, which is evaluated by a jury over 3 criteria (1. Organization, presentation and overall quality of the video, 2. Analysis, subject knowledge, and creativity, 3. Teamwork and use of time). Both parts were of equal weight to determine the final ranking of the teams.
The simulation
This year's simulation, Cesim Invest, challenged participants to manage a dynamic investment management firm, making strategic decisions across multi-asset portfolios while integrating ESG criteria and operational leadership. Teams were tasked with positioning their firm as a market leader by optimizing fund performance, balancing risk, and making impactful corporate decisions. The ultimate goal was to achieve the highest cumulative total shareholder return.
Cumulative Total Shareholder Returns of the teams in universe "Revontuli":
Cumulative Total Shareholder Returns of the teams in universe "Kajo":
The case task
This year’s case task challenged students to future-proof their asset management firm, Asterion Capital, by turning advanced technology into a sustainable competitive edge while using ESG as an alpha-seeking investment lens. Teams crafted bold strategies to drive growth, improve risk management, and position the firm as a trusted, tech-enabled leader for the 2030s.
A special thank you goes to our esteemed jury members who meticulously evaluated the presentations and provided invaluable feedback: Ms. Mari Hannola-Antikainen, Mr. Kevin McIntire and Mr. Carlos Eduardo Angel Arias. They played a key role in making the competition a meaningful and rewarding experience for all participating teams. The jury members did not have access to the simulation results during the competition.
Best Case Task Presentations:
Team DUCK TANK, Sun Yat-sen University
Their winning presentation can be viewed here:
Team PUCCAMP NEG, Pontificia Universidade Católica de Campinas
Securing the second spot in the case task ranking, Team PUCCAMP NEG delivered a compelling case study. Watch their presentation here:
The Koi Team, Chang'an University
The Koi Team from Chang'an University completed the top three case presentations with their strategic insights and in-depth analysis. You can watch their presentation here:
Award Ceremony Keynote - Bobby Varanasi
The competition culminated in an Award Ceremony featuring a compelling keynote by Bobby Varanasi, COP, CEO of Regenerative Futures.
Bobby spoke powerfully about the need for accountability beyond institutions, the limits of current economic models, and how we can build more resilient, adaptive "living systems" for the future. His keynote also challenged us to rethink the future of work, learning, and curiosity - reminding us that applying knowledge, not just acquiring it, is vital in a world where change is constant. Thank you Bobby for your great presentation. It left us reflecting deeply.
Cesim Elite Instructor Workshop
Cesim Elite is not just a business simulation competition; it’s also an opportunity for professors worldwide to explore new teaching methods through business simulations and share their experiences.
We extend our warm thanks to Dr Olivier Malafronte, from Côte d'Azur University, France, for his engaging presentation on Friday, May 30th, during our workshop "Coaching Meets Simulations in the Age of GenAI". The session was both insightful and inspiring, offering a clear vision of how generative AI can enhance, not replace, the human touch in experiential learning. Dr. Malafronte’s practical examples and forward-looking perspective sparked valuable discussion on the evolving role of educators in the AI era. Below is a photo of Olivier and Cesim CEO Veijo Kyösti.
As the curtains close on the Cesim Elite International Final 2025, we extend our congratulations to all participants and winners. Their dedication, hard work, and innovative thinking are a testament to the bright future of the business world.
We eagerly look forward to next year's competition, where new talents will rise and further push the boundaries of business strategy and sustainability. The next edition of the competition will open in autumn, inviting new participants to join this exciting journey.
