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Global Mergers & Acquisitions Challenge 3rd Edition 

Connecting Like-Minded Students From Across The Globe





Cambridge Judge Business School

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Cambridge Venture Capital & Private Equity Society


Student Club Network

The GMAChallenge, formerly known as the Royal Challenge, is the world's largest M&A case competition. Students from over 40 universities in Europe have participated in the prior editions of the competition.  



Our Sponsors



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The Event

The Global Mergers and Acquisitions Challenge is an international competition inviting ambitious students from around the globe to demonstrate their prowess in M&A strategies. Our mission is to promote gender equality, uplift the underrepresented, and inspire students from diverse backgrounds to explore and excel in the intricate crossroads of sustainability, behavioural economics, and M&A.

This competition is not only a professional arena for budding financiers to exhibit their acumen but also a path to learn from, and network with, top industry experts. Beyond intellectual stimulation, students participating in this challenge have the opportunity to secure cash prizes up to £15,000, internship placements, and potential interviews with our esteemed sponsors. The top five teams gain exclusive access to the final event, ensuring that the challenge is a unique amalgamation of learning, networking and reward.




Registration Phase (closes 1st October)

  • Sign up as a team of 4, including at least one member that identifies as female.

  • Submit CVs, which will also be shared with sponsors for recruitment.

  • While applications are reviewed on a rolling basis, we recommend signing up as soon as you feel ready to do so. 

Intermediary Phase

  • Join us for the official launch online on 2nd October.

  • Identify a potential firm to merge with or acquire, adhering to the instructions provided (exclusively to participants).  

  • All participants will meet representatives from each sponsoring firm at two online Q&A sessions, allowing for expert guidance in financial modelling and M&A strategy.

  • The top 5 teams will proceed onto the Finale, with judging based on the quality of presentation, the logic of the deal, and their M&A model.


  • The final event will take place in-person on the 2nd of November in London at the prestigious Royal Academy.

  • Participants will attend a networking breakfast with associates from sponsors, followed by invaluable coaching from these associates which will allow teams to fine-tune their case studies. 

  • The afternoon will be dedicated to final presentations, after which a panel discussion open to all students will be hosted from 17:00 to 18:00. Previous panellists include Hassan El Khatib (Managing Director Equity at EBRD) and Jonathan Kelly (Senior Managing Director at Blackstone).

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A Look at Past Editions


Arman Topchu, 1st Edition Winner

“Competing in the Royal M&A Challenge was a great experience! I met ambitious peers from all around Europe with a keen interest in private equity and I was able to see how they think about investing. The feedback from the judges who do this for a living was extremely valuable and insightful. Moreover, I learned through the process and formed a stronger bond with my team. Overall, I would highly recommend participating in the next round to eligible students.”
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