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Are You Smarter than a CFA’er?Oguzhan C. DincerIllinois State University ; Harvard University - Edmond J. Safra Center for Ethics Russell B. Gregory-AllenMassey University - Department of Commerce Hany A. ShawkyState University of New York at Albany - School of Business and Center for Institutional Investment Management January 12, 2010 Abstract: Several studies have examined whether a manager having an MBA or CFA leads to superior portfolio performance. However, these studies have yielded mixed conclusions. A possible reason is that most have considered only MBA or CFA alone, and most have not controlled for managers’ style targets. We examine MBAs and CFAs together, controlling for market conditions and style targets. We find no unambiguous difference in return attributable to MBA, CFA or Experience; but more significantly (especially in light of recent events), CFAs reduce and MBAs increase portfolio risk.
Number of Pages in PDF File: 25 Keywords: CFA, MBA, portfolio managment, portfolio risk working papers seriesDate posted: August 22, 2009 ; Last revised: April 12, 2013Suggested CitationContact Information
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