Are You Smarter than a CFA’er?

25 Pages Posted: 22 Aug 2009 Last revised: 12 Apr 2013

See all articles by Oguzhan C. Dincer

Oguzhan C. Dincer

Illinois State University - Department of Economics; Illinois State University-Institute for Corruption Studies

Russell B. Gregory-Allen

Massey University - Department of Commerce

Hany A. Shawky

State University of New York at Albany - School of Business and Center for Institutional Investment Management

Date Written: 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.

Keywords: CFA, MBA, portfolio managment, portfolio risk

Suggested Citation

Dincer, Oguzhan C. and Gregory-Allen, Russell B. and Shawky, Hany A., Are You Smarter than a CFA’er? (January 12, 2010). Available at SSRN: https://ssrn.com/abstract=1458219 or http://dx.doi.org/10.2139/ssrn.1458219

Oguzhan C. Dincer

Illinois State University - Department of Economics ( email )

Normal, IL 61790-4200
United States

Illinois State University-Institute for Corruption Studies ( email )

Stevenson Hall 425
Normal, IL 61790-4200
United States

Russell B. Gregory-Allen (Contact Author)

Massey University - Department of Commerce ( email )

Auckland
New Zealand

Hany A. Shawky

State University of New York at Albany - School of Business and Center for Institutional Investment Management ( email )

School of Business
1400 Washington Ave.
Albany, NY 12222
United States
518-442-4921 (Phone)
518-442-3944 (Fax)

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