Are You Smarter than a CFA’er?

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

Oguzhan C. Dincer

Illinois State University - Department of Economics; Harvard University - Edmond J. Safra Center for Ethics

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

Harvard University - Edmond J. Safra Center for Ethics ( email )

124 Mount Auburn Street
Suite 520N
Cambridge, MA 02138
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)

Paper statistics

Downloads
1,779
Rank
6,711
Abstract Views
8,577