Sell-Side Financial Analysts and the CFA Designation Program

30 Pages Posted: 29 Aug 2012 Last revised: 18 Oct 2018

See all articles by Qiang Kang

Qiang Kang

Florida International University (FIU) - Department of Finance

Xi Li

University of Arkansas - Department of Finance

Tie Su

University of Miami - Department of Finance

Date Written: August 7, 2017

Abstract

We examine the effects the Chartered Financial Analyst (CFA) designation program has on recommendation performance and career outcomes of the analysts who complete the curriculum and become charterholders. For these analysts, both their recommendation performance and their chances of making the Institutional Investor’s All-America Research Team increase during 1993–2015. These effects are attributable to the CFA program curriculum. The results remain largely stable across the pre- and post-2000 subperiods, and they survive an array of robustness checks.

Keywords: Capital markets, CFA program, Analyst recommendation performance, Analyst career outcome, Occupational certification/licensing

JEL Classification: G24, J24, J44, M53

Suggested Citation

Kang, Qiang and Li, Xi and Su, Tie, Sell-Side Financial Analysts and the CFA Designation Program (August 7, 2017). Financial Analysts Journal, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2137312 or http://dx.doi.org/10.2139/ssrn.2137312

Qiang Kang (Contact Author)

Florida International University (FIU) - Department of Finance ( email )

University Park
11200 SW 8th Street
Miami, FL 33199
United States

Xi Li

University of Arkansas - Department of Finance ( email )

Fayetteville, AR 72701
United States

Tie Su

University of Miami - Department of Finance ( email )

P.O. Box 248094
Coral Gables, FL 33124-6552
United States
305-284-1885 (Phone)
305-284-4800 (Fax)

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
321
Abstract Views
3,518
rank
138,649
PlumX Metrics