Aurora Borealis
1 November 1994 Financial Analysts Journal Volume 50, Issue 6

Are CFA Charterholders Better Equity Fund Managers?

  1. Ravi Shukla
  2. Sandeep Singh
Does a portfolio manager's advanced professional education, as symbolized by the CFA designation, result in superior performance? In this study of equity mutual funds (with stated objectives of equity/income, growth/income, growth, and aggressive growth) for the period of July 1988 to December 1992, the funds managed by at least one CFA-designated manager were riskier but better diversified than the other funds. The funds with CFA-chartered managers also outperformed the other funds as a group, although the difference was not statistically significant for all fund objectives.
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