Carla S. Nunes, CFA

Carla S. Nunes, CFA, has co-authored numerous articles and chapters for CFA Institute Research Foundation publications and has been a featured speaker on video series and at conferences for CFA Institute Research and Policy Center and the Research Foundation. She is co-author of the Research Foundation’s Valuation Handbook — International Guide to Cost of Capital: Summary Edition and a contributor to Stocks, Bonds, Bills, and Inflation® (SBBI®): Summary Edition.

Carla S. Nunes, CFA,is a managing director and head of capital markets research at Valuation Research Corporation. With more than 25 years of experience in valuation, financial reporting, and tax management, she is widely recognized for her expertise in cost of capital and the practical application of valuation standards, theory, and best practices across transaction-related and portfolio valuation contexts. Previously, she spent two decades at Kroll and its predecessor firms. Most recently she was in the Kroll Office of Professional Practice, where she provided global technical guidance on complex valuation issues. She also served as global leader of the Kroll Valuation Digital Solutions group, overseeing the creation of data-driven tools and thought leadership and co-developing the Cost of Capital Navigator, a widely used online platform. Earlier in her career, Carla performed valuation engagements for financial reporting and tax purposes at Kroll/Duff & Phelps as well as PwC and Standard & Poor’s. She also completed a professional rotation in London supporting IFRS implementation and international valuation initiatives.

Carla is deeply engaged in the profession through her service on the IMA Financial Reporting Committee, the International Institute of Business Valuers Education Committee, the International Valuation Standards Council Standards Review Board ESG and Sustainability Working Group, among others. She also served as practitioner director on the board of FMA International. She is also a regular guest lecturer at The Wharton School.

Carla holds an MBA in finance from the University of Rochester’s Simon Business School and an honor’s degree in business administration from ISEG Lisbon.

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