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JOURNAL OF ACCOUNTING AND FINANCE
CFA, MBA or Both: Further Evidence on Mutual Fund Performance
Author(s): Yuhong Fan, M. Imtiaz Mazumder
Citation: Yuhong Fan, M. Imtiaz Mazumder, (2017) "CFA, MBA or Both: Further Evidence on Mutual Fund Performance", Journal of Accounting and Finance, Vol. 17, Iss. 7, pp. 140-158
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This study examines mutual fund performance by using a distinct method to identify and measure fund managers’ educational and professional qualifications at a fund level irrespective of managerial turnover. Fund performance is measured by eight Morningstar variables which are more practitioner focused and easily accessible to investors. Empirical results document that funds with a higher intensity of managers’ qualifications underperform. There is a statistically significant performance difference between managers with either a CFA designation or an MBA degree (or both) and managers without any of these attributes. Managers with an MBA degree perform moderately better than managers with a CFA designation. These findings are robust to fund sizes, fund styles, different performance metrics, and methodologies used.
