Choosing two business degrees versus choosing one : what does it tell about mutual fund managers' investment behavior?

We analyze what a second business degree reveals about the investment behavior of mutual fund managers. Specifically, we compare performance, risk, and style of managers with both a CFA designation and an MBA degree to managers with only one of these qualifications. We document that the average performance level between these groups does not significantly differ. However, managers with both degrees take less risk, follow less extreme investment styles, and achieve less extreme performance outcomes. We conjecture that these differences in double degree managers’ investment behavior can be explained by their attitude towards their career. We rule out several alternative explanations: our results are not driven by the manager’s skill, the fund family’s investment policy, or by the respective education contents of the MBA and the CFA program.