Stephen Horan, PhD, CFA, CIPM

Managing Director, Credentialing


  • Investment Performance Measurement
  • Investment Standards of Practice
  • Investment Management
  • Private Wealth

Dr. Horan brings to the table a unique combination of industry and academic experience. In industry, he has served as an expert witness in support of securities litigation, a forensic economist in private practice preparing economic impact studies, a principal of a financial advisory firm, a financial analyst, and as a buy-side account manager and sell-side stockbroker. In academia, Horan served as a professor of finance at and is a recognized researcher in wealth management, tax efficient investing, and derivatives. In his current position, Horan leads the development of CFA Institute’s education programs, including the globally recognized CFA Program, and publications

The author or co-author of several books, including The New Wealth Management: A Financial Advisers Guide to Managing and Investing Client Assets and the Forbes/CFA Institute Investment Course, Dr. Horan has also edited the volume Private Wealth: Wealth Management in Practice. His articles have appeared in peer-reviewed journals, such as the Financial Analysts Journal, Harvard Business Review Latin America, Journal of Financial Research, Journal of Wealth Management, and Financial Services Review. He has received numerous research grants, including the 2012 Graham and Dodd Readers’ Choice Award.

His award-winning research has been profiled in leading practitioner publications, including CFA Digest and Barron’s, as well as the popular press, including the Chicago Tribune and Baltimore Sun. He is a frequent columnist in the Financial Times and is often cited in the media, including publications such as The Wall Street Journal, The New York Times, CNBC, Investment News, and Money Magazine.

Dr. Horan currently serves on the editorial board of the Journal of Wealth Management and the Financial Services Review. Before joining CFA Institute, he was active both locally and nationally with CFA Institute, drafting monographs, serving as a consultant to the Financial Accounting Policy Committee, and as Education chair for the CFA Society of Buffalo. He has been a frequent invited speaker at professional, academic, and CFA Institute events.

Dr. Horan earned a Ph.D. in Finance at the State University of New York/Buffalo and a BBA degree in Finance at St. Bonaventure University.