Academy of Financial Services
The attention surrounding credentials in the investments industry has increased since 2005 as the number of financial credentials tracked by The Financial Industry Regulatory Authority (FINRA) ballooned from 48 in 2005 to 160 in 2015. This issue has caused the Consumer Financial Protection Bureau and FINRA to investigate the academic rigor of financial designations even though neither organization has provided empirical evidence that such credentials actually confuse or mislead investors. This paper investigates whether or not such credentials mislead investors and, if such credentials are misleading, this paper will investigate how they deceive investors.
Author(s): Patrick Lach, Michael Breazeale