IMCA Releases Masters of Finance, Featuring Best Minds in Finance and Economics

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New book includes more than 10 years of in-depth interviews

For more than a decade, the editorial board of the Investment Management Consultants Association® (IMCA®) publication Journal of Investment Consulting has featured comprehensive, deep-dive interviews with some of the leading minds in finance and economics. Now, the collected works, including discussions with seven Nobel laureates, is available in a new book.

IMCA this week releases Masters of Finance, edited by Margaret M. Towle, Ph.D., CPWA®, and featuring the words of experts ranging from Harry Markowitz, Ph.D.—known as the father of modern portfolio theory—to Robert Shiller, Ph.D.—developer of the Case-Shiller Home Price Indices—to Myron Scholes, Ph.D., Nobel Laureate and developer of the Black-Scholes model.

With each discussion, Masters of Finance explores the influences that shaped these experts’ research and the resulting ideas. One example includes a discussion with a pioneer in behavioral economics, Daniel Kahneman, Ph.D., who will be a keynote speaker at the upcoming IMCA 2015 New York Consultants Conference. A free download of the chapter featuring Kahneman is available online at

Edward D. Baker, executive chairman at The Cambridge Strategy, calls the work, "A compelling look into the thinking and the lives of the people who shaped the investment industry—from both the academic and practitioner perspectives.”

And Arun Muralidhar, Ph.D., co-founder of Mcube Investment Technolgoies notes, "Margaret Towle has done a masterful job in putting together Masters of Finance, a treasure trove of brilliant insights and candid ruminations of the leading lights in our business. A must read for those seeking a mastery of finance.”

Throughout the book there are lessons about how understanding risk is paramount, how flexibility in thinking and openness in considering other worldviews expand the solution set, and how taking the path less followed early in one’s career leads to breakthroughs later on. The list of chapters includes:

  • Peter Bernstein: The Philosopher King of Wall Street
  • John Bogle: Champion of the Individual Investor
  • Gene Fama: Father of Modern Finance
  • Daniel Kahneman: Father of Decision Making
  • Dean LeBaron: Investment Futurist
  • Marty Leibowitz: Wall Street’s Bond Guru
  • Bob Litterman: Stellar Quant
  • Burt Malkiel: Random Walker with a Crutch
  • Harry Markowitz: Father of Modern Portfolio Theory
  • Robert Merton: Rational Man, with a Big “R,”, Big “M”
  • Myron Scholes: Intellectual Father of the Credit Default Swap
  • Bill Sharpe: Godfather of Index Funds
  • Bob Shiller: Mr. Bubble
  • Richard Thaler: Founding Father of Behavioral Economics
  • Ed Thorp: King of Gamblers

Masters of Finance is available now at IMCA’s online store at

Established in 1985, IMCA is a nonprofit professional association and credentialing organization with more than 9,100 individual members in the U.S. and Canada, 400 members in international affiliates, and 500 CIMA/CIMC/CPWA certificants who do not hold membership. IMCA members collectively manage more than $2.477 trillion, providing investment consulting and wealth management services to individual and institutional clients. Since 1988, IMCA has offered the Certified Investment Management Analyst® (CIMA®) certification, which earned accreditation by the American National Standards Institute (ANSI) in April 2011, making it the first financial services credential in the United States to meet international standards (ISO 17024) for personnel certification. IMCA’s Certified Private Wealth Advisor® (CPWA®) certification is suited for wealth management professionals working with high-net-worth clients. In 2013, IMCA conferences and workshops hosted more than 4,000 attendees.

IMCA® and Investment Management Consultants Association® are registered trademarks of Investment Management Consultants Association Inc. CIMA®, Certified Investment Management Analyst®, CIMC®, CPWA®, and Certified Private Wealth Advisor® are registered certification marks of Investment Management Consultants Association Inc. Investment Management Consultants Association Inc. does not discriminate in educational opportunities or practices on the basis of race, color, religion, gender, national origin, age, disability, or any other characteristic protected by law.

Contact: Ian MacKenzie
Phone: 303.850.3093
Email: IMacKenzie(at)IMCA(dot)org

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Chase Squires
Investment Management Consultants Association
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