Carla S. Nunes

Carla S. Nunes has more than 25 years of experience in valuation, financial reporting, and tax, with deep expertise in cost of capital, market data, and the practical application of valuation standards. As Managing Director and head of VRC’s Capital Markets Research group, she focuses on advancing the firm’s market data, research analytics, and cost of capital frameworks, supporting clients across transaction-related and portfolio valuation engagements.

Carla is widely recognized for her leadership in the valuation technical guidance and methodology. Prior to joining VRC, she held senior roles at Kroll (formerly Duff & Phelps), most recently in the Office of Professional Practice, where she provided technical guidance on complex valuation issues and contributed to the development and application of valuation standards across global teams. She also served as the Global Leader of Kroll’s Valuation Digital Solutions group, overseeing the development of cost of capital thought leadership and data-driven valuation tools, including the Cost of Capital Navigator, an online platform she co-created.

Earlier in her career, Carla performed valuation engagements for financial reporting and tax purposes at Kroll and its predecessor firm, as well as at PricewaterhouseCoopers and Standard & Poor’s. She also completed a one-year professional rotation in London, supporting IFRS implementation and international valuation initiatives.

Carla is deeply engaged in the valuation profession. She is a member of the Financial Reporting Committee of the Institute of Management Accountants, the Education Committee of the International Institute of Business Valuers, and the IVSC SRB ESG and Sustainability Working Group, and is an inaugural member of the BVR Leadership Council. Carla is a frequent speaker on cost of capital, goodwill impairment, and valuation topics, and is a regular guest lecturer at The Wharton School of the University of Pennsylvania.

Carla is a recognized global expert in cost of capital and related topics. She has co-authored numerous articles, chapters, and books, including the Valuation Handbook series, widely used by valuation, accounting, and finance professionals.

Carla received an M.B.A. in Finance from the University of Rochester’s Simon School, and an honors degree in Business Administration from the School of Economics and Management at the University of Lisbon (ISEG Lisbon). She completed coursework toward a Master of Taxation from Villanova University School of Law and holds the Chartered Financial Analyst (CFA) designation and the Accredited in Business Valuation (ABV) credential. She has also passed the examination and fulfilled all requirements for the Certified in Entity and Intangibles Valuations (CEIV) credential.