In summary, using M.B.A. students as a proxy for investors is, in many instances, a valid methodological choice, but researchers must give careful consideration to aligning a task’s integrative complexity with the appropriate level of M.B.A. student. Select M.B.A. students are a good proxy for nonprofessional investors in tasks that are relatively low in integrative complexity. Though less definitive, the majority of our tests also suggest that these students are a good proxy for nonprofessional investors in tasks that are relatively high in integrative complexity. Early M.B.A. students are also a good proxy for nonprofessional investors in tasks that are relatively low in integrative complexity, except when making investment decisions. For tasks that are relatively high in integrative complexity, early M.B.A. students acquire information similarly to nonprofessional investors, but they do not appear to integrate this information in a similar manner. Thus, for tasks that are relatively high in integrative complexity, we recommend that researchers recruit select M.B.A. students when actual nonprofessional investors are not available.