Evidence for generalized neuropsychological deficits in schizophrenia is substantial whereas evidence for the specificity of dysfunction is relatively sparse. To assess specificity, we compared neuropsychological function in patients with chronic schizophrenia (n = 87), patients with chronic psychotic bipolar disorder (n = 15) and normal controls (n = 94). An extensive neuropsychological battery was administered. Groups were not significantly different on age, ethnicity and expected intellectual ability (based on single word reading). Patients with schizophrenia and bipolar psychoses were also similar on age at onset, number of hospitalizations, and daily neuroleptic-equivalent dose. Using multivariate analyses of variance with sex and parental SES as covariates, schizophrenia patients were significantly worse than controls on 7 of 8 neuropsychological functions (all but verbal ability), and were significantly more impaired than bipolar patients on abstraction, perceptual-motor speed and vigilance. Bipolar patients were significantly impaired compared to controls on verbal memory. Results were not attenuated when we controlled for a measure of behavior during the testing session, or for IQ, which was significantly lower in patients with schizophrenia. Consistent with previous work, analyses indicated that the two psychiatric groups had similar profile patterns, but that patients with schizophrenia had a more severe impairment than patients with bipolar psychoses. This suggests that level, but not profile type is different between the groups. Further research is required to determine whether similar mechanisms underly the neurocognitive deficits in these disorders.