McCarthy has admitted he is a huge admirer of the way that Moyes has made Everton a force to be reckoned with in the Premier League.
Everton have finished fifth in each of the last two seasons and McCarthy knows his side will face one of their sternest tests of the season this weekend.
McCarthy, whose team are bidding to avoid a third straight league defeat, said: "David has done a great job at Everton.
"They have been getting better and better. He has done well and got the best out of everyone.
"He has won the manager of the year twice so he is recognised by his peers as well for doing a very good job.
"But to get beyond finishing fifth takes an extra level of investment which I don't think they will have."
McCarthy has promised to adopt a bold approach for the clash and has revealed that setting up a side to effectively frustrate the opposition and try to play for a draw is just not in his make-up.
It is something he has only done once, when he was managing the Republic of Ireland against Croatia.
Ireland lost to a late goal from Davor Suker and the pain of the defeat was magnified by the fact he had sent his side out to play with just one striker and a five-man midfield.
It is not a tactic he is planning to use at Molineux as McCarthy is very much a man who likes his teams to play on the front foot with a 4-4-2 formation.
McCarthy added: "My view is that I would sooner try and win the game.
"There is nothing worse than setting out to try and get a draw and then being beaten, especially as I do beat myself up about things on a Sunday morning.
"This league can be very unforgiving if you go into games with no optimism and then go and sit back and have no desire to try and win the game.
"In fact I find it more unforgiving when you don't try and win the game and I know we won't create too many chances with one up front."
Wolves' attacking intent will be boosted by the return to the starting line-up of winger Michael Kightly and striker Sylvan Ebanks-Blake.
Kightly has not started a first team game since March following hip and foot surgery while Ebanks-Blake's last start was on the opening day of the season against West Ham when when he suffered a hamstring strain.
The duo were key men as Wolves won promotion last season and McCarthy is looking for them to star in the Premier League.
He said: "Kights has that something a little bit different. He can open up a defence and spot a pass.
"He is a very good footballer and he is full of confidence in his own ability.
"It is nice to have him and Sylvan back and they are both fit to start."