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Although it has been argued that chess can help in students performance, it
seems that experimental studies are not absolutely coincident, but
moderated effects on IQ are ever mentioned, I have read an Australian
article in which the hypothesis: Does the playing of chess lead to
improved scholastic achievement? is tested using discriminative linear
models, without a clear conclusion (Murray Thompson, Flinders University),
but one of the interpretations of the results was the following:
'...Of particular interest in this study is the value G20. This
represents the effect of playing competitive chess on the performance
abilities of the students. It suggests that, taking into account the
effects of IQ and grade level, students who play chess competitively, are
performing at a level of 0.056 of a logit better than others, when
controlling for the other variables of grade and IQ. This is approximately
equivalent to one quarter of a year's work. However this result was not
found to be significant. One possible explanation of this lack of
significance is that the playing of chess has contributed to the
individual student IQ and so the benefits of playing chess have been
absorbed into the IQ variable.' 
It seems the truth that Chess practice can contribute in making a young
smarter, but I agree that the IQ increment can be no more that 10-15% in
the best of cases. You can´t force the determined human nature too much.