The Forbes 400 list of the richest people in the USA has been released. Of the 400, 126 have inherited the bulk of their wealth (e.g. Waltons of Wal-Mart). 274 are considered “self-made”. According to Forbes, of these entrepreneurs, “14% either never started or never completed college.” Look at how the world has changed just in the last 10 years; you can understand how these individuals became successful in industries that were incubating or not even in existence at the time they were of college age (e.g. Facebook). Of the remainder, a lot of individuals have advanced education (e.g. M.B.A.s) and strong math skills. Please check out both The Forbes 400 and A Recipe for Riches.
Lessons?
One, you do not need a university education to be successful. That flies in the face of conventional wisdom but is important to remember. Do what you love, do not go to school just to please someone. It will be both expensive and a waste of four plus years.
Two, if you do go to school, focus on developing analytical skills. The authors explicitly mention math, but I think the ability to analyze, crucial in mathematics, might be a more important factor.
Three, again I shall differ slightly with the authors and place a caveat on the M.B.A. degree. An M.B.A can be very useful if you use it to complement a non-business degree, such as engineering. If you have an under graduate degree in business, an M.B.A. may be overkill. When I was in university, most of my third and fourth year business courses were identical to the M.B.A equivalent (i.e. both M.B.A and Commerce course names on the same exam papers). And, being a tad cynical, professionals like to hire and work with their own kind. It is a comfort thing supposedly. C.A.s like to hire other C.A.s, lawyers other lawyers, and so on. So if you want to work in a field with a lot of M.B.A.s, an M.B.A. of your own might be worthwhile. Even better is an M.B.A. from the school of the person who is interviewing you!
