Does a Harvard degree really matter? Tim Cook, Mary Barra's success shows otherwise

Only one CEO from top 20 companies in last year’s Fortune 500 went to an Ivy League school

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Tim Cook (L) went to Auburn University, and Mary Barra (R) went to Kettering University in Flint.
By Joe Nocera

The No. 1 company in last year’s Fortune 500 was Walmart Inc., with $500 billion in revenue. That would make its chief executive, Douglas McMillon, a pretty important and powerful executive, don’t you think? Can you guess where he went to college? The University of Arkansas. He has an MBA, too. From the University of Tulsa.

Second on the list was Exxon Mobil Corp. Its CEO, Darren Woods, went to Texas A&M. Third was Berkshire Hathaway Inc., run by the man many consider the greatest investor who ever lived: Warren Buffett. He spent three years at the Wharton School before transferring to the University of Nebraska, from which he graduated. He was then rejected by Harvard Business School. (He got his MBA from Columbia Business School, where he famously learned from the great value investor Ben Graham.)


Fourth was Apple Inc., whose chief executive, Tim Cook, is arguably the most important executive in all of tech. He went to a university better known for football than academics: Auburn.
ET's-dualpane---2019-03-14T
Exxon Mobil Corp. CEO Darren Woods (L) and Warren Buffett (R).

Are you sensing a pattern here? General Electric Co.’s Lawrence Culp went to Washington College in Chestertown, Maryland. Cardinal Health Inc.’s Michael Kaufmann went to Ohio Northern University in Ada, Ohio. AT&T Inc.’s Randall Stephenson went to the University of Central Oklahoma in Edmond, Oklahoma. General Motors Co.’s Mary Barra went to Kettering University in Flint, Michigan. (Kettering used to be the General Motors Institute before it was spun off from GM in the early 1980s.)

Of the CEOs of the top 20 companies in last year’s Fortune 500, exactly one — Amazon.com Inc.’s Jeff Bezos — went to an Ivy League school (Princeton). And that’s not all. We tend to think of the founders of technology companies as having all gone to Stanford University (or dropping out of Harvard University). And yes, many of them did. But Michael Dell went to the University of Texas. Steve Jobs dropped out of Reed College in Portland, Oregon. Marc Andreessen went to the University of Illinois at Urbana-Champaign. So did Larry Ellison, though he never graduated.

Hurun Rich List: Mukesh Ambani Debuts In Top 10, While 23 Other Indians Join The Club; Bezos Stays Strong On Top
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Amazon's Jeff Bezos, whose wealth has been making headlines due to his impending divorce with wife Mackenzie, topped the Hurun Rich list for the second year. The 55-year-old's net worth is a staggering USD 147 billion. He is followed by Bill Gates at USD 96 bn, Warren Buffett at USD 88 bn, Bernard Arnault at USD 86 bn, and Mark Zuckerberg at 80 billion.

This year's list also saw RIL Chairman Mukesh Ambani make it to the top 10 for the first time. Here's a look at some interesting stats that the list brought out.


(Clockwise from left: Jeff Bezos, Bill Gates, Mukesh Ambani, Warren Buffett)

Amazon's Jeff Bezos, whose wealth has been making headlines due to his impending divorce with wife Mackenzie, topped the Hurun Rich list for the second year. The 55-year-old's net worth is a stagge..
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Despite a tough year for tech giants Facebook and Google, the founders of both the companies were among the top 10 richest people in the world.

The social media network, that celebrated its 15th anniversary in January, was embroiled in the Cambridge Analytica scandal, and has been facing allegations of data breach and privacy violation. However, that doesn't seem to have had much of an impact on founder Mark Zuckerberg's (C) wealth that was still up by USD 1 billion. As for the ranking, the 34-year-old dropped just one place to fifth on the list, yet remaining the youngest of the Top 10.

Google, too, has been at the receiving end of questions on privacy invasion, and parent company Alphabet was recently fined a record US$5.1bn by the European Union for abusing Android’s dominance in the smartphone market. But despite the tough times, 45-year-old Sergey Brin (L) and 45-year-old Larry Page (R) both made their debut in the top 10 on the list. Brin, who is also an avid data miner of Ethereum - the second largest crypto, was at No. 8 with USD 54 billion, while Page with USD 53 billion ranked at the 10th spot.

Despite a tough year for tech giants Facebook and Google, the founders of both the companies were among the top 10 richest people in the world. The social media network, that celebrated its 15th anni..
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Reliance Industries Chairman Mukesh Ambani became the first Indian to break into global top 10. The 61-year-old, who is the only Asian among the top 10, saw a USD 9 billion or 20% surge in his wealth, taking his net worth to USD 54 billion.

Ambani bucked the poor stock market trend in India in the last year, and Reliance Jio Infocomm announced the launch of international roaming between India and Japan, a first for India’s 4G mobile operators to provide VoLTE-based international roaming services in India. He also expanded investment in the entertainment sector with acquisitions worth USD 700 million in Hathway and Den.

Ambani, whose wealth is based on telecom, retail and energy, had also topped the Hurun India Philanthropy List 2018. Currently, the business tycoon is busy with the pre-wedding celebrations of his son Akash - for which he hosted over 850 guests in St. Moritz. In December last year, Ambani hosted the high-profile wedding of his daughter Isha.

Interestingly, Mukesh and his brother Anil Ambani both started with similar amounts after their split, but in the 7 years since then the older Ambani has added USD 30 billion, while Anil has lost over USD 5 billion - amounting to USD 1.9 billion this year. Recently, Anil Ambani was held in contempt of court by the Supreme Court for not paying up Ericsson Rs 540 crore.

Reliance Industries Chairman Mukesh Ambani became the first Indian to break into global top 10. The 61-year-old, who is the only Asian among the top 10, saw a USD 9 billion or 20% surge in his wealth..
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Elon Musk jumped 10 places to the 30th spot with USD 28 billion, on back of increase in SpaceX valuation. The Tesla boss, who has been courting trouble with the U.S. Securities and Exchange Commission due to his tweets that reach out to 25 million followers, ranked 3rd on the Top 10 Immigrant Billionaires list.

Musk, who is originally from South Africa, follows Google's Sergey Brin, and Maria Franca Fissolo of Ferrero Rocher on the immigrant billionaires list.

Elon Musk jumped 10 places to the 30th spot with USD 28 billion, on back of increase in SpaceX valuation. The Tesla boss, who has been courting trouble with the U.S. Securities and Exchange Commissio..
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The report also had some other interesting numbers. 430 billionaires dropped off the list this year, of which 40 were due to deaths and 1,246 saw a drop in their wealth.

China lost the maximum number of billionaires - 213, followed by India with 52.

Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher said, “a 23% drop in the Chinese stock markets coupled with a 6% drop in the Chinese Yuan were the main causes of the dropoffs in China, whilst for India it was a 10% decrease in the value of the Rupee.”

However, in the 201 new additions to the list, China took the lead with 52 billionaires, followed by the USA at 39, and India with 23.

(Representative image)

The report also had some other interesting numbers. 430 billionaires dropped off the list this year, of which 40 were due to deaths and 1,246 saw a drop in their wealth.China lost the maximum number ..
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The Walton family of Walmart is the richest family in the world with a cumulative net worth of USD 173 billion, ahead of Jeff Bezos.

(L to R in pic: Jim, Alice and Rob Walton)

The Walton family of Walmart is the richest family in the world with a cumulative net worth of USD 173 billion, ahead of Jeff Bezos.(L to R in pic: Jim, Alice and Rob Walton)

Women made up 15.5% of the list, similar to last year’s 15.3%. The number of self-made women billionaires fell by 3 last year to 56.

China has the maximum number of self-made billionaires led by 55-year-old Chinese property developer Wu Yajun.

The richest woman is 65-year-old L’oreal heiress Francoise Bettencourt-Meyers (in pic) with USD 49 billion.

Women made up 15.5% of the list, similar to last year’s 15.3%. The number of self-made women billionaires fell by 3 last year to 56.China has the maximum number of self-made billionaires led by 55-ye..
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When I see something like the college admissions scandal that broke on Tuesday — with dozens of parents arrested for resorting to bribery to get their kids into a prestigious school like Yale or Georgetown — I shake my head in dismay. Not because of the criminality; I mean, bribing a women’s soccer coach to pretend your kid is an athlete is more comedy than tragedy. And not because of the sheer stupidity, either. Didn’t anybody tell these rich parents that with their wealth all they had to do was make a sizable donation to get their kid into a “good school,” no matter how poor their grades? (Exhibit A: Jared Kushner, who got into Harvard after his father pledged to make a $2.5 million donation.)

No, what dismays me is that these parents and their children — just like millions of elite parents and their children up and down the East and West coasts — seem to view getting in a top-ranked school, preferably an Ivy League university, as an absolute key to a successful life. Yes, there are powerful reasons, starting with status anxiety, that underlie the obsession with name-brand schools. And yes, as several high-brow commentators have noted, getting your kid into an elite school is a way for the so-called meritocracy to replicate itself into the next generation.

But the elites can’t say that out loud. So the way they justify their obsession is by saying that an education from a top school — not just the Ivies, but the Dukes, the Berkeleys, the Stanfords, the Amhersts — gives their graduates a leg up on life. And perhaps, in a status-obsessed profession like finance, it does. But for the vast majority of us, it won’t. And it doesn’t. If you don’t believe me, just look at that list of CEOs again.
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Harvard University. (Image: harvard.edu)

Maybe a Harvard diploma will give a graduate an easier shot at landing a first job out of school. Maybe. But that’s really the only advantage, and it doesn’t last long. Once you’ve landed the job, you have to perform. If you don’t, your Harvard degree isn’t going to be worth the parchment it’s printed on. And if you do perform, nobody is going to much care that you went to the University of Central Oklahoma. As the Wall Street Journal’s Jason Zweig put it on Twitter:

I had this same thought, about the pointlessness of all the anxiety around college admissions, when the lawsuit against Harvard claiming it discriminated against Asian applicants went to trial last fall. I don’t want Harvard to discriminate either, but those who were complaining about Harvard’s practices had very high test scores. Status aside, why should they care if they didn’t get into Harvard? And why should we? They no doubt went to some other top school and did just as well as if they had gone to Harvard. Maybe better. (The plaintiff, a group called Students for Fair Admissions, didn’t put any Asian on the stand who had been turned down by Harvard, so it is impossible to know where they ultimately went to college.)

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It’s the hoariest of cliches, but it’s true: what you get out of your education is what you put into it. That is especially true when you enter a university because you are usually on your own for the first time. You can make your own decisions about whether to attend that early morning class or sleep through it. Every school has excellent teachers; if you’re motivated, you’ll find them. The qualities you exhibit in college — ambition or laziness; attention to detail or sloppiness; success-oriented or content with mediocrity — will likely be the qualities you bring to your life after college. They will matter a lot more than where you went to school when you were 18.

In his book 'Where You Go Is Not Who You’ll Be', the columnist Frank Bruni describes the obsession with getting into Ivy League schools as “madness.” He’s right. “A sort of mania has taken hold, and its grip seems to grow tighter and tighter,” he adds.

“There is no single juncture, no one crossroads, on which everything hinges,” Bruni concludes. I’m sure that in their own lives, those who were arrested Tuesday had enough life experience to understand that. Had they only been able to see that the same would hold true for their children, they would have saved themselves an awful lot of trouble.

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North China University of Water Resources (Image: AFP) is referred to as the 'Giant Toilet University' and no prizes for guessing why. The building has garnered a lot of attention and ridicule.

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In Nashville, US, the office of telecom giant AT&T is unofficially tagged as the 'Batman building' because of its tinted glass façade that resembles the dark mask of the superhero. It also has two narrow towers on each side of the building that resembles Bat's ears.

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In another part of China, the headquarters of China Central Television is referred to as 'Big pants'. The 44-storeyed Beijing-based building, which began operations in 2008, comprises three buildings that intersect to look like one-and-a-half building. It was designed by Dutch architect and professor of Harvard University Rem Koolhaas.

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