In an article titled “Do You Need An Ivy League Degree to Rise to the Top in Business”, dated September 14, 2009, I made observations on a recently released report of the educational background of Fortune 100 CEOs. That report has now been revised, and it is obvious that there has been much upheaval in the upper echelons of business over the past year. Twelve percent of companies on the 2011 list are new, and stalwarts like Motorola, Phillip Morris and Macy’s are nowhere to be seen. But in terms of education, the CEOs from the new companies, and new CEO’s of other Fortune 100 companies, have much in common with those who made the list last year.
Interesting facts for the 2011 Fortune 100 CEOs include the following: • 18 CEOs have an Ivy League undergraduate education • 9 CEOs have an undergraduate degrees from a foreign institution • 63% of CEOs have an advanced degree of some kind • 11% of CEOs have a JD • 36% of CEOs have an MBA
It is impossible to identify trends from only two years worth of data. However, I stand by the conclusion that I drew from my September, 2009, analysis:
The quality of education does make a difference to someone’s ability to become a CEO of a Fortune 100 company. But the data suggests that a smart person can get a quality education just about anywhere. Perhaps the secret to success is both simpler, but also more difficult to achieve: To reach the top, you obviously need to be a great leader, with vision and drive. But you also need good mentors and the foresight to be in the right place at the right time. What you don’t have to have is an Ivy League degree.