The top ten university degrees taken by millionaires

The question of degrees, earnings and careers is a common one. But which subjects did the world's wealthiest individuals take at university, and how did it help them?

Is an MBA worth the money? Type this question into Google and the results will provide you with reading enough to last a lifetime. But at a time when tuition fees are spiralling beyond most people’s mortgages, the same question could be asked of any degree. “Are there well paid jobs for art history graduates?”, or, “It is worth learning a language?” are legitimate questions to ask. Choosing a degree, whether post- or undergraduate, is no longer about pursuing what you enjoy. Instead, students are faced with the question: “How do I monetise my degree?”

This question would have many liberal academics choking on their lentils, and it goes without saying that not everyone reads a subject to become a high-flying city banker or wealthy entrepreneur.

But, for those MBA hopefuls or entrepreneurial types, the question remains – which degree is best for becoming wealthy? A study by the wealth consultancy WealthInsight has found the answer: Engineering. By crunching together the academic histories of the world’s millionaires and deducting their most studied subjects, a unique ranking has been produced:

1. Engineering
2. MBA
3. Economics
4. Law
5. (Bachelor's) Business Administration (BBA)
6. Commerce
7. Accounting
8. Computer Science
9. Finance
10. Politics
Note: This list is a combination of both graduate and undergraduate degrees.

The obvious degrees are all here: MBA, economics, law, accounting and so on. Interestingly, though, few of these degrees turn out to be vocational - most engineering graduates, for example, are not engineers but entrepreneurs. The same goes for most law and politics graduates, who owe their fortunes, not to practicing their professions, but climbing the ranks of the financial sector.

With the rise of the tech industry, it is interesting that computer science – a formally overlooked discipline – is on the top 10 list. In future years, as more and more tech entrepreneurs make it big, and undergraduates aim to imitate the successes of Mark Zuckerberg and Jack Dorsey, it will probably move further up the list.

MBA or School of Life?

So, is an MBA worth the money? Anecdotal evidence is in no short supply: MBA sceptics frequently quote Richard Branson, the dyslexic school dropout, or Bill Gates who left Harvard because he was more interested in tinkering with computers than studying. However, MBAs are gaining popularity and most top City jobs require one. 

WealthInsight’s research found that 12.8 per cent of the studied millionaires have an MBA, whereas just over 1 per cent did not attend, or dropped out of university. For those Branson supporters, it is interesting to note that 4.5 per cent more millionaires have a PhD than no degree at all.

However, that is not the end of the story. Looking at what these MBA graduate and drop outs did afterwards throws up some interesting conclusions: MBA graduates were more likely to end up earning a salary in a financial firm, while most of those who did not attend, or dropped out of university, became entrepreneurs, mostly in the media sector. The most popular degrees among millionaires at postgraduate level are as follows:

1. MBA
2. Law
3. Engineering
4. Economics
5. Finance
6. Management
7. Computer Science
8. Medicine
9. Accounting
10. Mathematics

“Transferable skills” is one of those nouveau corporate terms that interviewees fear and recruiters abuse, but can it be applicable when it comes to asking how one monetises a degree. Certainly there is a theme that can be plucked from all this: learning numbers at university is useful for amassing a personal fortune. That is why the sciences dominate the top 10 subjects studied. But don’t despair if your undergraduate is in art history and not accounting. Further down WealthInsight’s list are all the humanities: art, English, archaeology, architecture and so on.

While some of the world’s best-paid jobs require MBAs, remember that most of the world’s most wealthy individuals are entrepreneurs. Whether or not anthropology teaches the “transferable skills” that an investment bank requires is a matter for debate, but the subject is certainly no hindrance for those with a business idea.

The campus at Notre Dame University. Photograph: Getty Images.

Oliver Williams is an analyst at WealthInsight and writes for VRL Financial News

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Jeremy Corbyn challenged by Labour MPs to sack Ken Livingstone from defence review

Former mayor of London criticised at PLP meeting over comments on 7 July bombings. 

After Jeremy Corbyn's decision to give Labour MPs a free vote over air strikes in Syria, tonight's Parliamentary Labour Party (PLP) meeting was less fractious than it could have been. But one grandee was still moved to declare that the "ferocity" of the attacks on the leader made it the most "uplifting" he had attended.

Margaret Beckett, the former foreign secretary, told the meeting: "We cannot unite the party if the leader's office is determined to divide us." Several MPs said afterwards that many of those who shared Corbyn's opposition to air strikes believed he had mishandled the process by appealing to MPs over the heads of the shadow cabinet and then to members. David Winnick declared that those who favoured military action faced a "shakedown" and deselection by Momentum activists. "It is completely unacceptable. They are a party within a party," he said of the Corbyn-aligned group. The "huge applause" for Hilary Benn, who favours intervention, far outweighed that for the leader, I'm told. 

There was also loud agreement when Jack Dromey condemned Ken Livingstone for blaming Tony Blair's invasion of Iraq for the 7 July 2005 bombings. Along with Angela Smith MP, Dromey demanded that Livingstone be sacked as the co-chair of Labour's defence review. Significantly, Benn said aftewards that he agreed with every word Dromey had said. Corbyn's office has previously said that it is up to the NEC, not the leader, whether the former London mayor holds the position. In reference to 7 July, an aide repeated Corbyn's statement that he preferred to "remember the brilliant words Ken used after 7/7". 

As on previous occasions, MPs complained that the leader failed to answer the questions that were put to him. A shadow minister told me that he "dodged" one on whether he believed the UK should end air strikes against Isis in Iraq. In reference to Syria, a Corbyn aide said afterwards that "There was significant support for the leader. There was a wide debate, with people speaking on both sides of the arguments." After David Cameron's decision to call a vote on air strikes for Wednesday, leaving only a day for debate, the number of Labour MPs backing intervention is likely to fall. One shadow minister told me that as few as 40-50 may back the government, though most expect the total to be closer to the original figure of 99. 

At the end of another remarkable day in Labour's history, a Corbyn aide concluded: "It was always going to be a bumpy ride when you have a leader who was elected by a large number outside parliament but whose support in the PLP is quite limited. There are a small number who find it hard to come to terms with that result."

George Eaton is political editor of the New Statesman.