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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Richmond is a victory for hope - now let's bring change across the country

The regressives are building their armies. 

Last night a regressive alliance was toppled. Despite being backed by both Ukip and the Conservative Party, Zac Goldsmith was rejected by the voters of Richmond Park.

Make no mistake, this result will rock the Conservative party – and in particularly dent their plans for a hard and painful Brexit. They may shrug off this vote in public, but their majority is thin and their management of the post-referendum process is becoming more chaotic by the day. This is a real moment, and those of us opposing their post-truth plans must seize it.

I’m really proud of the role that the Green party played in this election. Our local parties decided to show leadership by not standing this time and urging supporters to vote instead for the candidate that stood the best chance of winning for those of us that oppose Brexit. Greens’ votes could very well be "what made the difference" in this election (we received just over 3,500 votes in 2015 and Sarah Olney’s majority is 1,872) - though we’ll never know exactly where they went. Just as importantly though, I believe that the brave decision by the local Green party fundamentally changed the tone of the election.

When I went to Richmond last weekend, I met scores of people motivated to campaign for a "progressive alliance" because they recognised that something bigger than just one by election is at stake. We made a decision to demonstrate you can do politics differently, and I think we can fairly say that was vindicated. 

There are some already attacking me for helping get one more Liberal Democrat into Parliament. Let me be very clear: the Lib Dems' role in the Coalition was appalling – propping up a Conservative government hell bent on attacking our public services and overseeing a hike in child poverty. But Labour’s record of their last time in office isn't immune from criticism either – not just because of the illegal war in Iraq but also their introduction of tuition fees, privatisation of our health service and slavish worship of the City of London. They, like the Liberal Democrats, stood at the last election on an austerity manifesto. There is a reason that we remain different parties, but that doesn’t mean we shouldn't also seize opportunities like this to unite behind what we have in common. Olney is no perfect candidate but she has pledged to fight a hard Brexit, campaign against airport expansion and push for a fair voting system – surely progressives can agree that her win takes us forward rather than backwards?

Ultimately, last night was not just defeat of a regressive alliance but a victory for hope - a victory that's sorely needed on the back of of the division, loss and insecurity that seems to have marked much of the rest of this year. The truth is that getting to this point hasn’t been an easy process – and some people, including local Green party members have had criticisms which, as a democrat, I certainly take seriously. The old politics dies hard, and a new politics is not easy to forge in the short time we have. But standing still is not an option, nor is repeating the same mistakes of the past. The regressives are building their armies and we either make our alternative work or risk the left being out of power for a generation. 

With our NHS under sustained attack, our climate change laws threatened and the increasing risk of us becoming a tax haven floating on the edge of the Atlantic, the urgent need to think differently about how we win has never been greater. 

An anti-establishment wave is washing over Britain. History teaches us that can go one of two ways. For the many people who are utterly sick of politics as usual, perhaps the idea of politicians occasionally putting aside their differences for the good of the country is likely to appeal, and might help us rebuild trust among those who feel abandoned. So it's vital that we use this moment not just to talk among ourselves about how to work together but also as another spark to start doing things differently, in every community in Britain. That means listening to people, especially those who voted for Britain to leave the EU, hearing what they’re saying and working with them to affect change. Giving people real power, not just the illusion of it.

It means looking at ways to redistribute power and money in this country like never before, and knowing that a by-election in a leafy London suburb changes nothing for the vast majority of our country.

Today let us celebrate that the government's majority is smaller, and that people have voted for a candidate who used her victory speech to say that she would "stand up for an open, tolerant, united Britain".  But tomorrow let’s get started on something far bigger - because the new politics is not just about moments it's about movements, and it will only work if nobody is left behind.

 

Caroline Lucas is the MP for Brighton Pavilion.