The competition to attend Oxford and Cambridge universities in Britain is getting stiffer. The British Council in Hong Kong reports that 6,753 applications had been sent to British colleges and universities by September 1, an increase of 7.9 per cent over the first eight months of last year.
Clearly, more and more applicants have their eyes on top-tier colleges, which also include the Ivy League institutions in the US. But although academic qualification serves as a source of differentiation among the millions of graduates entering the global labour market each year, there is no way to guarantee success just by getting a degree from these universities.
A recent release from Bo Le Associates, a leading recruiter in Hong Kong, cited international surveys showing that 11 out of the 36 in this year's Fortune 100 CEOs list who have master's of business administration degrees received them from less prestigious or public schools. Three top US examples are Douglas McMillon of Wal-Mart Stores (University of Tulsa in Oklahoma), John Hammergren of the medical and scientific supplies firm McKesson (Xavier University in Cincinnati, Ohio), and John Stumpf of Wells Fargo bank (University of Minnesota).
Experience and expertise count more than academic background in becoming a CEO, Bo Le points out, adding that personal qualities are also of immense value. It cited a study by the University of New Hampshire in 2010 that concluded there was a lack of correlation between the CEO's education and the company's long-term performance. So, although a degree from a top-tier university might get the graduate their first job or two, it's certainly no key to reaching the top of the corporate ladder.
Neither does a high IQ guarantee executive success. Research by the Carnegie Institute of Technology shows that a remarkable 85 per cent of an individual's financial success is due to his or her personality and interpersonal skills, whereas IQ and technical skills accounted for only 15 per cent.
The lifelong journey of learning and growth really begins out in the business world
Confirming the importance of personal attributes, a study by National University of Singapore found that humble CEOs who were open to feedback and focused on others' welfare were more likely to have top- and mid-level managers who felt empowered to do their jobs and collaborate with others.