While some business executives have begun to criticize the value of a college degree, questioning its effectiveness in preparing students for the modern workforce, former Goldman Sachs CEO Lloyd Blankfein is challenging that perspective.
Blankfein has seen the transformative impact of higher education firsthand. Raised in Brooklyn public housing, the billionaire financier shared a bedroom with his sister or grandmother until he left for college. Despite attending a high school that was nearly closed, Blankfein told CBS that he focused on his studies, graduated as valedictorian, and secured admission to Harvard University at age 16.
That achievement served as the foundation for his distinguished career in finance, which included a 12-year tenure leading Goldman Sachs.
Five decades later, Blankfein maintains that education remains the primary engine for social mobility, even as the rise of AI creates uncertainty for white-collar professions.
“I think education is the real accelerator for most people into the middle and upper classes,” Blankfein told CBS.
Blankfein argues college fosters a ‘complete person’
Although higher education has long been viewed as a key to success, some prominent figures are advising aspiring professionals to bypass it.
Peter Thiel, a cofounder of PayPal and Palantir and a Stanford graduate, has been a vocal critic, even providing $200,000 grants through his Thiel Fellowship to encourage young entrepreneurs to abandon what he calls the “corrupt institution” of college to “build new things.” Blankfein countered this view, urging the next generation to prioritize higher education as a means of ensuring their own success.
“I strongly disagree with the technology investor Peter Thiel,” Blankfein wrote in an excerpt from his upcoming memoir, Streetwise, which was shared with Vanity Fair last month. “To succeed in a career, you have to know the technical minutiae of your field, of course. But you also need to be a complete person—the kind of person other people want to engage with.”
The former Goldman Sachs executive, who holds degrees from Harvard University and Harvard Law School, credits his elite education with developing his confidence, writing ability, historical knowledge, and interest in current affairs. While he noted that he “survived” rather than enjoyed the experience, he still considers it “the best place to have gone.”
Blankfein suggested that he might have missed out on the personal growth essential to his professional achievements had he skipped the college experience.
“Your undergraduate years are your best opportunity to make yourself uncomfortable in a way that can help make you more curious and interesting,” he added in his book.
Other CEOs agree: college builds essential skills, including the liberal arts
While some degree-holding leaders are disparaging higher education, others, like Blankfein, attribute their success to their academic backgrounds.
Uber CEO Dara Khosrowshahi credits his alma mater, Brown University, with providing the diverse skillset necessary for his leadership role. He noted that his engineering studies taught him “how to solve complex problems,” while his interest in the liberal arts “just captured my heart.”
“One of my secrets is—really, I do give Brown credit for this—this balanced education that I kind of stumbled on,” Khosrowshahi remarked during a panel at the university last year.
“Learning all of the…really important basics of engineering, but then marrying that with liberal arts, that really taught me to communicate in a compelling way, which is an absolute necessity when you’re in a leadership position.”
Despite concerns that traditional education may become obsolete as AI transforms the workforce, some executives remain optimistic. Databricks CEO Ali Ghodsi stated last year that technological innovation will “completely revolutionize” education for the better, leading to the creation of entirely new job categories.
Furthermore, Anthropic cofounder Daniela Amodei is convinced that the humanities will remain relevant in a tech-centric world. She believes these disciplines will continue to be vital for innovation, even within major AI companies.
“I actually think studying the humanities is going to be more important than ever,” Amodei said in an interview with ABC News last month. “The ability to have critical thinking skills and learn how to interact with other people will be more important in the future, rather than less.”