Joining the chorus of other CEOs, former Goldman Sachs leader Lloyd Blankfein is dispelling the myth that an Ivy League degree (top universities in the USA, such as Harvard or Princeton) or an extraordinary intellect is a prerequisite for success. It’s a pattern he’s observed over his decades-long career in banking, rising to the top executive leadership of one of the world’s largest banks.
“I’ve known people who worked hard, who did well, who had lucky opportunities — and it’s fair to give credit, because they took advantage of those opportunities — but they weren’t geniuses,” Blankfein recently told CNBC International. “They just dedicated themselves, kept their ears open, were curious about their surroundings, noticed things and walked through little doors that other people wouldn’t have seen.”
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Looking back on his career in finance, Blankfein pointed to a specific episode that exemplifies this lesson. He spent years working at Goldman Sachs’ J. Aron—a relatively small commodities trading firm—where he strived to prove that the operation had the potential to be even bigger.
And Blankfein noticed cultural differences between the two financial institutions: J. Aron’s employees were more practical than theoretical and not all of them had attended college, while Goldman was full of Ivy League graduates.
Blankfein said they had a “feeling of needing to prove themselves” to show they were great workers; they “worked harder, took fewer things for granted [e] they were much more curious to learn.”
The value of hard work
Rolling up your sleeves can be more powerful than a flashy college degree or an elite background — and the former CEO of Goldman Sachs said that great careers are within reach of those who take advantage of opportunities and work with commitment.
“Many of these opportunities are more accessible than you might think,” Blankfein continued. “If you think that someone only got to this place because they are brilliant, brilliant and had a perfect life at every stage, you end up giving up.”
Blankfein lived this lesson; The financial billionaire was born in a public housing project in Brooklyn, sharing a room in his small New York apartment with his grandmother or sister until he went to college.
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At the time, his high school was about to close — but the then teenager stuck to his guns, studied hard and graduated as the best student in his class.
He entered Harvard at age 16, where he studied history as an undergraduate and later graduated from Harvard Law School.
After a brief period working at a private law firm, he joined J. Aron, which was acquired by Goldman in 1981. He spent the next five decades advancing his career, eventually rising to the top and serving as CEO of Goldman Sachs for 12 years.
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“My trajectory is not only relatable, but accessible,” Blankfein said. Statistically, not many people will have the same opportunities, but you can go a long way by taking advantage of your chances and working hard.”
More CEOs champion the idea of success outside of elite colleges
Blankfein isn’t the only business leader who believes hard work is more important than natural intellect or expensive degrees.
David Solomon, current CEO of Goldman Sachs, says he is part of the “smart enough” group. And he looks for the same when deciding who will be a successful signing on the bench; the executive stated that the most attractive candidates are connected to “human elements”, such as the ability to relate, resilience and determination.
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And experience, according to Solomon, is “hugely underrated” and “a huge differentiator for the company.”
“You have to be smart enough, but the smartest person in the world, without a full set of other qualities, is not going to navigate Goldman Sachs well or be successful there in the long run,” Solomon revealed on Sequoia Capital’s Long Strange Trip podcast last year.
“You can’t teach experience,” Solomon explained. “Experience matters in these large organizations, and when it matters, it’s not when everything is going well. It’s when obstacles arise. You have to make difficult decisions.”
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Last year, Blackstone President and COO Jon Gray also told new analysts that working hard and collaborating are essential skills for success in today’s challenging job market.
To be successful, Gray told employees, you have to “work harder and care more; it’s not complicated.” He also encouraged them to think like entrepreneurs and to “treat people really well, the way you want to be treated.”
Warren Buffett, from Berkshire Hathaway, also did not prioritize Ivy League degrees when hiring.
The investment manager, worth $143 billion, didn’t care whether his employees had studied at Stanford or Princeton — or any college.
Commenting on Berkshire Hathaway’s 2005 acquisition of Forest River, a recreational vehicle manufacturer led by Pete Liegl, Buffett said that “no competitor has come close to his performance,” despite Liegl not coming from an extremely prestigious university.
Buffett also cited Microsoft entrepreneur Bill Gates, who achieved billionaire success without a college degree.
“I never look at where a candidate went to school. Never!” Buffett wrote in his 2025 annual letter to shareholders.
“Of course, there are great managers who went to the most famous schools. But there are many, like Pete [Liegl]who may have benefited from studying at a less prestigious institution or even from not worrying about completing college.”
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