Warren Buffett never had the intention of going to college. By 13, he was managing his own business as a paperboy. He ended up making more than $5,000 (equivalent to more than $71,000 in 2017) delivering newspapers. However, his father urged him to attend the University of Pennsylvania for business.
At 16, Buffett enrolled himself in Wharton School at the University of Pennsylvania to study business. After two years of complaining that he knew more than his professors, he moved on to the University of Nebraska in Lincoln and finished his degree. He graduated from the University of Nebraska at 19 with a Bachelor of Science degree in business administration.
Buffett wanted to keep his education going, so he applied to Harvard but was rejected. He then researched Columbia University, where he was delighted to find out Benjamin Graham, who would become his mentor, worked. Buffett earned a Master of Science in economics from Columbia in 1951. Then, shortly after graduation from Columbia, he briefly attended the New York Institute of Finance.
Buffett became an investment salesman for Buffett-Falk & Company in 1951. He later became a securities analyst and a partner at Buffett Partnership, Ltd. By 1970, he had become the chairman and CEO of Berkshire Hathaway, where he still leads today. Headquartered in Buffett's hometown of Omaha, Nebraska, Berkshire Hathaway operates as one of the world's largest corporate investment firms. The company trades on the New York Stock Exchange in two categories.
The multinational conglomerate holding company owns Dairy Queen, Fruit of the Loom, Helzberg Diamonds, GEICO, BNSF, FlightSafety International and NetJets, as well as a diverse range of other popular companies.
Though Buffett attended various reputable schools, he concedes that higher education is not for everyone and that experience is just as important. Buffett had a knack for business. His entrepreneurial spirit was shining even at age 6 when he purchased packs of Coca-Cola and chewing gum and sold them door to door for a profit. He then went on to deliver newspapers and magazines, which earned him about $175 per month. By age 11, he was investing in stocks. In high school, Buffett began buying pinball machines and making money by placing the machines in popular shops for customers to play.
Buffett's advice for college students: Find a job they would have if they could do whatever they wanted regardless of their financial situation. He says people who do what they love perform with passion, which in turn equates to monetary rewards and overall wealth.