A:

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.

RELATED FAQS
  1. How did Warren Buffett get started in business?

    Warren Buffett may have been born with business in his blood, but it was a brush with Benjamin Graham that put him on his ... Read Answer >>
  2. Why did Warren Buffett invest heavily in Coca-Cola (KO) in the late 1980s?

    Discover why Warren Buffett found Coca-Cola an attractive investment in 1987. One criteria of a Buffett stock pick is a moat ... Read Answer >>
  3. What's the First Stock Warren Buffett Ever Bought?

    Find out about Warren Buffett's first experience in stock market trading. Learn some of the Berkshire Hathaway CEO's basic ... Read Answer >>
  4. What is Warren Buffett's annual salary at Berkshire Hathaway?

    Learn more about how much Warren Buffett receives in salary and how he continues to stay involved with his company and his ... Read Answer >>
  5. What is Warren Buffett's investment history with the Washington Post? (BRK.A, AMZN)

    Learn why one of the richest men in America passed up the opportunity to take over one of the nation's most celebrated and ... Read Answer >>
  6. What is Warren Buffett's largest holding?

    Coke? IBM? American Express? Buffett's Berkshire Hathaway has a stake in several major companies. Find out which company ... Read Answer >>
Related Articles
  1. Managing Wealth

    Buffett's early days as a value investor

    Warren Buffett has been honing his investing process for years. Check out how he become a billionaire from early days as a value investor.
  2. Insights

    4 Reasons Buffett's Portfolio Is Irrelevant to Today's Investors (AXP, KO)

    Find out why investors should not try to emulate Warren Buffett's stock portfolio and why they could not achieve his same level of success.
  3. Investing

    Where Does Warren Buffett Keep His Money?

    Understand who Warren Buffett is and how he made most of his net worth. Learn about the main places and investment vehicles where Buffett keeps his money.
  4. Managing Wealth

    Warren Buffett: How He Does It

    The Sage of Omaha has a careful methodology for evaluating value stocks.
  5. Investing

    6 Successful Investments Warren Buffett Passed On (GOOGL, XRX)

    Even Warren Buffett, the greatest investor of our time, has made many unforced errors. Investors can learn from his mistakes of omission and commission.
  6. Investing

    Buffett's 3 Best Rules For Stock Investing

    Smiling Oracle: Buffett's investing rules have resulted in 20.9% annual returns
  7. Investing

    Dan Loeb Vs. Warren Buffett: Is Loeb Right? (BRK.A, BAC)

    Find out what triggered Daniel Loeb's comments about Warren Buffett and whether his claims of Buffett's hypocrisy have any validity.
  8. Managing Wealth

    Top 5 Positions in Warren Buffett's Portfolio

    Find out which stocks hold the top five positions in Warren Buffett's portfolio.
RELATED TERMS
  1. The Oracle Of Omaha

    The Oracle of Omaha is a nickname for Warren Buffett, who is ...
  2. Berkshire Hathaway

    Berkshire Hathaway is a holding company for a multitude of businesses, ...
  3. Investing Sage

    An investing sage is an investor who is extremely knowledgeable ...
  4. London Business School

    The London Business School is a school of international business ...
  5. Harvard Business School

    Harvard Business School is one of America's top business schools, ...
  6. The Australian School Of Business

    The Australian School of Business is the undergraduate and graduate ...
Hot Definitions
  1. Futures Contract

    An agreement to buy or sell the underlying commodity or asset at a specific price at a future date.
  2. Yield Curve

    A yield curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but ...
  3. Portfolio

    A portfolio is a grouping of financial assets such as stocks, bonds and cash equivalents, also their mutual, exchange-traded ...
  4. Gross Profit

    Gross profit is the profit a company makes after deducting the costs of making and selling its products, or the costs of ...
  5. Diversification

    Diversification is the strategy of investing in a variety of securities in order to lower the risk involved with putting ...
  6. Intrinsic Value

    Intrinsic value is the perceived or calculated value of a company, including tangible and intangible factors, and may differ ...
Trading Center