Kevin O'Leary: Here's how much an MBA matters in business

When Kevin O'Leary was in his 20s, he wasn't yet the business magnate with a reputation for tough-love advice and million dollar deals known as"Mr. Wonderful" on ABC's"Shark Tank."He graduated from the University of Waterloo in Canada in 1977 with a passion for arts like photography and film-making, but he lacked professional direction.

"I'm not saying people who study psychology or environmental studies never get jobs," adds O'Leary,"it's just that I was having a hard time getting one," he laughs."It was the first time I realized making an investment in a college is not just about where you go. It's what you take.

"Where are they now? Running banks, they're industrialists, they're venture capitalists, they're investors, they're all around the world," he says."I can pick up the phone and say, 'Hi. Mr. Wonderful here, let's talk about a business idea.' "Here's the cold, hard truth about business degrees: They are not a prerequisite for success," O'Leary says."Many billionaires never finished high school.

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