MICHAEL WALSH author of Don’t Get Mad Get Even anti-usury guide banned by Amazon. On occasion, we are asked about our educational backgrounds. The questionnaire will want to know what schools, colleges and universities we attended. We are invited to set out our qualifications.

This is all well and good when applying for a job as a doctor or airline pilot. What about those who are paid not by qualification but by performance? Many of us follow occupations that are not salary but are commission-related. If they do not perform well, they starve. Many of the self-employed are self-made. Some see this as a far better incentive than a piece of parchment which can limit one’s horizons, especially now there is no such thing as a safe job.

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For more than 50 years of self-employment, I never saw a wage packet. I lived off my know-how and energy, faith. Failure meant missing a mortgage payment which occasionally did happen. Every week was a challenge; there was no such thing as boredom – or a day off.   

Throughout my much-varied life, I have been privileged to meet academically brilliant people. Paradoxically many in terms of worldliness or common sense were as thick as two short planks. Fed up with doing household chores I asked a diploma-laden acquaintance to cook a couple of burgers. He put the meat directly on the hotplate, the fat went on the electric plates and he nearly incinerated us and my home. Another could neither light a fire nor make a cup of tea but he had more ‘A’ levels than I have toes; most of my academic friends were penniless. They were stuck like glue to their career. Outside it, they were supermarket shelf stackers.

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I have also met very successful men and women with impressive bank balances whose achievements are astounding. The founders of McDonalds and Wrigley’s were itinerant salesmen of poor education yet they created the world’s greatest businesses. Steve Morgan of Redrow Homes was a bricklayer and is now a successful banker. They and others like them employ academics. Virtually every great business success was the inspiration and hard work of men and women who had no qualifications – they were said to be failures. Fact: There would be no business success if entrepreneurial success was based on academic qualification.

One barely educated wealthy friend owns a beautiful country home he hardly uses. I asked him if it was an investment or indulgence. He replied; “Michael, I don’t know what the hell you are talking about. What do those words mean?”

Qualifications and learning have their value and their place but are over-rated. The president of Formula Capital says he sees people making bad investment decisions all the time; one of the investments is paying for college. “College is overrated. In most cases what you get out of it is not worth the money, and there are cheaper and better ways to get an education.”

A report reveals that in the United States, too much emphasis is placed on attending and graduating from a four-year College as the only path to success. Only one-third of available jobs will require a bachelor’s degree or higher. Set against a sluggish economy and the rising costs of further education does attendance at an expensive college make a difference? Do graduates make more money? Are they better connected; as satisfied with their lives and their careers?

According to sociologist Hacker and New York Times columnist Dreifus, too many colleges have strayed from the mission to produce thinking adults and instead focus on vocational education. One correspondent lamented: “Getting a college degree was always my dream, but if I had to do it over again, I would probably have foregone graduate school. I am not sure it was really worth it.” PLEASE SHARE STORIES ON SOCIAL MEDIA