QuoteOriginally posted by: peregrinecapI have the CFA, CPA, PRM, CAIA. and i would have to say that they dont matter much if at all.One would usually think one of 'em will be sufficient to prove having an idea of things. But agreed, professional qualifications seem to be only relevant at junior level.

First, the value of these degrees are a strong function of other not-so-common personal qualities. In particular, the value of an MBA is highest for (and strongly contingent upon) those that are "good with people." If one has neither the desire nor the personality to be a manager/executive, then an MBA will have low value.Second, the cost of higher education (in the US, at least) has significantly outstripped inflation (and wage growth) for more than a decade. The peculiarities of both funding and valuation of higher education make buyers of education price-insensitive and make returns-on-education somewhat murky. Deferred wages and high student loan debts might be reaching the point where they negate the present value of incremental lifetime income.Third, if one is truly good with people, bright, motivated, and not risk-averse, then none of these degrees are needed to maximize lifetime earnings. Bill Gates, Steve Jobs, and Michael Dell all dropped out of college. In many ways, a degree or certificate is just a means of convincing others that one is worth something. The best-of-the-best don't need those pieces of paper.

But you do generally have to be in your HOME country to do that sort of thing. Can't be an immigrant.

QuoteOriginally posted by: Traden4AlphaThird, if one is truly good with people, bright, motivated, and not risk-averse, then none of these degrees are needed to maximize lifetime earnings. Bill Gates, Steve Jobs, and Michael Dell all dropped out of college. In many ways, a degree or certificate is just a means of convincing others that one is worth something. The best-of-the-best don't need those pieces of paper.These blokes are the proverbial "exception that validate the rule". Its even arguable if they are "exceptional" themselves. The point is that such examples are by no means suggesting to today's kids that they should drop out of college, smash rector's nose in the mean time and become soldiers of fortune in the wild west of entrepreneurship.

there is some conflict in asserting that "the best of the best" dont need the certification...yet, they are very popular...explanations?lol and that quote reminds me of MIB .

QuoteOriginally posted by: AnthisQuoteOriginally posted by: Traden4AlphaThird, if one is truly good with people, bright, motivated, and not risk-averse, then none of these degrees are needed to maximize lifetime earnings. Bill Gates, Steve Jobs, and Michael Dell all dropped out of college. In many ways, a degree or certificate is just a means of convincing others that one is worth something. The best-of-the-best don't need those pieces of paper.These blokes are the proverbial "exception that validate the rule". Its even arguable if they are "exceptional" themselves. The point is that such examples are by no means suggesting to today's kids that they should drop out of college, smash rector's nose in the mean time and become soldiers of fortune in the wild west of entrepreneurship.I wholeheartedly agree with you that this is not advice for the vast majority of kids. But that's because most of today's kids aren't highly motivated, aren't extremely smart, are risk averse (they just want a secure high-paying job), and aren't good are managing/motivating people. It's only those people with a rare combination of traits that can skip school and still do well.What's interesting about those three exceptional people is that they attracted people and investors at an age. Jobs founded Apple at age 21 with outside capital, Michael Dell convinced people to work for him when he was 12 and founded his computer company at age 19, Gates started Microsoft at age 21. I'd also add Ted Turner, Henry Ford, Thomas Edison (invented a stock ticker machine at age 21) to the list of exceptional people that didn't get a college degree.Please don't get me wrong. I think a formal education is really important for the vast majority of people (i.e. everyone not in the top X% of both people and mental skills). Formal education (and certification) is also essential for some jobs. I wouldn't want a doctor, lawyer, or engineer (including a financial engineer) that wasn't properly trained.Yet the original question wasn't about getting particular jobs requiring particular certificates. Instead it was about marginal value. My only point is that the marginal value of formal education is a strong function of the individual's preexisting abilities (especially motivation and people skills). For some high-performing individuals, the marginal utility of advanced degrees and certificates will be negative because they are the type of people that can drop-out and still succeed. (I'd also argue that the Salary = f(Education) figures contain severe sampling biases that over-estimate the marginal returns on education.)

I think the problem is too dependent on personal interests, even if you only consider wealth as the criteria for marginal value.If you don't find the underlying subject interesting, you won't get that much from any additional qualifications anways. Especially so for the PhD I think.What is it with the obsession for wealth over interesting jobs on this forum anyways ?

QuoteOriginally posted by: AnthisQuoteOriginally posted by: Traden4AlphaThird, if one is truly good with people, bright, motivated, and not risk-averse, then none of these degrees are needed to maximize lifetime earnings. Bill Gates, Steve Jobs, and Michael Dell all dropped out of college. In many ways, a degree or certificate is just a means of convincing others that one is worth something. The best-of-the-best don't need those pieces of paper.These blokes are the proverbial "exception that validate the rule". Its even arguable if they are "exceptional" themselves. The point is that such examples are by no means suggesting to today's kids that they should drop out of college, smash rector's nose in the mean time and become soldiers of fortune in the wild west of entrepreneurship.How many Bill Gates and Michael Dell are there in the world ! Less than 100,1000 or max 10,000. What about the rest ?Do you mean to say all the others are not motivated, smart, bright , risk taking ? You are wrong my friend.You need to have a bit of luck as well to be a Bill Gates. Nobody talks about the college droupouts who started their company and failed miserably. I am not providing an alternative theory. All I am saying is its not all black and white as you say , there are grey areas , where degrees have their value. There are many small enterpreneurs (Unlike Bill Gates) who became what they are with the help of degrees and qualifications. Normal people (Set A - Set Bill Gates Type) have much greater chances of being successful (enterpreneurs or not) by pursuing degrees.