Is higher finance education beyond bachelor’s degree merely a sideshow?

The more you read financial history the more you would agree to the above question. How is it that people managed to do much of finance without any of today’s fancy degrees? Much of finance then was bouts of common-sense backed by some intuition which builds from work experience. Much of finance today is reduced to less common sense and more degrees. But what to do? You do not get a job based on common sense alone.

Lilia Mukhlynina and Kjell G. Nyborg show much of the above is true. People at work hardly care for the valuation exercises taught in finance:

It is really interesting how much one has to unlearn at the finance workplace. The degrees just get you in and after that begins the game of learning how finance really works…

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