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Education – how important is a degree if you want to be a CEO in Transport and Infrastructure?

How important is education to becoming a CEO?

If you want the top job in your company – does it really matter whether you have a degree? And does it matter where and what you studied? Does it matter if you have an MBA? Read on to find out….

A couple of years ago EY announced that they were removing the degree classification from their entry requirements as there was no evidence to suggest that success at university correlates with achievement in later life.

The UK has seen the biggest increase of university attendance in the whole of Europe with over 48% of school leavers moving in to higher education, as opposed to just 19% in 1989* and yet more than a quarter of jobs in the UK listed degree as an essential requirement**.

But does a degree necessarily mean a great business leader? And does it matter whether you went to Oxbridge or other Russell Group university?

Views of clients differ wildly on this point depending on the type of company and its culture; management and strategy consultants are still the most likely to focus on where a candidate studied. A Partner of well-known consultancy once replied to me when asked how important education was to them when recruiting at senior level – “not very, we’re quite diverse, we recruit from Oxford as well.”  It is extremely unlikely to make it to Partner level at a strategy consultancy without a degree from a top university; typically over half of UK Partners attended Oxford or Cambridge. On the flip side many major contractors don’t consider a degree as an essential requirement for a senior management role.

We were interested to find out how important having a degree is if you want to make it to the top of the wider transport and infrastructure market, so we took a look at the current UK CEO/MDs in the industry.

Unsurprisingly, of the sample of 100 companies that we looked at, 98% of UK MD’s and CEO’s have at least a university degree. 8% studied at Oxford or Cambridge. 17% have an MBA. 49% studied engineering and only 14% studied finance. This re-iterates the past trends that in the last 30 years, companies have been using education as a key requirement to determine candidate quality at all levels of entry.

Many of our clients are changing their outlooks on education. One of the main reasons for this is diversity. A focus on a specific credential, such as a degree, cuts off a large segment of the market who are more than capable of excelling in the role, but came from a background that didn’t lead them down the university route.

Diversity in the workplace focuses mainly on gender, age and ethnicity. While there are no laws governing social discrimination at present, it doesn’t mean it should be ignored. This is particularly prevalent now as the cost of higher education has dramatically increased over the last 5 years.

As perceptions change and more and more companies look to explore candidates without higher education, it will be interesting to look at the data in 20 years’ time to see how many Managing Directors and CEO’s in the industry have a degree.

 

If you are looking to make any senior hires and want to discuss what the best executive search strategy is for you please click HERE.

 

*https://www.theguardian.com/commentisfree/2016/may/03/the-guardian-view-on-graduates-and-employment-degrees-but-not-destinations

** http://www.cardiff.ac.uk/__data/assets/pdf_file/0009/118683/1.-Skills-at-Work-in-Britain-mini-report.pdf

By Jim Newsom10th July 2017
Jim Newsom

Author: Jim Newsom

Jim Newsom leads our work in construction and infrastructure having worked in executive search since 1998, recruiting for both public and private sector companies in infrastructure, transport, engineering and construction. Prior to forming Newsom Consulting, Jim spent 11 years working for the one of the UK’s largest independently owned executive recruiters and then two years at a boutique search firm. Jim is a graduate in civil engineering from Liverpool University.

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Over the last few years CAF Rolling Stock UK has worked closely with Jim and Richard of Newsom Consulting to recruit several leadership roles across the business. We have found Newsom to be effective in providing high calibre candidates. We would recommend Newsom for recruiting key leadership roles.

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Since taking over as the CEO of Crossrail I have put a lot of effort into establishing the right leadership team to complete the project. Newsom Consulting have been a great partner in this work. Together we have worked to assemble a great new team  with the right energy and capability for one of the worlds most complex projects.

Jim and team are a real pleasure to work with; responsive and sensitive to our unique circumstances.

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Heathrow have partnered with Newsom Consulting to recruit several key leadership roles for our Expansion team. On each search they have been successful in providing an excellent shortlist from which we have appointed a high-calibre candidate. Jim has worked with Heathrow for a number of years and has developed a good understanding of our business, and we have recently appointed Newsom Consulting as an executive search partner for the Expansion programme.

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