Why StanChart CEO Bill Winters believes his Wharton MBA was a 'waste of time' and what it means for US business education

Bill Winters, the Group Chief Executive of Standard Chartered, has openly expressed his belief that his prestigious MBA from the University of Pennsylvania's Wharton School was "a waste of time.

" In an interview with Bloomberg, Winters discussed his thoughts on the evolving landscape of business education and what skills truly matter in today's fast-changing business world. His candid remarks have sparked significant conversation around the value of traditional US business schools and whether their offerings remain relevant, particularly in an age dominated by Artificial Intelligence (AI).Winters, who graduated from Colgate University in 1983 before earning his MBA from Wharton in 1988, made his remarks in an interview with Bloomberg's Francine Lacqua.

Reflecting on his educational journey, Winters questioned the necessity of business degrees, particularly MBAs, in a world where critical thinking, communication, and adaptability are paramount. As the banking titan acknowledged, the traditional business curriculum may not provide the competitive edge it once did, especially as AI continues to transform the way industries function.Changing views on US business educationWinters' comment about his Wharton MBA being a "waste of time" was not a blanket dismissal of education but rather an acknowledgment that the business world has evolved.

As Winters explained, the core value of his education came not from the MBA itself, but from the ability to think critically and communicate effectively. According to Winters, "I studied international relations and history. I got an MBA later, but that was a waste of time.

" His stance reflects a broader skepticism about the traditional value of MBAs in an age where technology is playing an ever-increasing role in business operations.Instead, Winters emphasized that the future of business success hinges on skills like problem-solving, communication, and critical thinking. He warned that such capabilities, which once were a natural byproduct of a business education, have been "degraded" over the last 40 years. In the era of AI, where machines and algorithms provide technical expertise, "knowing how to think and communicate" is what sets professionals apart, he added.

Winters underscored the importance of curiosity and empathy, advising that future leaders focus on understanding their audience and anticipating needs rather than relying on degrees alone.A shift in business education: Adapting to AI and the global landscapeWinters’ perspective points to a critical shift needed within US business education. As industries become more reliant on AI and automation, business schools must pivot their curriculums to place a stronger emphasis on adaptability and soft skills.

Winters explained that the most valuable skills today are not about technical proficiency but the ability to navigate complex situations with insight, creativity, and emotional intelligence.The veteran banker also reflected on his own career trajectory and how failure, rather than formal education, proved to be a defining factor. He recalled a moment early in his career when he faced a major trading loss at JPMorgan Chase & Co.

The experience, he shared, was "life-forming." Despite fearing termination, a senior executive at JPMorgan instead increased his trading limit, citing his response to the crisis as evidence of his potential.

Winters credits this formative experience as more influential than anything learned in a classroom.

In conclusion, Winters’ views suggest that US business education, particularly the MBA, may need to reassess its relevance in the modern world. With the advent of AI and a rapidly changing global business environment, future leaders might find more value in developing critical thinking, empathy, and adaptability—skills that transcend traditional business school teachings. As Winters aptly put it, "technical skills are being provided by the machine," and it's the "thinking and communication" that remain crucial in this new era of business.