Why StanChart CEO Bill Winters believes his Wharton MBA was a 'waste of time' and what it means for US business education
Why 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 education
Winters' 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 landscape
Winters' 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.
Is your child ready for the careers of tomorrow? Enroll now and take advantage of our early bird offer! Spaces are limited.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
an hour ago
- Mint
Russia Tries Again to Expand LNG Exports Upended by Sanctions
(Bloomberg) -- Russia is taking another crack at expanding exports of liquefied natural gas after US sanctions stalled efforts last year. An LNG vessel has docked at the Arctic LNG 2 export facility for the first time since October, according to ship-tracking data compiled by Bloomberg and satellite images. The facility was supposed to be a cornerstone of Moscow's goal to increase LNG exports threefold by 2030, but has been idle for months after struggling to find buyers willing to break western restrictions. Russia has the pieces in place to meaningfully boost LNG exports as it expands its shadow fleet. Since the 2022 invasion of Ukraine, Russian gas pipeline exports to Europe have dwindled, and shipping more fuel via seaborne LNG tankers provides an attractive revenue stream to fill Moscow's coffers. At least 13 ships, including those that can navigate icy waters, have been marshaled to potentially service Arctic LNG 2, with some changing management companies several times to help obfuscate the actual owners. According to ship-tracking data compiled by Bloomberg they include: 'Russia does have more vessels at its disposal compared to the summer/fall of 2024,' Malte Humpert, founder of the Arctic Institute, a Washington-based think-tank, said in an email. 'If it can find buyers, this small fleet should be sufficient to lift cargoes.' Eight shipments were exported from Arctic LNG 2 between August and October 2024, but never docked on foreign shores. Instead, the gas was offloaded into two Russian storage units in the Barents Sea and its Far East region. Large-scale production halted in October after ice built up around the facility and made transport by traditional vessels challenging. Russia's first domestically built ice-class LNG tanker may come online in the second half of this year if it passes remaining sea trials, Interfax reported Wednesday, citing Sovcomflot Chief Executive Officer Igor Tonkovidov. Now, the market will be closely monitoring whether Arctic LNG 2 can find willing buyers. Exporting more would be a boon for consumers, as it would put pressure on global gas prices. The Biden administration was diligent in sanctioning ships and companies connected with exporting fuel from Arctic LNG 2 last year. It isn't clear if the Trump administration will be as strict, or if the government will slap restrictions on ports that accept the fuel. The threat of retaliation from the US kept buyers at bay last year. Officials related to the Arctic LNG 2 joint venture have never stopped trying to sell the fuel, traveling to potential buyers in India and China over the last year, according to traders with knowledge of the matter. However, it isn't clear if they have been able to secure any sales. 'The biggest obstacle remains finding a buyer and shipping capacity,' Jan-Eric Fahnrich, a senior analyst at Rystad Energy, said by email. 'They will then circle around looking for buyers in Asia and Novatek will offer a discount.' Majority shareholder Novatek PJSC and the operating venture Arctic LNG 2 did not respond to emails seeking comment. Iris, the tanker currently docked at Arctic LNG 2, is a so-called Arc4 vessel, with a reinforced hull that allows it to navigate the shorter Arctic route to Asia when conditions allow in the summer. It is likely that the ship will make the journey, as Asia is home to buyers who may be willing to circumvent western restrictions. 'China would appear to be the most likely candidate, but with consistently declining Chinese demand for the past eight months this won't be an easy task,' said the Arctic Institute's Humpert. 'The fact that more than one million cubic meters of LNG loaded last year remains unsold, and in floating storage, does not bode well for renewed attempts to market additional volumes this summer.' Loading vessels at Arctic LNG 2 could also be necessary to ease brimming gas tanks. Satellite images taken June 25 indicate that two production trains at the facility are flaring, which indicates they could be operating or cooling down equipment. Without steady exports, the plant's storage will quickly fill up, and lack of space was one of the reasons why Arctic LNG 2 stopped large-scale production in October. Meanwhile, traders will wait to see if US or European officials further tighten restrictions on the facility as exports resume. 'Now is the time for increased pressure' on Russia's energy revenues, said Geoffrey Pyatt, distinguished fellow at the Atlantic Council Global Energy Center and a former US assistant secretary of state who helped craft Arctic LNG 2 sanctions under the Biden administration. 'European leaders have expressed new determination to end all imports of Russian gas, making it even more important that the United States maintains our pressure on Novatek.' --With assistance from Anna Shiryaevskaya. More stories like this are available on
Time of India
8 hours ago
- Time of India
How there has been a shift in companies that use H-1B visas in the US, they are no longer technology companies
Representative Image Silicon Valley's drive for innovation has long relied on the H-1B visa program to attract top-tier global talent in science and engineering. However, new data obtained by Bloomberg News reveals that a wider range of industries, including banks and telecommunications companies, are among the largest users of the programme -- often through staffing and outsourcing companies that secure nearly half of the 85,000 new H-1B visas issued annually. These companies, acting as visa middlemen, are reshaping the programme's purpose, raising questions about its impact on wages and U.S. workers. According to Bloomberg's analysis, covering new H-1B hires from May 2020 to May 2024, Citigroup Inc. added 3,000 H-1B workers, outpacing tech giants like Nvidia, Oracle, and Qualcomm. However, unlike the high-skill researchers and engineers typically associated with tech companies, about two-thirds of Citi's H-1B workers were IT contractors sourced through staffing and outsourcing agencies. These workers, often reportedly paid significantly less than direct hires, highlight a growing trend where non-tech companies leverage the visa program for lower-cost labor. 'This is the tip of the iceberg,' said Susan Houseman, a senior economist at the W.E. Upjohn Institute for Employment Research, in an interview with Bloomberg. 'While there's been a national debate about the U.S. reliance on imported goods, not enough attention has been paid to the offshoring of service jobs -- not because it doesn't happen or isn't important, but because we don't have good data on it.' Lottery fraud in H-1B visas by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sharp Design, Smoother Drives. Toyota Glanza Learn More Undo The H-1B visa, established by Congress in 1990 to bolster U.S. competitiveness in emerging tech industries, has become oversubscribed, leading to annual lotteries for the limited visas available. Staffing and outsourcing firms, functioning as visa middlemen, have exploited this system. These firms provide corporations with lower-level IT workers or facilitate the offshoring of back-office functions. Bloomberg's data, obtained via a Freedom of Information Act lawsuit against the Department of Homeland Security, identifies major U.S. companies like Capital One Financial Corp., Verizon Communications Inc., AT&T Inc., and Walmart Inc. as heavy users of these visa middlemen. Until recently, some middlemen manipulated the visa lottery through a practice known as 'multiple registration,' where they submitted numerous applications for the same worker to increase their odds. The U.S. Citizenship and Immigration Services (USCIS) labeled this practice fraudulent in a 2023 report and implemented rule changes last year to curb it. Bloomberg's investigation also identified 13 staffing firms flagged by USCIS for such tactics, with at least six supplying workers to Capital One. Over half of Capital One's 905 H-1B contract workers during the four-year period were linked to multiple registrations, the highest proportion among the top 10 companies analyzed. Capital One relied on 429 staffing firms, 361 of which used multiple registrations. In response, a Capital One spokesperson told Bloomberg that the company was unaware of any government accusations of visa fraud by its vendors but would 'take appropriate action' if such issues arose. Verizon and Capital One emphasized that they require suppliers to comply with applicable laws, while AT&T, Walmart, and USAA declined to comment. What the shift in H-1B visas mean for salaries The data also reveals significant pay disparities. H-1B contractors are often paid far less than direct hires, even for similar roles. Bloomberg's analysis of the top 10 end-clients shows that among nearly 5,300 H-1B 'software developers' hired from 2020 to 2024, over 75% were contractors, earning roughly $48,000 less on average than direct hires, even when controlling for education and age. One in three contractors received the minimum salary required by the Department of Labor. Steve Hall, Chief AI Officer at Information Services Group Inc., told Bloomberg that part of the pay gap reflects contractors performing less technical roles, such as liaising between U.S. clients and offshore teams. However, critics argue that the reliance on visa middlemen distorts the H-1B program's original intent. Labor advocates contend that it undercuts U.S. workers, creates a vulnerable workforce with fewer protections, and tilts the labor market in favor of employers. The lack of comprehensive data on pre-existing H-1B contractors and offshored jobs complicates efforts to assess the program's full impact. As Houseman noted, the offshoring of service jobs remains understudied, yet its implications for the U.S. labor market are significant. With companies across industries increasingly turning to visa middlemen, the H-1B program's role in shaping the workforce continues to spark debate. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hindustan Times
10 hours ago
- Hindustan Times
Clearing the fog on the state of India-US relations
'The administration is bullish on India' is how a senior US official put it to me last week in Washington D.C. This sentiment would seem at odds with the broader reporting on the US-India relationship. In a Financial Times newsletter on India, one writer argued that the Indian Prime Minister (PM) 'made the mistake of counting on his warm personal connection with Trump'. The general assertion being that the Indian government has mortgaged this crucial relationship to 'personal friendships' alone. Others suggest that the US President's recent luncheon with Asim Munir, the recently decorated Pakistani Field Marshal, and his 'sneaky attempt' to bring PM Narendra Modi and Munir into the same room in the White House is 'threatening the future of US-India partnership'. Structures like TRUST were created for top political leaders to monitor progress on crucial initiatives. (REUTERS) Between social media and popular reporting, it would seem as though this relationship has been iced. Yet, in meetings with over 30 officials, experts, think tankers, and industry representatives last week, the story that emerged was diametrically opposed to the one that has been paraphrased above. Modi's engagements with Trump matter more than it is perhaps realised. It clearly provides a political basis of what can be achieved between the two countries, even at this time of shrinking administrative capacities in the US, and the many unplanned shifts in the bureaucratic body politic. To be sure, you could start the week with a meeting with official X and end up receiving a phone call from his/her successor the next day. Yet, what was clear to me was that the vision laid out by the two leaders in a lengthy joint statement following PM Modi's meeting with President Trump in February, guides the different contours of the relationship at the functional level. Notwithstanding the game of political catch between outlandish tweets and measured official responses, the guidelines for those moving the relationship across government and the private sector are more or less clear. First, there is a concerted effort to realise outcomes in the strategic technology partnership between the two sides. Under the banner of TRUST (Transforming the Relationship Utilising Strategic Technology), the administrative State and technology companies between the two countries are working towards outcomes to do more on pharmaceuticals with the view to de-risk the production of key ingredients from China; fuse infrastructure partnerships between firms invested in the present and the future of Artificial Intelligence (AI); and actively looking for ways to cooperate on extracting and processing critical minerals. The latter needs work, but the zest to find the right compact is real. Second, American private sector actors are preparing the ground to sell different kinds of reactors to meet India's nuclear energy needs. They are, at this time, hoping that the proposed legislative changes to the Indian Civil Nuclear Liability Act 2010 streamline liability clauses in consonance with global standards — delinking liabilities on suppliers and operators. Further, they remain hopeful that changes to India's Atomic Energy Act would allow private sector participation to meet India's nuclear energy needs. This is a top priority for the White House and the US President. This was made clear in several exchanges. This is 'unfinished business' following the conclusion of the 2008 US-India Civil Nuclear Agreement, as one Washington insider put it. My own sense is that progress on this front is almost as important as the conclusion of the first tranche of the trade deal between the two countries. The first tranche of this deal needs to be completed by July 9, when the US President's 90-day pause on 'reciprocal tariffs' ends. Officials suggested that there is a fair chance that the first tranche of the deal with India will be completed by this deadline. 'The trickier parts will come later,' they made plain. Third, efforts across bureaucracies in Washington D.C. that deal with India are almost uniformly focussed on the Quad Leader's Summit in October or November, which provides an opportunity for another bilateral between the two leaders. 'Deliverables' is the name of the game. Yet, at least some of the deliverables need to be real. The ongoing process is less about padding a joint statement and more about searching for right-sized deals. There is a fire in the system to make something happen by the time the leaders meet, including a considerable push to realise new AI infrastructure partnerships. 'India and Brazil are the two most important countries for the US when it comes to data centres,' as one technocrat stated. 'We need to get this right on both sides', the official made plain. In the US, this would mean producing revised rules for export controls that make it easier to access chips from the US into India. In turn, India will possibly need to negotiate certain guarantees to make sure that the chips are not off-shored. Moreover, there is a significant push to deregulate the data centre market in India, and streamline processes to encourage the expansion of AI infrastructure in India. None of this will be easy. Deregulation takes time. Negotiating guarantees can be cumbersome and is a process that cuts across several administrative buildings in and across New Delhi and other Indian states. If Indian officials conclude that data centre investments are an advantage for India, this is the bureaucratic work that will be required to realise this unique moment. It is exactly why structures like TRUST were created, for top political leaders to monitor progress on crucial initiatives. The enthusiasm for investments and partnerships will not last long. This also might be kept in mind. This is a zero-sum play. In sum, while there is little doubt that Munir, Pakistan, Twitter exchanges, and the politics that shape these expressions and incidents to an extent inform the current state of US-India ties, at times exercising officials on both sides, it is also plainly clear that the functional relationship — which produces material results — is one that is working to produce outcomes, and not without the direction of the political leadership. Rudra Chaudhuri is director, Carnegie India. The views expressed are personal.
