Free Bicycles
By contrast, Wisconsin can accept about 14,000 applicants out of the 21,000 who apply for a freshman class of about 5,550. Their average total SAT score is 1,260.
Wisconsin's Madison campus is ranked the No. 2 party school by Princeton Review, behind the University of Colorado at Boulder. Wisconsin's football team holds three Rose Bowl titles. Fans wearing the gear of mascot Bucky Badger regularly pack Wisconsin's stadiums.
A crowded pedestrian mall links the campus with the state capitol. Shops sell Birkenstock sandals, and breweries serve Wisconsin ales like Spotted Cow.
Visitors can pedal a ``red bike'' -- a free, community bicycle -- to their next destination.
Wisconsin has a strong commitment to academics, spokesman Kent Barrett says. The National Science Foundation, an independent agency of the U.S. government, ranked Wisconsin the No. 3 school in the U.S. for research spending in 2001 -- the most recent year available -- with expenditures of $604.1 million.
Peace Forums
James Thomson, a Wisconsin professor, pioneered embryonic stem cell research there in 1998. The culture of Madison was shaped by leaders of the Progressive movement, such as Robert La Follette, a governor and U.S. senator from 1906 to 1925.
The state was among the first to introduce direct primary elections, a civil service system and workers' compensation. That same spirit pervades the campus, says Provost Spear, 60. ``It is a part of the culture to question and express your opinion -- and to have a social conscience,'' he says.
The Progressive, a 95-year-old monthly published in Madison that has opposed nuclear weapons since 1945, still holds peace and social justice forums on the campus.
Wisconsin's intellectual environment challenged Michael Critelli, 55, CEO of Pitney Bowes Inc., the world's largest maker of postal meters, to think critically, even more so than his other alma mater, Harvard Law School, he says.
Drop Outs
``Wisconsin really opened my mind,'' says Critelli, who graduated in 1970 with a degree in communications and political science.
Critelli says he got a career boost from his Harvard degree and the network of contacts he built there. Regional connections that students make at large state schools may offer an even bigger boost in the business world, says counselor Greene, who has co-wrote six college guidebooks with his father, Howard.
``Evidence about the greater monetary value or career opportunities of going to a highly prestigious college or university as opposed to a reasonably well-regarded public or private college or university seems sketchy at best,'' Greene says. ``It matters far more whether you went to college than where you went to college.''
And it doesn't necessarily matter whether you graduated. Bill Gates, 48, the founder of Microsoft Corp., became Harvard's most famous dropout after he started the Redmond, Washington- based software giant in 1975.
MBA is Preferred
Michael Dell, 39, chairman and former CEO of Round Rock, Texas-based Dell Inc., the world's largest personal computer maker, left the University of Texas in 1984 after his freshman year.
At least 16 current CEOs never got an undergraduate degree. Steve Jobs, 49, CEO of Apple Computer Inc., quit Reed College in Portland, Oregon, after one semester.
Other dropout CEOs include James Cayne, 70, of Bear Stearns Cos., the seventh-biggest securities firm, who left Indiana's Purdue University, and Wayne Inouye, 51, CEO of PC maker Gateway Inc., who left the University of California, Berkeley, to join a blues band.
For CEOs who did finish college, an MBA is the preferred graduate credential. More than a third of the 500 U.S. chief executives -- 37.5 percent -- earned their MBAs, and they were three times as likely to have gone to Harvard Business School in Boston than to any other school.
Two British CEOs have MBAs from Harvard Business School as well: Todd Stitzer, 52, of Cadbury Schweppes Plc, the world's largest maker of soft drinks, and Martin Sorrell, 59, of WPP Group Plc, the world's second-largest advertising company.
Degree Importance Fades
Harvard's MBA program has educated 42 U.S. chief executives, including Henry Paulson, 58, CEO of Goldman Sachs Group Inc., the world's third-biggest securities firm, and Stanley O'Neal, 52, of Merrill Lynch & Co., the biggest securities firm.
Other Harvard MBA graduates include Jeffrey Immelt, 48, of General Electric Co., the largest company by market value, and former Bank One Corp. CEO Jamie Dimon, 48, who is slated to become CEO of J.P. Morgan Chase & Co., the second-biggest U.S. bank, in 2006.
Harvard business students prepare 500 case studies during their two years of study. ``The students' classroom experience is an intense, interactive engagement,'' Harvard Business School Dean Kim Clark said in a statement. ``As a result, they are especially well prepared to take on leadership roles.''
By the time executives are considered for a CEO job, their degree often fades in importance, says Tom Neff, former chairman of executive search firm Spencer Stuart Inc. ``It's a rare occasion when a client says I want a graduate of an Ivy League school or Harvard,'' Neff says.
Track Record
David Nosal, head of CEO recruitment at Korn/Ferry International, the world's largest executive search firm, looks at a candidate's ethics and experience.
``A track record of success in building organizations, a record of leadership and delivering the highest level of results are far more important for a CEO than attending an Ivy League college,'' he says.
CEOs who graduated from public universities say working their way through school helped instill a strong work ethic.
``I think it's a very telling tale about an individual,'' says Terry Lundgren, 52-year-old CEO of Cincinnati-based Federated Department Stores Inc., who likes to hire graduates who also put themselves through school.
As a student at the University of Arizona, Lundgren cracked oysters and peeled shrimp at a Tucson restaurant, working his way up to manager.
Giving Back
Autodesk's Bartz, one of just seven female CEOs heading S&P 500 companies, worked her way through Wisconsin on the cafeteria line and graduated with $6,000 in debt.
Wisconsin's successful CEO alumni and their spouses have shown their gratitude by giving back to the university. John Rowe, 59, CEO of Chicago-based Exelon Corp., the second-biggest U.S. utility operator, got his undergraduate degree in history and his law degree at Wisconsin.
He recently endowed a chair in Byzantine history for $1 million.
``I'm fanatically loyal to Wisconsin because it took this kid off a Wisconsin farm, who was bright and had a lot of ambition, and exposed me to different cultures, races and radically different intellectual points of view,'' says Rowe, whose office houses an ancient Egyptian sarcophagus dating as far back as the 26th dynasty (664 to 525 B.C.).
`Risk-Taking'
Rowe says he recalls sporting a ``Barry Goldwater for President'' button while attending a civil rights rally with two friends in 1964. One was head of a libertarian group, and the other was a Democrat, who turned to Rowe and said, ``Nowhere but here in Wisconsin would three people so completely different be together in a common cause.''
Such glowing testimonials about Wisconsin may make parents wonder just how important that Ivy League degree really is. James Wright, president of Dartmouth College in Hanover, New Hampshire, defends its worth.
``What I'd like to think a Dartmouth or an Ivy League school does well is less the pedigree and more the education, encouraging independent initiative and risk-taking that will serve them well when they move up in higher levels of management,'' Wright says.
Both Goldman Sachs's Paulson and General Electric's Immelt earned their undergraduate degrees at Dartmouth.
For the record, Wright was born in Madison and got his own bachelor's degree in 1964 from Wisconsin State University, which is now the University of Wisconsin at Platteville. And he received both a master's and a doctorate in history from the University of Wisconsin at Madison.
For shareholders of S&P 500 companies, there may be an even better argument for a Wisconsin education. In the 12 months ended on June 30, stocks of companies led by Wisconsin grads returned 27.4 percent -- a little more than 2 percentage points better than companies led by Harvard grads.
To contact the reporter on this story:
Liz Willen in New York at
ewillen@bloomberg.net.