Prime Highlights 

• Judy Faulkner started Epic Systems in her basement in 1979 and grew it into a $5.7-billion-a-year firm. 

• She believes skipping an MBA was an advantage, shaping her unconventional leadership style. 

Key Facts 

• She rejects traditional business practices like venture capital, IPOs, and budgets. 

• Over 40% of Fortune 1000 CEOs hold MBAs, but many top leaders question their value. 

Background 

Billionaire Judy Faulkner, founder and CEO of Epic Systems, says building her $5.7 billion-a-year software company without an MBA turned out to be one of her biggest strengths. Faulkner, 82, Epic was established in 1979 in the basement of her Wisconsin home. Today, her software powers the electronic health records of many of America’s leading hospitals. With a personal net worth of more than $7.8 billion, she is one of the richest self-made women in the United States. 

“I never got an MBA, which I think is a good thing,” Faulkner told CNBC. “They would have taught me how to do venture capital, but we didn’t do it. They would have told me to go public, but we never did. Even budgets, we don’t have them. Our rule is simple: if you need it, buy it. If you don’t, don’t buy it.” 

Her philosophy is reflected in Epic’s “10 Commandments,” principles she wrote for the company. Among them are strict rules such as “do not go public,” “do not acquire or be acquired,” and “software must work.” These principles are displayed across Epic’s 1,670-acre headquarters. 

While Faulkner’s approach may seem unconventional, it challenges the widely accepted belief that a business degree is essential for success. More than 40% of Fortune 1000 CEOs hold MBAs, including Apple’s Tim Cook and General Motors’ Mary Barra. Barra has said that her experience at the business school at Stanford has made her a leader. 

Even among Faulkner, there are many such powerful corporate leaders who hold doubts. Elon Musk has claimed that simply, too many MBAs have run companies, and billionaire Mark Cuban declared MBAs to be overrated. Other critics have included PayPal cofounder Peter Thiel, who said MBA graduates are typically insincere and do not take a firm stand. 

With Gen Z wondering whether business degrees are worth the cost, Faulkner can inspire that there are alternative means to leadership and that it can even be used to transform the rules of an industry.

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