It isn’t true that most CEOs went to “fancy” schools, based on the Fortune 500 and a CC definition of fancy school. It is true that even with problems with the data, the evidence is pretty strong that older adults who went to elite schools make more money over their career. The data can’t say though whether it is the school or the person. Probably most importantly those are all averages over lots of people, and individuals experience only their own lives, and have to make their own decisions.