A self-made millionaire says this trait is more valuable than an MBA

"I'm not going to say anything wrong about getting an MBA, but...":...

If you're considering getting an MBA, millionaire investor Michael "Rooster" McConaughey believes there may be something better — and it doesn't cost a dime.

The star of CNBC's reality pitch show "West Texas Investors Club" said that street smarts are more valuable in business than a master's degree.

"I will take common sense over an MBA," said McConaughey, who is co-chairman of the West Texas Investors Club.

"I'm not going to say anything wrong about getting an MBA, you know. Except to me, it's almost like you learn from the bumps," he said.

Before starting West Texas Investors Club with his friend and business partner Wayne "Butch" Gilliam, McConaughey spent years building a lead pipe empire worth millions.

Along the way, he learned some hard lessons himself, like the fact that you can't trust some people when money is involved.

"You learn from the highs and the lows," he said.

The people who have weathered the scrapes and bruises of business make for smarter employees, McConaughey said.

"I want the MBA reading my papers, I want the MBA guy checking my stuff, but I don't need the MBA guy out there telling me how to deal."

Of course, not all moguls agree. Billionaire Tillman Fertitta, CEO of Fertitta Entertainment, which owns Landry's and the Golden Nugget casinos, thinks a person should get an MBA if they want to build their experience.

"You've got to have vision — you've got to have ideas," McConaughey said. "And the guy that's been out there that knows who might be behind the next trigger, knows what's going on, [he] just has a lot of common sense."

CNBC's "West Texas Investors Club" airs Tuesday at 10 p.m. EDT.

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