In 1968, Fossett received an MBA from the Olin School of Business at Washington University in St. Louis, Missouri, where he was later a longtime member of the Board of Trustees.[11] Fossett's first job out of business school was with IBM; he then served as a consultant for Deloitte and Touche, and later accepted a job with Marshall Field's. Fossett later said, "For the first five years of my business career, I was distracted by being in computer systems, and then I became interested in financial markets.