Shultz is a member of the Hoover Institution and the Committee for the Liberation of Iraq. He also serves on the board of directors for the Bechtel Corporation, Gilead Sciences, and Charles Schwab & Company.
Shultz received a B.A. degree in economics from Princeton University in 1942. and joined the U.S. Marine Corps and served until 1945. In 1949, Shultz earned a Ph.D. from the Massachusetts Institute of Technology degree in industrial economics.
He taught at MIT from 1948 to 1957, with a leave of absence in 1955 to serve on President Dwight Eisenhower's Council of Economic Advisers as as senior staff economist.
In 1957, Shultz joined the University of Chicago Graduate School of Business as professor of industrial relations. Later, he was named dean in 1962.
Shultz served as President Richard Nixon's secretary of labor from 1969 to 1970, after which he was director of the Office of Management and Budget. He then became secretary of the Treasury from May 1972 to May 1974.
In 1974, he left government service to become president and director of Bechtel Group. On July 16, 1982, he went back to serve as the sixtieth U.S. secretary of state and served until January 20, 1989.