Currently, Scholes is a director of Dimensional Fund Advisors Mutual Funds, the American Century Mutual Funds and Intelligent Markets. He has served as chairman of Platinum Grove Asset Mgt, LP since October 1999 and is the Frank E. Buck Professor of Finance, Emeritus, at Stanford University's Graduate School of Business.
In 2007, Scholes was inducted into the Futures Industry Association's Futures Hall of Fame, which was established in 2005 to commemorate outstanding contributions to the global futures and options community. 
Born in Canada, Scholes earned a Bachelor's degree in economics from McMaster University in 1962. One of his professors at the university introduced him to the works of George Stigler and Milton Friedman, two University of Chicago economists that later would both win Nobel prizes in economics. After receiving his B.A., Scholes enrolled in graduate studies in economics at the University of Chicago. Here, Scholes had the opportunity to study with Eugene Fama and Merton Miller, researchers who were developing the relatively new field of financial economics. He earned his MBA in 1964 and his Ph.D. in 1969 with a dissertation written under the supervision of Merton Miller.
After graduating from the University of Chicago’s graduate school with a concentration in financial economics, he taught at the Massachusetts Institute of Technology and Stanford University. In 1990, he moved to Wall Street to join Salomon Brothers, initially as a consultant and later as a managing director in fixed income derivatives sales and trading.
He was a limited partner and principal of hedge fund Long Term Capital Management from 1993 until 1998, based in Greenwich, Connecticut. The company collapsed in 1998, requiring a Wall Street bailout.
He also has been a member of the Chicago Mercantile Exchange CME Group Competitive Markets Advisory Council (CMAC), which serves as a think tank to develop and provide advice to the board in the form of policy, analysis, position papers and other strategic recommendations on significant market issues.
In March of 2008, Scholes said regulators needed to “blow up or burn” over-the-counter derivative trading markets to help solve the financial crisis. The markets stopped functioning and were failing to provide pricing signals, Scholes said at a panel discussion at New York University’s Stern School of Business. He said one solution would be to try to close all contracts at mid-market prices.
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