Ernest was schooled by a governess until the age of 11, when he entered Fir Lodge Preparatory School in West Hill, and was educated from ages 13 to 16 at Dulwich College, a public school for boys.

The young Shackleton did not distinguish himself as a scholar and was said to have been "bored" by his studies. In his final term at the college, however, he was able to achieve fifth place in his class of thirty-one.

Furthermore, throughout his career, Shackleton was a voracious reader, which contributed to the broadening of his horizons.