Benson graduated from the Berkshire School and then studied at Cornell University before earning his bachelor's degree in geology from CU-Boulder in 1964.

Since then, his business interests have expanded to include banking, mortgage servicing, real estate development and management, geothermal power, manufacturing, trucking, restaurants and cable television.

During Benson's tenure, CU's research funding reached record levels several years (including topping $1 billion in 2016–17).

[2] Benson and his wife, Marcy Head Benson, chaired CU's $1.5 billion Creating Futures fundraising campaign,[3] which was announced in April 2011 and concluded in November 2013 with $1.53 billion in donations to support scholarships, academic enhancements (endowed faculty positions, programs), research projects and capital improvements across CU's campuses.

Benson was selected as CU president amid concerns among the CU faculty and community members about his lack of academic pedigree and for climate change denial, close connection to partisan politics (Benson unsuccessfully ran for Governor of Colorado as the Republican nominee in 1994), and close ties to the oil and gas industry.