She attended California State University, Chico and received her Bachelor's degree in Political Science, followed by her Master's degree in econometrics from Claremont Graduate School. She also received a Master's degree in statistics and computer science from Stanford University where she met her former husband. Lerner was fired from Cisco in 1990 and put her earnings towards the start up of Urban Decay Cosmetics. The company was acquired by Moet-Hennessy Louis Vuitton in 2000. She currently lives on an estate in Virginia and owns the Hunter's Head Tavern in Upperville, Virginia.
