Formulating lubricants is a methodology. Briefly, the process is to establish goals (technical, marketing, & financial targets); define tests that confirm goals and support claims; identify potential ingredient types that affect tests (base oils and additives); obtain samples of identified ingredients based on supplier recommendations; create testing matrices; conduct tests and evaluate results against goal requirements; repeat as necessary.
I designed esters and formulated high performance lubricants such as jet engine oils (including the one most used by the US Military for the last 25 years) and various successful synthetic industrial and automotive oils, and have four patents, all with a high school degree and no certifications. Yes I had access to a good lubricants laboratory and quality chemists for consultation as needed, but one can initiate, design, direct, and manage the process without a formal higher education.
The formulation process is more logic than knowledge. You gain knowledge from experience as you go.