Mr Carver, Managing Director of Carvers Building Supplies for the last 30 years, completed a foundation course in accountancy at the university before studying for a BA (Hons) in Business Studies and graduating in 1983.
He was invited back today and presented with an honorary Doctor of Business Administration.
He said: "It has been quite a humbling experience, I really accept this on behalf of all of our employees and all the people who have supported me over the years in business, in the good and difficult times."
Mr Carver joined the family business, established in 1896, in 1984 at a time when turnover was £2 million and the company employed 35 people. Now the firm's turnover is £32.7m with more than 250 staff in service across all businesses.
He oversaw rebuilding the company after a devastating fire tore through its premises in Littles Lane in February 2012.
His honorary degree was awarded in recognition of 'his service to the local community, particularly through his charitable endeavours'.
Most recognisably this has been though Carvers' involvement with the Wolverhampton City Marathon. The popular event has run since 1998 with the firm acting as main sponsor and underwriter.
Mr Carver, aged 58, added: "It is the largest participating even in Wolverhampton. It is fantastic. Every year we manage to get around 2,000 people taking part and donate £15-20,000 to charity."
Mr Carver grew up Pattingham, South Staffordshire, and attended Newbridge School. He is a lifelong Wolves fan. He was joined yesterday by his wife, Libby, and mother Shelia.
Honorary degrees are being awarded by the university throughout the week.
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