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Everything I've seen has proven that to be correct over and over. In my industry, at least.
But when you are talking about a non managerial job then skills / experience / qualifications is a blend that changes with age. Saying that, Swiss RE require a masters to even interview....
I'm a hiring manager for a large bank, and I see so many CVs that are broadly the same. You have to filter, so I tend to filter on quals, and the things done outside of academia. I like to see CVs from people who have travelled, or built weird things, or set up their own company (regardless of whether it tanked or not - in fact, maybe better if it tanked!). Then when you get them in for an interview, to engage the bull-o-meter. It's staggering the number of blokes (I work in IT - it's nearly all blokes) that take the p!ss at interview, and can't back up a lavish CV.
Trading feedback: http://www.thefretboard.co.uk/discussion/72424/
Personal anecdote (and therefore inadmissable as evidence) - I did CompSci at Bristol in the late 90's. A friend of mine did the same course at UEA. At the time, Bristol was comfortably top-10 (it seems to have slipped quite a lot since). UEA was towards the bottom of the league table.
We met up at Christmas after our first term. The difference in what we'd learned was staggering - he had just started stuff I'd covered in the second week of term. My initial thought was "OK, maybe they did other things first" but on drilling further, they really had spent an 11-week term covering what we'd done in our first two weeks.
Back to the OP, as it looks possible I'll be back in the job market shortly, I've had a look around, and some jobs are now specifying 2:1s as a requirement, which surprised me, given that the roles I'm looking at are ones that would typically expect 10-15 years experience.
I did my degree in Aeronautical Engineering.
I'm more comfortable with that than IT graduates fixing Airliners.
Nil Satis Nisi Optimum
skinnies need not apply
Iv seen it so many times with newly qualified people in all trades ...that plan work out on paper and shocked because it dosnt really work like that in the real world....saying that i think you need both to get the jobs..