IQ (general cognitive ability) is likely the best predictor of your success in a career -- there is plenty of evidence and research in regards to this. Those with higher aptitude in problem solving, spatial manipulation, and language acquisition simply outperform their peers and can perform the same job more efficiently and quickly. It's a subject that rubs a lot of people the wrong way so it's rarely discussed (The fact that IQ has a strong genetic basis and is very difficult to change is too undemocratic for many people). Not sure of the legality in the US, but if I were hiring and it were legal, I would base a large part of the decision on IQ and skillset rather than diploma attained.
I think it really depends on one’s skills other than IQ that also largely dictate some success. I’ve known countless people in my life who were near geniuses, but at the same time, terrible employees. They sucked with people, they sucked to be around, they sucked following though on their responsibilities, sucked managing their time, etc.
While others might have pretty bad IQ’s, but they can acknowledge that and kickass on everything else, so they might look like rockstars even if their IQ isn’t that high.
I work for one of the largest oil and gas companies in the country. A fortune 25 company. I have an office at their global headquarters where probably 95% of the people have degrees. I am 30 and don’t have a bachelor’s degree (associates and some certifications). My responsibilities are very similar to those of project managers/engineers/construction managers.
Even though I don’t have a degree, I would bet that I am probably top 5% income on this board, and probably bottom 10% in terms of IQ.
While I’m not the smartest, I am well aware of that and bust my ass to compensate for it. The notes I take during meetings, action item lists I create for myself, processes to follow through on responsibilities are second to none. I’m constantly reading books on how to make myself a better employee, communicate better, etc. I’ve managed up to 22 direct reports on certain projects. My current job (in which I’ll make over $300k this year) my bosses have never once discussed my roles and responsibilities or requirements of my position because they haven’t had to. I never got a job description. I have just dug my claws into everything and made myself valuable. In January they just gave me a $15/hr raise without even having to ask for it.
Degrees are great for some people, but they are hardly a deciding factor in terms of finding a quality employee (in certain industries). For many industries, on the job experience goes much further than what is learned in school.