The majority of my colleagues (and myself) are degree qualified, however two of the most practical and effective software engineers I have worked with came through apprenticeship schemes (and my degree is electronics, so barely counts). They understand the value of experiments and knowing just enough to pass the tests..
The diversity a team gets from mixed education backgrounds is valuable too, it's all too easy for myself and other ex-uni students to dive into theory discussions without shipping stuff! Conversely the learning experiences between people helps everybody understand better (I hope!): "to really know something, teach it". This seems relevant :)
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