Well, the way I look at it is if you have a degree, great. If you don't, so what. Promotions within a company should be based on who is the most qualified, with the most experience. Not necessarily who has the best schooling. Hands on experience is much more important than anything you could learn in school (in certain fields anyways).
Just like hiring at a company. If they have one position open and one person is applying fresh out of university, while the other doesn't have a degree, but say 5 or 6 years of related experience, the second person should get the job. That's not always how it works though.
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