All I know is that the $80 per hour I am now paid as an electrical engineer is definitely superior to the $30 per hour I was on as a "sparky":
- to say nothing of the improvement in working conditions (having previously worked in such unsavoury environments as the rendering plant at a local meat processing plant).
My present employer is rather unique, though, being prepared to recognize that a person's sheer amount of practical experience can compensate for lack of academic qualifications. In practice, almost always you would not get even a look in without a four year engineering degree to your name.
Consequently, I cringe whenever hearing about somebody passing up the opportunity to go to college (as I did, for cultic reasons), or deciding to drop out from college once there.
Bill.
(With a 40 year degree from the University of Hard Knocks!)