I always take the requirements with a grain of salt, particularly where they don't have an obvious tie to the ability to perfrom the job. If a requirement is 'must have x class license' that's a pretty firm point, but something like 'must have started or completed a graduate program' doesn't really seem like a requirement but rather more of a preference. If your skills are more applicable than someone who has a graduate degree you'd likely be the preferred hire (although some places seem to hire strictly on things like degrees, regardless of the applicability). I have a graduate degree, but my skills almost certainly don't apply to a position involving budgeting or HR. That said, if there are people that meet all the requirements and you're lacking some of them it's likely to be a tough road.
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