In my opinion, for most jobs there is a minimum education threshold where it actually matters, and then past that, experience would matter.
For example, a standard Calgary engineering job you need a 4 year degree. It doesn't matter if you have 20 years experience with a high school diploma, you're not going to be hired as an engineer without the degree. However, once you meet the minimum requirement, then the value of experience takes over.
For jobs that don't require an education, then experience would absolutely be more important.
However, in some industries, education really does matter. If you graduate from Wharton or HBS, you will absolutely see massive benefits in opportunities available over Haskayne.
Similarly, the opportunities available to you graduating from Harvard Law School compared to graduating from Law at the U of C are drastically different. A top New York law firm would rather hire the best of the best fresh from Harvard Law than the U of C educated lawyer (aside from the country differences, just talking about the "prestige" of the school) with 10 years experience. Education is of prime importance in these highly professional and competitive industries.
So to answer your question, I think it really depends on the industry.
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