I think we're missing a key component here.
Yes education is hugely important especially when it comes to breaking into the work field, but because of the hyper competitive job market in the later on jobs its not experience, its results. A person with 20 years in his field with little to show is not going to get nearly as far as someone who has proven that he's become invaluable where ever he's been and not satisfied with punching a time clock so to speak.
Esperience means little to nothing without proven achievement and over achievement.
That's why the concept of the chonological resume is pretty much dead.
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