Obviously, there's a lot of 'it depends on the person' in this topic. At least in my mind. I think you're right in that both things (degree/camp) create good and bad results.
I get a lot of dumb looks, and wrong answers.
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Do you have any experience hiring a person who passed that test, who wasn't a degree holder?
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Do you have any experiences where someone failed that test, wasn't a degree holder, and you hired them anyway?
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Do you feel you could put a ratio to it in your field/employer?