I think the majority of SP's lack formal University education. For that matter, I would guess a lot barely fulfilled their high school education requirements or as they say in Canada - grade 12 diploma. That certainly does not make them stupid. The majority of SP's have far more sophisticated "street smart's" than the average person. In this business, that is a requirement. Now the question is whether street smarts beats a formal education. Hmmmm - that is a tough one. I know many people with masters degrees from Harvard, Stanford, MIT etc who don't have enough common sense to get in out of the rain but they are sucessfull eggheads. I know people who are VERY sucessfull and rich who barely graduated high school. If you go with the odds, academics are needed in order to get a decent paying job and those without the BS or MBA next to their name don't clime the corporate ladder; therefore, if one wants to make a decent living a University degree is a must.
