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there are certain areas of software engineering where a real understanding of the subject takes years of focused study. for example, understanding encryption requires graduate level math courses to even read some of the standards produced or understand how the algorithms work. i have never seen this happen outside of school simply due to the time restrictions of having a job preventing the full-time study necessary to reach that level of mathematical sophisticationI agree with you. But there are some places where that study can happen without a degree.
Clifford Cocks, for example, was recruited by GCHQ before he finished his degree. I accept this is an edge case example.