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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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It does vary by the job, in some cases certification/licensing are required, and without that nothing else matters. For example, doctors, lawyers, teachers. For most of our jobs there is a requirement for several years of experience, and in some cases when certification, a degree or advanced degree is required, we may allow additional years of experience to be substituted.
Degrees. Because without that you don't even get looked at, do not pass go, do not collect $200. If and only if you have the degree do we start looking at other factors, certs, experience.
Everyone likes to create the false dichotomy. It's not either/or; rather it's both/and. The degree is mandatory to get past the moat dragon of HR, then experience, certs, etc separate out the rest.