Education pays... The more you study the more you earn. Look at this research: http://www.upworthy.com/i-knew-education-was-important-but-this-blew-me-away?g=2. However, despite this research I often meet people that are over educated and underqualified. I think there is a balance to be found here based on what you are doing. In my case when hiring PHP developers, I never really care how educated they are but rather care for how skilled they are.