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I've been programming for 18 years. I've been professionally programming for 12. I am entirely self taught.
Now, I've been in positions where I've had to screen applicants and hand-hold them after they've been hired.
Almost without exception the University CS grads are/were useless. The college grads were better.
The problem is not the education usually, it's the person. You get lots of college and university CS grads that are only there because they wanted a good job. That generally means they suck ass.
Hell, I even met a CS grad a few years ago that passed, and never ONCE did a single one of his labs - ie, he never programmed a line of code.
Highly overrated in my opinion. The only thing I needed to round out my education is high level calculus and trig. I've written 3d engines with what I have, but more is better, and probably soon I will take some time to take the courses.
As for employability, the degree does help, but when you're not being hired or screened by a mindless HR drone, you will get much farther with relevant experience than a BS will get you.
Cheers,
Backov
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