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I don't feel it's a waste of time.
Unfortunately in today's society, for people with little work experience, it's the diploma that gets you the job and the skills that allow you to excel.
I agree that there is no duplicate to hands-on training. But you're restricting your field of thought to the business world, etc. It's next to impossible for a non-formally educated person to get hired OR move up in the science world / industry without any formal education.
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