Academic excellence is not a guarantee to success.

I agree with you on this a bit. Lately, even the degree holders are assured of success compared to college drop-outs. I guess one key element also is perseverance. I mean, the one who really wants to succeed usually does. Some of those who had excel in their academics had somewhat fallen into complacency, thinking that a valedictorian or 'laude' standing guarantees them success. Nowadays, things aren't given on a silver platter just because you were one of the smartest when you graduated. You still have to earn it through hard work and perseverance.