Is it a must to get a university degree?

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All over the world,education is cherished,most especially formal education for the reshaping of human outlook to life.In some part of the world,paper qualification sto be the other of the day and this has led to the scramble for higher degrees and as such those involved only wants to get the degree and not really appliy the knowledge.There is a need to deemphasize paper qualifications by entrepreneurs and they should allow more attention for skills that the applicant has.