Actually a combination of these two factors is required. Usually we start off working soon after our studies and our theoretical knowledge will be prominent in us. At this stage, we try to put into practice what we got from our degrees. Issues will come up about which we haven't learned or even which we haven't thought about. We will be aware of these issues only with time and not from any book. Now comes the time where we have to put in our management capabilities. This way, as we go up the professional hierarchy, management capabilities must get absorbed into us. When it comes to purely management, what counts more is the hands-on experience. But when it comes to technical side alone, we cant do anything worth without having a theoretical training. In general, practical experience should be backed by the theoretical knowledge of it. Holding a degree with mere theoretical knowledge is not a sign of success or wisdom. So both should go hand in hand.
