"The majority of the jobs do not call for any engineering or MCA qualifications and can well be done by an HSC with some training." I disagree. It's not that simple. There is something called logical thinking which most non-engg graduates lack - which is why they are non-engg graduates, boss. Barring exceptions, why should it take a potential software engineer to complete their graduation and THEN think about software? Note: Most PROFESSORS will not be able to work in IT companies. It's NOT that easy. Professors lack application skills although they have knowledge.
