This is the eternal debate when it comes to Degree V/s Work Experience. I am the best example here. Although I am a graduate from the Hotel Industry, I found out that the work I did before and during my time when I was getting my Degree was what gave me an edge in my Professional Career.
A person might study in the Best Institute and get the best degrees, But what good is that if you have no idea of how to use it. I know of brilliant students who have flopped big time in careers as they couldnt use their knowledge practically. Whereas a person who has experience will be able to survive.
But personally, I beleive that a balance of both is a must. When you are planning to study for a professional course such as MBA, Masters in Engineering, it is always better to actually go get some work ex. under your belt, so that you actually know how your industry works. Only then can you truly appreciate and understand the higher concepts.
Another point, Dont ever stop learning throughout your career. Always keep learning something new. Both in print and in practical work. And see how you can become A 'Narayan Murthy' & 'Dhirubhai Ambani' combined, as there is no limit to your growth.
