To me both work experience & degree play an important role.But work experience a shade more Degree is like the admission ticket to write the exam
===> exam==>work experience
===> admission ticket==> degree
A person having work experience will have practical exposure to the working environment,work culture,ethics,interaction with peers where as deree without experience is like a soup without salt.Just as salt is needed to make soup tasty work experience will be an added advantage.