That's a great question, but loaded too. Most in a particular profession will tell you that 90% of what they know came from work experience not the degree. I was a computer programmer, but didn't use any of the knowledge I had gained from my degree in the jobs I had. As a college professor, I don't think I've used any of what I learned from my uder-grad and my advanced degrees in teaching.
Here's a nice little stat for you from a prestigious recruiting firm: since 1995, 60% of college grads work in jobs that don't even require a high school diploma. The diploma is often way overrated and little used. Most professors, provosts, board members, and even employers know that what you're getting with a degree is far short of the knowledge, skills and attitudes needed to be a good worker. It is generally used as a separating or dividing device, a ticket into a job or position.
Another issue is that most students pick a major like they're choosing a flavor of ice cream at the mall--with about as much consideration. They have no clue as to whether or not they are a real match for the degree, whether or not they'll like the work well enough to stay in the associated career (there are endless stories of students not even using their degree or barely using it because they realize the reality of the work is just not for them) or if the degree will get them work or even what kind of work it will get them.
I am often amazed by the amount of time and money wasted on experimentation with education (especially now since the cost of a degree has gone up 25% in five years!) by students. Many, many, many issues and concerns that should be resolved before graduation often don't get resolved until way too much time and money has been spent.
I'll leave you with this little note: within 5-10 years of graduation, 70% of college grads will no longer be working in a field related to their major. That's a LOT of waste. Bottom line, it's often way too much hit or miss. Students just don't get the prep work they need before going off to college. Why? Because few are providing it. And be leery of getting advice from those within a system, for often they will not be forthcoming in an effort to perpetuate and protect the system, regardless of its overall effectiveness.