I think the right answer is something of a middle ground. You need to understand the theory, but at an abstract level. Unfortunately, that can be pretty hard

I think the right answer is something of a middle ground. You need to understand the theory, but at an abstract level. Unfortunately, that can be pretty hard to test for. Companies are making the same mistake teachers make in college--testing by asking for regurgitation of details. You need to understand the forest, knowing individual trees is unimportant. Look at the concept of cramming for an exam--memorizing details, not understanding. You can't cram for a truly well-written test.