Most of the best programmers I've known were initially self-taught, but also have university degrees. Which after they are 30-35 is crucial if they want to move

Most of the best programmers I've known were initially self-taught, but also have university degrees. Which after they are 30-35 is crucial if they want to move up the ladder to executive within a corporate environment. Having spent the last few months back in Toronto, I'm quite surprised by the number of people I meet (some old friends) who have MBA (from a top school), CA/CMA/CPA, CFA, CSI* courses and ten plus years of good quality work experience who are unemployed or significantly under-employed. Luck, or lack of it, has played a part for some of them not currently having a job, with companies they joined cutting teams or closing down. There is an 'arms race' here for more advanced degrees & designations that makes it really tough to either keep up or get back into the race if you fall out of it. * CSI = Canadian Securities Institute, CFA = Chartered Financial Analyst, CA/CMA/CPA = Accounting designations