Like anything, real world experience complements academic background, and over time the credential means less. But as a thought experiment... All things equal

Like anything, real world experience complements academic background, and over time the credential means less. But as a thought experiment... All things equal, who wouldn't hire someone with 2 years experience + a masters, over someone with just 2 years experience, or just the masters. I like to see something that signifies intelligence and curiosity, and then something that shows someone has done something with it. Usually this is a combination of academics and work. It can be shown just with work. It's hard to show it just with academics.