Khane
Got something right about marriage
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The stuff you are mentioning matters in certain industries like finance where math is important. However, most software development doesn't require math skills at all. Bad developers are bad no matter if they have a degree or not. If someone likes coding and is interested in the concepts and writing good code they will be able to do so teaching themselves. Drive and will to become good at what you do is more important than anything else. People who have pride and ambition will become good developers regardless of formal education. People without those two traits will suck no matter what. My degree and schooling was practically worthless and most of the developers here on RR have stated the same about their formal CS education. First, you need a good teacher and in CS "those who can't do, teach" rings very, very true from what I've seen. In many cases it's like the blind leading the deaf and it can seriously hamper someone's ability to learn the right way.My experience has been that people who learned how to code without getting a degree, know how to code but doesn't know how to build a software. You get to work with spaghetti code and a general clusterfuck. It gets worse if you plug a UI into that. They usually get the "software" out the door much faster but the maintenance will be twice as costly.
I will grant you, these kind of people also happen even if they have a degree but at least, they are fewer in numbers. And as BrotherWu mentionned, they also know many good basic concepts (data structures & algorithms being the main important one).
Prestigious schools known for their CS programs will benefit anyone immensely and will turn out developers that are much stronger in the field than if they had taught themselves. However, your local community college is not going to do that for you. Where you go to school is important, and if you can't get into or don't feel like paying the boku bucks it will cost you to get an education at one of those places teaching yourself is the better option in my opinion.