I had a coworker that was an Industrial Engineer, working with me, he was going for his masters in ME. One day at work he was studying for an exam, or thesis, or something, and he called me over to his cubicle and asked me what's the difference between a screw and a bolt. Now, mind you, I grew up in a machine shop and operated milling machines at age 8 so I was slightly ahead of the game when I got my ME degree, but this guy opened up my eyes. He also had some problems to solve involving part design simplification. He could not for the life of him figure it out. I looked at the parts and had them instantly redrawn with about half the machining steps taken out of them.
It's not "what you know" anymore...
I am convinced that the brain is a bucket. You spend the early years learning common sense, the middle years learning facts, the later years learning a specialty. Somewhere North of grad school comes time to make more room in the bucket; out goes the common sense. Learn to kiss ass, you are now management material!