in my opinion both of them are important but knowledge is a little more important .in my country there are lots of people with university degree but they do not have enough knowledge in their major and moreover a degree is a piece of paper which is observable but knowledge is sth which should be measured.
You can have knowledge without the degree. The difference is you'll be richer in the end if you don't get a degree lol--If money matters to you (it shouldn't) Well that's my two cents (no I did not get a degree yet lol) :)
Well, from real experience I think the knowledge is more important than degrees coz I study English literature at my University and my degrees is too high but my knowledge at English is very poor so I need to focus at getting knowledge at learning more than getting high degrees
That's my opinion ^_^
i think both are equally important... well in order to get a good job in the first place you need to have a degree and afterwards the progress from thereon depends on the experience you gain from there and the knowledge you accumulate...