I agree with all of that, though spending 4 years to make that determination seems crazy to me. A competent employer can figure out which hires are worthwhile in about a month or so.
There’s another issue with using educational attainment as a proxy of intelligence: it doesn’t really help you distinguish among candidates who all have a bachelors degree. All you know is that they’re above some threshold, but not how far above. You can use the prestige of the school as a proxy for this, but it all seems like a hell of a lot of hassle when you can figure this all out in a half hour with an IQ test.
There’s another issue with using educational attainment as a proxy of intelligence: it doesn’t really help you distinguish among candidates who all have a bachelors degree. All you know is that they’re above some threshold, but not how far above. You can use the prestige of the school as a proxy for this, but it all seems like a hell of a lot of hassle when you can figure this all out in a half hour with an IQ test.