Of course not but I think Faraday was an exception and it would be rare for someone in this day and age to be an innovative scientist without having a strong academic background. It's hard to break into academia without going to college and it's hard to go to college without going to school. Of course it's possible but it's just not easy and without the proper motivation many people would give up.
Even before Faraday there were tons of self schooled mathematicians who would just write letters to each other with their problems and solutions but I just don't know how common that would be these days.
it's hard to go to college without going to school
I basically went to college without going to school first. I had a D average in high school, and something similar in grade school (I was far more interested in making trouble than anything else!)
I didn't need preparation to go to college (and I went to a midwest public ivy); all I really needed was a clear idea of why I should do so. That I got from reading Issac Asimov and Ayn Rand, not from any teacher forcing me to sit still in their classroom.
Even before Faraday there were tons of self schooled mathematicians who would just write letters to each other with their problems and solutions but I just don't know how common that would be these days.