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I do think there needs to be something that fills this position though.

It doesn't even necessarily have to be that complex. What's wrong with:

1. Graduate with a bachelor's degree

2. Work for 2-3 years

3. Go back to school with practical experience

I think this would be a good model for all post-undergraduate educations (not just professional ones like business, or law). A few years of seasoning out in the field does everyone good.

EDIT: Updated for formatting



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