I overheard in response to Chancellor Martin's announcement (who I thought was an excellent chancellor) the following. Maybe we should get someone without a degree like the Governor and many of his cabinet people because they understand the real world. To which someone responded "I seem to remember when you were all upset that people without degrees in our organization were being paid more than you". My response was that it is a little different when you are talking about people that you agree with in terms of qualifications. I do agree that a degree is not the end all be all but I do think that if you are in a high level position in government that you can benefit from having a broader education about the state, the country, and the world and how they interact and operate. And, maybe a little economics about how companies expand when they need to meet demand, they don't expand because they have money laying around.
Personally I'm hopeful that we hire a chancellor with only a BS so that I can apply.