One the job training is fine if you expect to be programming for only 5-10 years. A 30-50 year career requires a foundation that you are unlikely to get on the job. If you love programming, get your CS degree.
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Replying to @awbjs
There is nothing special about academic institutions that hold the keys to CS knowledge. I've been programming for 12 years. Are you suggesting I should take a four year break to go back to school?
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Likewise, 14 years over here. If you want to get a degree, go for it! But there is no hard rule that you need one. The industry moves so quickly that the most important thing is to learn how to learn on your own.
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I agree there's no *need* for one. It seems things have swung the opposite direction in bad-mouthing CS degrees. I cannot go a day without seeing someone say they're worthless
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Hm, I don't think I'm bad-mouthing one though, I encouraged people to get one if they want one. I don't think one would be worthless at all, especially because they guide you in terms of *what* you should learn
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Saying that it's possible (with a lot of work) to learn the theoretical foundations of CS without a formal academic experience is not badmouthing CS programs 
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IF that's all that was being said, sure. But it's not.
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