 Quote by deRham
Exactly this!!! And I'll add, even if they're great at what they do.
To be fair though, nobody seems to say it's a guarantee that you'll get to do what you want, but the lack of word otherwise tends to give the wrong impression.
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In terms of actual meaning, I don't put too much value in possessing or lacking a Ph.D. Yes, I likely have a bias since I lack one, but I feel, in all fairness, someone who possesses one would also be biased. I don't pretend to have the expertise in any scientific field that those of you who do have one possess, but I also think of all the Ph.D.-wielding Creationists when I ask whether I should even bother arguing with someone who does possess a Ph.D.