The question should be reversed "Is a university degree worth 10 years' experience."
When a doctor graduate's, he can call himself/herself a doctor, however, would you consult this doctor or would you want to see some experience. I employ graduate accountants and whilst they have some knowledge, i would never let them loose on clients without having obtained the necessary experience and understanding that comes with working with a senior accountant to ensure they have a complete understanding of the rules. In our case they must complete their CPA training and we provide practical experience under supervision. This training is more important than their university degree. Both experiences together with a university degree are equally important. For the current debate experienced advisers with many years of experience are a valuable resource and our profession cannot afford to lose them.