Paper qualifications or experience?
Why? In these higher learning institutions (both private and public) you were tought in structural manner ie starting with fundamentals or basic then move on to intermediate level and later on the advance level. In between these levels you will be tested on your knowledge and understanding on the subject tought in order to ensure that you are qualified to progress to later stages.
If you noticed, the learning process is not only in the classroom or lecture hall/theater but outside as well like the way you dicipline yourselves such as meeting the assignment dateline, doing proper research in either library or nowadays internet, participate actively in group discussions, respecting others opinion and lots of things.
So it means that an ideal graduate is the one who not only possess paper qualification but a good personality and able to apply his knowledge and learning skills in the real world without dismissing other opinions.