Do Academic Qualifications ensure success in life?

This is one of those times where the answer to the question depends entirely on the final application.

For example, if I want you to build the frame for my new house, I don't care if you are fluent in 20 languages and can do integrals in your head. But you'd better have a strong arm and be able to hit a nail with a hammer.

On the other hand, if I want you to develop a new strain of blight resistant potato, your academic qualifications will be of far greater concern to me than your ability to drive a nail.