There has been an instance of exactly that in recent years at my company. The CV details both a wonderful Degree result as well as a number of solid certifications in the relevant field. However, when the individual started to work the world of knowledge was not being applied, he/she simply didn't know how to apply it. The CV wasn't lying, the person did get fantastic results and did hold the perfect combination of certifications for the role, all this proved in this case was the individual was excellent at memorising and expressing large amounts of information, unfortunately for my company he/she did not know what the information meant, nor how to use it.
This was a gamble like any other when hiring employees, unfortunately this one did not pay off despite the great odds advertised.
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