Not really, if you notice the latest in the papers; thousands of graduates are jobless. To get a big paycheck, you need the years of experience as well - or else how is the company going to trust that you can do the job?
You're right on one thing though; as long as you have the qualification, you can get any job. But finding the RIGHT job? That's another story.


ps: someone i know graduated with masters degree, but still getting basic 2k in IT line. so definitely qualifications didn't help ....