Nah, there's just not a good way to rate and rank potential job candidates without actually taking the time to get to know them. Finishing college is just an imperfect proxy for being smart and working hard, and companies use it as a baseline because it puts the onus on students/employees to attain. If there was a way for companies to more accurately rank candidates (without actually requiring more work on the company's part), they'd use that instead. Universities are more than happy to facilitate this.

See also http://sethgodin.typepad.com/seths_blog/2007/10/the-greatest...