Your education and your Job

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Yesterday as I was sitting with a group of elders and listen to what they have to say about their children. 1 of them mentioned that his son is in his final year in law in on of the local university. Hiw proud he is for his son, saying that he hope his son will get a 5 figure income all because he has been encourage him since he was in preschool. Then this thought come into my mind. The smarter you are, the better job you will get, the better job you get, the higher the pay and so on so on. Is this true? Does this means, if he/she completed some university and get a degree he/she is smart? And will he/she get a good job equal in comparison to his/her qualification?