I can't speak for other industries, but in mine, the geologists damn well better know what they are on about. The companies involved, large and small, are investing sometimes over a million dollars on the assumption that the geologist has obtained and interpreted his data correctly. Some of these offshore rigs in the Gulf cost $100,000 / day even if they are doing nothing more than sit on their buoyancy tanks.
Seriously, there are two areas in the oil patch where I see more degrees up on the wall than anywhere else. The geologists who tell the drillers what to do, and the FEA / material science gurus who tell the completions guys what to build with.