In The Name of Allaah The Most Merciful The Bestower of Mercy
Shaykh Ibn Uthaymin (rahimahullaah) said:
It is possible for a person to come, holding the certification of a doctorate (PhD), and take up the position of teaching in the faculties and universities, yet he is the most ignorant of people. And if a secondary grade student came, he would be better than him (in understanding and knowledge). And this is witnessed, observed (nowadays), there is to be found now one who holds the certification of a doctorate yet he knows absolutely nothing of knowledge. Knowledge, understanding (ilm, fiqh) is something granted and bestowed by Allaah as a favour and bounty and is not necessarily attained through certifications and passing through institutions. 
He [rahimahullaah] also said:
The knowledge of the Sharee-ah is [acquired] for Allaah’s Sake and for protection of Allaah’s sharee-ah. [It is acquired in order] to remove ignorance from yourself and from your Muslim brothers; direct [oneself and others] towards guidance and obtain inheritance of the Prophet [sallal-laahu-alayhi-wasallam], because the Scholars are the inheritors of the Prophets. 
Source: (Sharh Riyadh al-Saliheen 3/436).
Ref 1: Translated by Ustaadh Khadeejah [Abdul Waahid Ar-Ray]
Ref 2: Translated by Al-Markazus Salafi (slightly paraphrased)