No it doesn't. In my experience in the majority of teams, there a few really good guys, and few absolutely clueless guys which get by from the work of the good ones.
I mean experience is good, especially if its obvious. If your a company founder, and the company flourishes then its in no doubt that the guy is good. However majority people have jobs where its is possible to get by, without doing a good job because there aren't any metrics to able to measure it. Look at how many crap teachers are around.
They never get promoted by the company, but they get by or they move up by joining another company at a higher position. They don't get fired however.
Grades are a possible metric(Though not a very good one), so it does prove something.
Its entirely should be entirely possible to recognised as a good worker through experience. Risks need to be taken to prove it though, like the company placing him in charge of a sales team and sales suddenly go up. However i've seen workers get into middle management through length of experience, not ability to do the job which is never good.
Your experience?
You are 22.

In my rather more extensive experience, I would have to disagree. "getting by" is one thing, but those people rarely get promotions from within and that will show.
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