...if you want to hire good knowledge workers, an IQ test and a work-sample test will get you further than any set of expensive status-signalling criteria ever could.
I have seen data supporting that. However it could also land you in court for discrimination, see http://en.wikipedia.org/wiki/Griggs_v._Duke_Power_Co..
Most companies are risk adverse, and hence an IQ test as an admission criteria is verboten.