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While I don't feel as strongly as @premed1875, there is no doubt that the SAT is related to outcomes after college:
Figure 1 in this paper suggests that higher SAT scores correlate to higher income, higher likelihood of earning a doctorate degree, higher likelihood for holding a patent, publish a paper and more.SAGE Journals: Your gateway to world-class research journals
Subscription and open access journals from SAGE Publishing, the world's leading independent academic publisher.journals.sagepub.com
Maybe the SAT doesn't measure potential or intelligence, maybe it measures diligence or the availability of opportunity. Whatever the case may be, it is absolutely reasonable to conclude that SAT/ACT has something to do with the workforce.
No, it isn't reasonable to conclude that. The paper you cite is only looking at the highest scorers on the SAT, not at the general population of students, which includes people who DIDN'T take the SAT, which is premed1875's point. There are plenty of people who don't take the SAT for any number of reasons and kick ass in the workforce, even more than those who do. The trouble is you're gauging accomplishments in the workforce related to math and science when the vast majority of the workforce involves anything but. Sure, you can make the case that higher SAT scorers are likely to become more educated and engage in things like research and patents, but that does not mean that those who don't take the SAT are lesser "quality" of workers. At all.
The SAT is really about who has the money to pay fortunes to test prep companies to prepare them for the coveted scores. Some students manage on their own, but let's not pretend it's a level playing field. If grew up in the best school systems or private schools, have thousands upon thousands to spend on test prep, you're likely going to do better than those who went to a county high school in a poor school district and limited studying to buying a textbook with questions. Doesn't mean the former is any more quality a worker than the latter, even in medicine.