Does the real world operate under a meritocratic system?

Meritocracy

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There has been an idea that I have been turning around in my head that has been corroborated by friends who have positions in the academy, namely, professors.  Ever since I was in the credential program (a long, long time ago) I have been fascinated with the idea of meritocracy. Meritocracy is a political philosophy that states that individuals can gain power through merit.  Advancement in a discipline is gauged by intellectual talent and is measured through examinations and demonstrations of ability in the field.

I personally love school because it is the closest that the world gets to a meritocracy.  In addition, professors are individuals who are lucky enough to stay in the academy, and come close to participating in a meritocracy (although  I've heard many disgruntled junior professors who think that the publishing process is not based on a meritocracy, but on alternate political systems of the editors/established writers). Nevertheless, we will just assume that professors are the only public figures who get to adhere to a meritocratic system for a living.

I know this sounds cynical and I did enjoy being a professional and was quite successful for my position. But you have probably heard, as I did recently, the statement "Welcome to the real world."  What does this statement really mean?  How is school different from the real world?  Maybe I'm just old, but I've experienced alternative power dynamics in the professional sphere that in no way resemble a meritocracy.

p.s. Maybe I should just get a Ph.D. (lol)