Sort of, but it's more than just a degree and/or verification of skills. As you suggest, there are a lot of ways to test whether someone has some of the skills needed to succeed. If you're looking to hire a java programmer, you could either build or find a short test that would reasonably determine how skilled someone is in java.

Harvard offers much more. They already spent thousands of man hours combing through tens of thousands of applications from very smart kids all over the country. Even if everyone they accepted graduated (i.e. regardless of who gets a degree), they've already performed a talent search you could never hope to replicate.