One's educational background isn't everything, but it's a kind of yardstick by which we are measured.
この場合、次のような言い方ができると思います。
ーOne's educational background isn't everything, but it's a kind of yardstick by which we are measured.
「学歴が全てではないが、私たちが評価される一種の目安になる」
educational background で「学歴」
yardstick で「目安」
ーThe amount of education a person has isn't all that counts, but it is one criterion that employers look at.
「学歴が一番大事なことではないが、雇用主が見る一つの目安ではある」
all that counts で「一番大事なこと」
criterion で「基準・尺度」
ご参考まで！
カナダ 
