my opinion is that it's all about the experience... it annoys me to the highest degree when people fresh out of culinary school call themselves a chef as the title 'Chef' is known to mean 'Head'. i myself happen to be a graduate and i HATE when people say, oh you're finished. that means you're a chef now right? ARGH it bugs me soooo much. If you so insist on seeing those 4 letters next to your name, just add on the additional words while you're at it; 'chef de partie' ; and go right back to peeling onions.
people need to work years and years to earn that title. there are so many things that are yet to be learned and it's not something you read in a textbook. how to deal with irate customers, what to do when something goes faulty in the kitchen, how to deal workers that have absolutely no concept of sanitation... the list goes on and on really.
now ask me if the over glorified racheal ray is a chef. my answer is a straight up NO :)