How big of a concern is it if the hiring manager has slightly less work experience and educational credentials than you do?

I have equal or slightly higher work experience and better educational credentials than the hiring manager for a job I'm interviewing at. The hiring manager is also around the same age as me, and is in that hiring position because he finished graduate school two years earlier. Should this be an important concern when evaluating a new job opportunity?

Previously I've only worked for hiring managers who had at least 4-5 years more experience than me, and I find that I was able to learn through their experiences. In this opportunity, it seems I'll be working for essentially a peer. He would have more company-specific experience, since he has been working there for 2 years, but our overall industry-level experience is similar.

Edit: I'm recently out of grad school, early 30's.

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