The California Division of Labor Standards Enforcement has revised its Enforcement and Interpretations Manual regarding some aspects of the "professional exemption." The DLSE's enforcement position is consistent with the DOL regulations as they existed before the revisions in 2004.
In particular, the DLSE clarified that the "learned" professional exemption now requires learning only above the high school level. The manual does not say it is necessary for exempt employees to have post-bachelor's degrees. If you haven't fallen asleep yet, you can view the manual here. Turn to chapter 54, which is at page 236 of 303 on your Acrobat reader....
DGV