In most professions and academic fields, imagination is more important than knowledge.
For any thing to be done in a creative way, imagination is essential. Though, knowledge is necessary aspect in almost every profession, it is specifically critical for success in academics. Given notion advocates priority of imagination over knowledge; it emphasizes on fact that imagination is ulterior plan behind application of knowledge to get desired results.
Without imagination, knowledge is just a raw material; imagination processes knowledge in valuable product. For example, a science student, who knows number of formulas , laws and equations, if she doesn't possess imagination, she will not be able to apply her theoretical knowledge in something creative. Thus, she will not contribute anything new to scientific community. Science student with knowledge and without imagination is just like an encyclopedia, which is freely available on internet. As such she is unworthy, while a student with imagination would be a source of idea and planning; he is likely to contribute something innovative to scientific community and her career.
Historically also, imagination has proven its priority over knowledge. For example, Copernicus imagined a route towards India from West side. His hypothesis was totally based on his imagination; he worked on this hypothesis and discovered American continent. This is a clear example of how imagination can be seen as progenitor of knowledge; present day information of American continent to rest of the world is actually an outcome of Copernicus's imagination.
However, some might argue that knowledge is compulsory for imagination to be in perceivable form. Of course, it is. Without knowledge, imagination is just like system with brain with out physical body. But, remember it is the brain which takes all the critical decisions which body follows. So, this analogy too supports that knowledge is unworthy without creativity.
Conclusively, remember that knowledge is a required part in most of the academics and professions; but imagination is the most quintessential part, and without it knowledge is just an unprocessed raw matter.
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Sorry, it was Columbus and I wrote Copernicus every where