Do Practitioners (Investment Bankers, Traders, Hedge Fund Managers, etc) Truly Understand Academic Finance?

With the extra time on my hands before work starts, I've been reading chapters of my Investments textbook that I didn't get to read during the semester. Struggling through concepts such as discussions on the efficacy of the CAPM, Fama-French Three Factor Model, ICAPM, and APT really got me curious if finance practitioners truly grasp some of these more complex, academic topics. Are bankers, traders, HF managers, and private equity guys pretty well-versed with these academic topics that you would probably see in a finance journal?

I don't mean to sound arrogant or snobby with this post, I've just been really curious about this. I'm about to start working in investment banking, and my inability to understand some of these areas is kind of concerning.