To the hiring managers in this bowl, when a job description "requires" a clearance, does this typically mean it's required? or should a clearance eligible candidate still apply?

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There's a difference between "Requires an active clearance" and " Requires clearance".

Which is it?

Yeah, if it says "active", you'll need to have it to get the job. If it says "position requires a security clearance" they will be willing to sponsor if they can't find a candidate that already has a clearance.

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