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Do we need to learn the standards to depth?

I am a CS student. I know C, C++, little bit of Java and Python. I used to attend some technical symposiums in other colleges, which involves events like C debugging, programming contests, etc ...

In the C debugging part, usually they will ask us to answer questions that can be best answered only if nook and corner of ANSI C standard is known.

So people in my class will start learning K&R (including the reference appendix).

My doubt is whether this is needed for a typical hacker. Does knowing the standards deeper (eg. ANSI C) help them anyways?