It was required when I was in school for algebra, but we still had to show our work and all that... So basically, we could use the calculator to make sure our numbers were right (or what we though) and then still had to show how we came up with that answer...
As for knowing math, the basics, yes, but algebra, calc, stats, in all that, any job where you will be using it, 99.9% of the time, you have calculators, or computers which you do the math on.....atleast all the engineers I see or work with due all there math on calculators or the comp (young and old)