Is there anything I would need Microsoft Office for if I have iWork?

I am looking at different configurations for a new Apple Laptop for University. My school uses Microsoft Office but I was reading that iWork is compatible with Office. I have Office 2004 on my old computer and could just transfer it over if I need some version of Office to have iWork be fully compatible with all Office documents and presentations. Do I need to have some version of Office for iWork to be fully compatible with my school documents? Are there any reasons to purchase the newest version of Microsoft Office?

I respect you. But for college uses and corporate uses I would never recommend using iWork over Office. Office is the defacto suite of applications for those working environments for too many reasons. I spent one career in academia and another in business. I'm comfortable with that claim.
iWork is a decent suite for the home user or primary/secondary school user and anyone not required to do anything iWork is simply not able to do or cannot do properly. But it's no match for Office. Not by a long shot.

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