Yes. Most undergraduate college classes are designed to be passed easily by someone with an IQ of 120 and a little application. The standard was SUPPOSED to be that 100 is the average IQ, with anything below that number indicating a less than average intelligence and anything over that indicating above average intelligence. In general, with an IQ like that a person can do very well, but the IQ is less important than how a person uses his intelligence and his/her motivation to succeed. Some very successful people have not been blessed with that high of an IQ number.
Any good IQ test is adjusted for a number of variables such as age, culture, education, etc., and constructed so that a score of 100 is considered average for the specific group being tested. A score of 122 for anyone, of any age, places that individual above agerage within his/her test group. However, any IQ score should be considered as an indicator of an individual's potential. What's more important is how well one applies oneself to maximize that potential.