My Dad Owns a Studio in Stoke-on-Trent, and has done for the last 10 or so years now.
It started off as a hobby after his first camera at the age of 21. After Lots of practice on me, friends and family he really started to get into it. He then took photos at Family weddings. Eventually photography became his job, he started doing wedding photography and also childrens photography at Nurseries.
He opened His first studio just over 10 years ago, and now has 3 photographers going out covering 300 nurseries a year, while he does studio photography and a few commercial jobs.
The only time he ever went to get a qualification was when the studio was being set up, just to have a few certificates on the wall ( not for his sake(oh and he hated the courses))
I suppose it depends entirely on kind of photography you are into, our nursery photographers had little photographic knowledge as my dad preferred to train them himself.
We have numerous appliccations from students with degrees in photography, however after past experiences they normally go straight into the bin. We found that younger applications with degrees, thought that they knew it all, that the way they had been taught was the best and only way to do things, and generally did not like to adjust because they knew better. This was fine it was how they had probably been taught in uni.
However, if somebody with more social and work experience came along, that was willing to be taught or had a little photographic knowledge, they would be prefferable.
IMO experience counts for more than a degree, go and get a job as a studio assistant and work there for 4 years, ask local photographers if you can sit in and watch them work. 4 Years in the photographic industry accoutns for more with regards getting a job, than 4 years being taught photography by Uni Lecturers. I can only really coment on Studio photography, but if you have got a good personality, are not shy and can interact with customers easily, you are off to a flying start.
*Not to tar all Uni photography students with the same brush however, Just OUR experiences.
EDIT: My dad had a bad accident last christmas, leaving him unable (for the forseeable future) to take photographs again. Our new Studio photographer, Is the girl who has been with us since leaving school, has worked in the office, was the lab technician up until last year, and used to sit in on studios on a saturday watching how my dad worked. She went to collage part time to learn photography for 2 years IIRC, which according to her was a complete waste of time as she could learn more watching my dad and asking questions in less than a quarter of that time. She is now 21, Is our main studio photographer, can fully operate a photographic lab and has bags full of experience. I dare say she could walk straight into most photographi job interviews in the area and be in the running. You will be the same age as her when you leave uni, as a job interviewer, who would you employ?