On the extremely rare occasions in the past decade when I've needed to actually "hire" a photographer (or when I've helped someone else decide who to hire), I cannot remember ONE single instance when I even paid any attention to whether or not the person had a Photography degree.
The biggest factors in making my/our decision were:
1. Portfolio/Body of Work. A person may have NO formal training but do excellent work; conversely, a person may have a degree and maybe even some technical proficiency but not produce anything I'd want to hang on my wall.
Portfolio is at least 90% of the decision-making process for me. Education is 0% of the process.
2. Price. Assuming the work is what I like, can I afford them? Can I really "afford" to go with someone "cheaper?" (Recognizing that "cheaper" might also mean lower-quality prints, less time spent on quality edits, etc) If it's just, say, pictures of ME to give my mom, I'll probably go with cheaper. If it's a wedding photographer for my son (which I don't foresee a need for anytime soon!!), I'm going to get the very best I can possibly afford.
3. Personality/Attitude--Do I "click" with this person? Do I like the way they handle themselves? Do they seem confident and able to handle whatever a shoot might deal to them? Are they rude or arrogant? Do they seem like a pretty ethical person to me?
4. Contract. What are the terms of the contract?
My point is, there are a lot of things I might consider when hiring a photographer, but education isn't likely to be one of them. Therefore, I'd make the argument that it isn't all that important to have a degree IN photography.
I DO think it's good to educate yourself though--going beyond what you can learn on your own and participating in workshops, classes, seminars, etc. are great ways to really increase your technical expertise or even find new areas of photography you might want to offer services in.
If I were going to get a degree, it would be in Business. Oh, look, I HAVE one of those!
