As someone who started the conversion process from ICAO to EASA I can't for the life of me understand the need for a degree for any entry-level pilot jobs in Europe.
In Brazil the studying required to achieve a fAtpl is very little and I can see why a civil aviation BA would be a deal breaker when moving to captain. Quoting Phil Croucher's Book (excellent by the way) "...the original intention behind the EASA exams was to make them the equivalent of a BA degree, since people were regarded as joining a profession. As with many other degrees, a lot of the subject matter was included as padding for credibility purposes, and the main purpose was forgotten. Currently, the EASA ATPL, according to Bristol University, has the same standing as two years of a degree-level course, although the exam procedures are nowhere near as rigorous as that."
In hard times it can be used to thin the herd but I'd rather someone who has more hours than a degree. Especially since me, like most people having the chance to go to college I would do something completely separate to aviation so as to have a very different plan B.
Give me as many courses to make a great captain, but don't tell me any old basket- weaving degree is worth more when choosing candidates.