I think there is a big misunderstanding about what is an ATPL.
Some say FO’s cannot read charts, understand Radio Nav or recognise clouds(!). Well you might be surprised to know that your FO does NOT hold an ATPL
He/she holds a CPL/IR and a frozen ATPL, or whatever they call it today.
It is going to take him some years to accumulate the remaining hours (1500) bearing in mind co pilot time is halfed.
Only then, when he has done perhaps 2-2500 hours total flying (on the job training) will he earn the coveted ATPL.
Any comparison with a degree should be done at that stage.
Oh and, maybe, by then he can recognise a CB!