It's turning that way, but a diploma is fine for now. Don’t let anyone fool you into thinking that a piece of paper makes you a better pilot. That’s all about the individual. The real advantage does not come from the piece of paper but from the networking opportunities of being in school and have X number of classmates to help in finding those jobs.
In Canada, it’s ALL about whom you know/are related too. If you don’t know anyone/not related to anyone, it just takes longer and you have to work a little harder at it.
One big piece of advice… do it because you love it, not for the money. You’ll never survive the industry otherwise.