In any industry a graduate has an upper hand over a non-graduate. If you have a frozen ATPL and someone else has 3000 hours on type then your degree obviously isn't going to swing it in your favour!
MOST people applying for competitive jobs have degrees now and if you are able to put a degree in airline management and operations on your application form then surely you are going to appear to be a stronger candidate.
Surely one should aim to be the best one can be rather than just settle for mediocre. If you are able to obtain a degree then I believe that you should do so. I am currently studying for a teaching qualification and tell all my students that if they have the opportunity to get a degree then they should.
A degree teaches more than just an academic subject. People with degrees are better prepared for the big wide world than people without. A degree teaches teamwork, social skills and shows a prospective employer that you have the ability to achieve and that you have committment.
If the poster completes his fATPL then the University will award him the degree if he completes one additional module which is one semester in length. So why turn down the opportunity to get a degree when it is being offered on a plate? It can't do any harm to your application and will enhance it.
The airlines may only ask for a basic education but do you just want to meet the basic requirements or do you want to excel? Do you just want to meet the requirements or do you want to make sure that you exceed them?
The degree would also prepare you for a career as you will cover subjects such as airline management which can only be a bonus when climbing the ladder within the company.
I just feel that people who only want to do enough to pass aren't achieving all they can and this isn't acceptable as people should be doing all they can to be the best they can be.
I was once told at University "Don't worry you only need 40% to pass" well I wasn't happy with just 40% as this means you don't know 60% of the course and I don't just want 40% I want to do the best I can do.
If you want a degree then do it. It is only one module and will only enhance your CV. When the recruiters are looking at your CV surely having a degree will entice them not to put it in the round filing cabinet!