Most airlines specify a degree these days especially if you are a low hours pilot, simply to reduce the number of applications that they need to go through.
Obviously if you have been a Captain for 20 years with x thousand hours then this may not be so important but nowadays, it seems a degree is a minimal standard for low-hours recruits.
However not having a degree does not mean you have no chance, just those with a degree and similar experience will have a beeter chance at employment all other things being equal.
Hope that helps somewhat!