Just like any other job? The degree is only the start in any career.....
The difference between most degrees and a com licence is that the com is vocational (ie. you are trained to perform specific tasks.), whereas most degrees require you to apply the knowledge gained in creative ways to arrive at new results.
You don't want a pilot to come up with creative new ways of flying the aeroplane - he/should be trained to follow well thought out SOPs with as little deviation as possible.
Having both the degree and the ATPL I would say you cannot compare the two. The degree was a lot more mentally challenging (engineering), although that does not take anything away from the amount of work needed to complete the ATPL and subsequent type ratings etc.