Graduated from Lufbra in 95 with a 'Desmond' in Aero Eng. I've been in the right hand seat for BA for three years and I have a funny feeling that I could have spent my time at Uni far more usefully to achieve the same goal. For example, by doing a course which didn't involve 30+ hours per week, having a social life, flying more often, etc.
An aero eng degree has very little relevance to the job of flying aeroplanes (unless you want to be a test pilot - even then you have to join the Air Force anyway), so have a life and enjoy yourself!!
PS: As far as becoming a manager goes, these are internal applications gained from anyone who is interested and doesn't want to spend their entire life in the air. Previous qualifications usually don't have a great deal of bearing.