Not necessarily. Most importantly is that the candidate must know what he's talking about in the interview. I've seen a few degree holders who made an absolute joke of themselves. One of them claimed to be passionate about the industry, but can't even tell what's the engine used on SQ's 777.
Once you're called up for interview, make sure you do your homework THOROUGHLY. Study the company, fleet, management, routes, development in the industry, principles of flight... etc etc etc. You need to convince them why they should spend $$$ to train you and eventually let you have the control of $300m jet with 400 souls at the back.
Good luck.