It's like Nikonu said, it depends on the school you are going for. I know several students that are working towards their masters in Game Design, and they are brilliant, and the work they are doing is a good indication of where they could end up in the industry. However, you have to remember, if a kid with a bachelor's or no degree comes up against the same guy with a degree, and the kid has a better portfolio, they will probably take the kid. It all depends on what you want to do, and what you think will make you a better artist
