And how does that help you? IMHO Dave only tells half of the story. A company giving the choice between hiring someone with experience and hiring someone with a degree and experience is going to hire the later one. Then add the companies who only hire people with a degree, experienced or not.
I found some stats for the UK.
Year number of graduates
1980 68k
1990 77k
2000 243k
2010 331k
Over the same period the UK population increased by about 10% and 30 years of evolution hasn't changed the average intelligence of the population at all. So degrees have less value as a differentiator than ever while paradoxically are more of a requirement for getting a job than ever.
I'm not arguing with reality, just that reality is not necessarily a good thing. The real question is to prepare for a career/job is getting a degree the best use of the substantial amount of time and money required?
I think we would be better off going back to the smartest 10% of the population getting degrees which mean something rather than 50% of the population getting degrees which just mean they are on the right side of average.
I think I can see the reason why having a degree currently is a basic requirement now more so than thirty years ago: If "anyone" has a degree, why don't you? If 50% of the population can do it, and you're any good at engineering, you really should have one, or you're either lazy or dumb (that's not my logic, that's the logic of HR managers).
However, even companies who discard non-graduates immediately obviously look for experience, because everyone knows that you don't learn everything you need at university.
What I think HR departments really want is graduates who also have some experience, ideally from having worked as working students(at least it's called that here in germany) during their university time.
And from my experience, this is a two-way street: Companies get better and more experienced graduates and students get a chance to see the engineering day job reality, better chances on the job market and some useful experience for university.
Also, at least here and in the specific field of computer science(which I studied) and electronics engineering(which a lot of my mates studied), the pay for working student jobs is quite good if you commit to say 1 day a week during term and full-time during the holidays... a typical student job(like being a waiter or something) doesn't earn you that much here.
However, I think that with regards to degrees, we germans do have one hell of an advantage over, say, the US or the UK, because universities are free here(all the good technical ones, anyway), so if you fail or quit for a job offer you only wasted some time, never a lot of money...