To contrast 2 different paths - my Brother -in - Law and me, We're similar ages -50ish
Me: Engineer Cadet (seagoing apprenticeship) BTEC HND after 4 years, 3 in full time education, academic and hands on, including 1 year on ships travelling the world. Subsequent professional qualifications put me some way above degree level.
BiL. Left school at 16 wanting to get out of education as soon as possible, variety of jobs since, mostly with Inland Revenue. He has just completed a degree as he found he just wasn't getting any further up the pole on his previous experience alone. He's now having to choose between job offers and has told me he wishes he'd had the full Uni experience
If looking to follow a professional career, eg engineer, then a bachelors is essential and a masters or PhD may be required.
For a shore based job yes. As above I don't have one and it''s not made any difference - it's a different path. There is a degree entry route into my industry now. Although my experience of those entering by that route is the academics tend not to know one of a hammer from the other. There is of course an advantage if changing careers - happens a lot as there is a lot don't stay at sea for life.
Until fairly recently becoming a full Member of the Institute of Marine Engineers was difficult unless you had a degree, thus excluding nearly all sea-going engineers from being anything other than Associates.