A couple I'm friends with recently moved to Alabama. He got a
really cushy job doing science research stuff. (He has a masters). She received her masters in social work a couple of months before they moved. Last I heard, she still hasn't found a job in her field, because everyone is hiring people with only a Bachelor's. Luckily, he makes enough to support them both, and I think she's been working part time just to have something to do until she gets something.
But on the flip side of the coin, my mom only has her high school diploma (not so uncommon for graduating in 1967). A few years after she was hired on at her current company (a newspaper), they instituted a policy that they would only hire people with a minimum of a Bachelor's degree. It doesn't have to be in their field, just a degree. When she applied for a promotion to an editorial position, she was turned down. Her boss, who was hiring for that position, actually said to her, "You are the most qualified person for this job and would do the best. But I can't hire you because you don't have a degree." Her company doesn't offer any tuition assistance or anything, even, for her to go to school.
So I think that black and white policies, unless in the case of something like doctors or lawyers, definately have their flaws. I think each candidate for a job needs to be weighed on their personal merits. If that extra education will be a big advantage, it should weigh heavily. But, in my mom's case, it was just "policy"- a policy that meant they paid more for someone who wasn't the best choice. Kind of stupid from a business stand point.
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