I am an electrical engineer [Masters degree - MSEE]. In that line of work, today, nobody is going to let you run a reasonably sized program [Over $3 million], without a masters. You probably couldn't get a job today (as an EE), without at least a Bachelors. That was not true in 1968, when i started, but it is now.
I don't know what the story is in 'media studies', because i've never played in that 'sandbox' - only the engineering one. I have seen a lot of ppl doing degrees in "History", "English", "Art Appreciation", etc. They paid a lot of money, spent a lot of time [from where i sit, with a MSEE, it looks as though the money and time/effort expended by them is comparable to what would have been required to get an equivalent engineering or IT degree. They have, however, found it much more difficult to get/hold jobs, and their income has been much less. Good luck!! IMHO, the main reason to go to Uni and get a degree, is to improve your 'saleability' and income, as well as job security. When things get tough economically, it seems to be those with a breadth of knowledge and experience that can shift into something where they can make a living. That doesn't always come with Uni experience, but sometimes it does. Cheers.