Hello, this is actually a difficult question to answer.
It really depends upon the job to be done and the person who you would employ.
I have met many people who have Master's degrees who don't have any sense of proper behaiour in the workplace, they irritate colleagues and customers because in their mind they have all the answers because of their degree.
On the other hand I have known equally as many people who behave equally as badly who have no degree.
I also know many people who have great experience because of their time in the workforce whom I wish that I could bring into my workplace because they behave so well.
So a degree is only a small consideration for me. I would look for experience in the required field first, then try to asses personality, if they might fit in well. All before jumping for the one with a degree.