So what I write may ruffle some feathers of those who are avid proponents of institutional academia but here I go. Honestly I don't really think that a degree is the only stepping stone for it all or even a good one, many are conditioned to believe that it is the only way to "make it" and sure if you want to be employed somewhere it may help. From the univeristy students I have taught many have suffered a great deal with their creativity and inspiration being suffocated by the requirements to pass their grades and get their degree. Those who finally achieve their degree then are left feeling rather unsatisfied and lost. They felt like it is was like constantly climbing a new ladder each time and at the top you have made it! But when they graduate they wonder why they still have not made it, so they go into the working work and start climbing more ladders because at the end of those ladders surely they will make it!
Some started piano climbing the grade ladder, then achieved a diploma level then finally thought they must have made it, no, they had to go to university and study more, get a degree, then surely a masters degree will help, a doctorate? Then they achieve all the training they need and wonder where to go next, some drowning in student debt. Some then try to build a career teaching and start from the beginning again wondering if all that traiing before actually benefited their journey or should have they just started teaching straight away? Some try to perform and then realize that their degree didn't really help them with a solo career, why wasn't there a course on "how to sell a concert"? Some are quite disillusioned with their degree when they realize that the business of organising concerts and selling tickets and hosting a successful concert really has little to do with how well you are able to play or studied at university. Most of the general public don't care what % marks you got for your practical examinations, they don't care about your degree or which teacher you studied with and they really dont care which competitions you have won.
Fastforward a couple decades after you complete you degree and you have got work surely you feel that you must have made it now and that all the hard work has paid off. Some reflect and wonder was it necessary to climb all these ladders in the past to achieve a point which probably isn't exactly what you had dreamed for in the first place but you had to settle for?
We need to think the "now" for what is your meaning following a musical career because you need to live that right now not later, not after you achieve some paper saying you are an educated musician. This forever reaching for the carrot on the end of a stick is just a major distraction that some get so caught up over and don't realize that their musical career starts now and should be lived now. If you want to be a performer then no degree will help you get butts on those seats, go out and start to learn to sell a concert, start small and build. If you want to be a teacher go out there and get your first students now, learn about it all now, no degree or ladder climbing will make that time any more right.
If this idea of finding the meaning of your musical journey "now" is frightening and you are completely at a loss as to how to answer it outside of the academic environment you really need to seriously consider the benefits of another career path. You need vision as to where you want to be, you have to be excited with that direction, you have to live it now as well and build towards it now and that doesn't start with achieving a degree.