Last time I was briefed, about 80% of the Reg CC who turn up on 'Ironing Board Sunday' at RMAS have a degree. If you don't have one, and are going to a career stream that doesn't include a degree programme, you can apply and be selected for the Army Higher Education Programme (AHEP). This will start you off on a degree programme funded by the Army and delivered by Reading University and Henley Business School. There is also provision for a master's post ICSC through the same scheme for those who already have a first degree.
It all boils down to how you do at AOSB: you may be told to bugger off and come back when you have more chance of passing. Hence, a degree may be useful as a time filler and a qualification, one less thing to do at Regimental duty if you do commission, and thirdly, highly useful for your second or subsequent careers.
Halloumikid