Mainly, a degree demonstrates you can successfully complete a program.
What you take from the experience, how you apply what you obtained, and eventually your metier is to be determined.
There are also variable components to degrees, e.g. because you end up with an MBA does not demonstrate how much that perhaps you may (or not) have gotten out of your associations outside of the core class, i.e. in classes not normally considered specific to what is printed on the diploma, nor does that diploma put you on one path only.
My first two did not show the detours, nor the other majors I declared at one time or another along the way, the McJobs, and the more interesting ones.
Professional level work is competent work, sometimes it rises to the level of art, but rather I think its goal is monetary, not necessarily aesthetic, though the two are not mutually exclusive, nor jointly exhaustive.
I sometimes wonder if art can best be defined as work you perform with no expectation of reward other than the work itself.
Coursework I have completed which was undertaken in order to hone skills along artistic lines, basically did just that, through criticism, guidance, synergy, and application, but a lot of what I still value from them was what was going on within me.
The better designed coursework used time allotted to allow and require a focus specifically on tasks necessary to produce images significantly cared about.
In short, in education all that you take in becomes part of what you produce.
If I hire someone with a PhD in Fine Arts in photography, I would hope they would have spent significant time in the field, and yes, I know they completed the program. I may expect, but do not know, how "good" they are.
If producing artistic work was quickly derived simply from the same easily obtained, perhaps rote, skill sets and universal approaches, someone would produce a shop manual.
What constitutes actual success will be covered in future symposia. ;-)
I apologize for the length of the post and the use of the phrase "In short".
Regards, John