Well, I know for the video game industry in the USA, that isn't true. If you can show that you know your stuff and that you have experience, you can get a job. A degree helps, but not all that much. Basically, start teaching yourself and making game mods as soon as possible. Get involved as often as you can. Build a portfolio of quality work and try and see as many of your mods as you can to completion that way you can reference them on your resume.

Oh, and networking. You need to go to GDCs and the like, talk to people, and build a web of people that you can contact regularly. It's always good to have an "in" somewhere.