I appreciate the following has very little to do with Virgin Trains' drivers but since the topic's waded this way I'll add my two pence.
As someone who's currently doing a degree, I think it's a shame there's so much negativity towards people opting for that route as opposed to other means - and I think it's almost certainly a generational thing, as the attitude a few years back was that only the best students/most well off etc were able to study at university, and everyone else would go out there, get a job, and work their way up. FWIW, the railway would have been my main backup option should I not have got into university.
Nowadays though, it doesn't work like that. The rise in (for want of a better word) 'pretend' universities has meant that less able students are still able to go and get a piece of paper which says they've spent three years studying how to manage an airline or whatever and it'll still be a degree in the eyes of many employers - regardless of whether Mr Z has been to a university with a good reputation, and studied a 'proper' subject. Thus, you end up with more people with these "degrees" in the job market, and the potential there is for employers to disregard the person without a degree and instead employ Miss Y who's been to Anytown Metropolitan to study (read: go out partying every night and do coursework on the last day) Hairdressing Management. I'm not for a second suggesting there's anything wrong with courses like that - but are they really the same as a degree in something like History, English, or a Science? Would they not be more appropriate as vocational courses?
Equally the argument about managers falls down with the basic flaw that it's dependent on the person, not how they've become managers. You can have some absolutely brilliant managers who are graduates, likewise you can have great managers who have experience in the job. I have one manager who's a graduate, and who runs things brilliantly, and another who's worked his way up the ranks - and most people are after his head.
The fact is, train drivers have a lot of responsibility - although it has to be recognised that this will end up being reduced as technology improves (eg ERTMS) - and they have to be paid appropriately for that. Equally they work unsociable shifts and such, all of which has to be compensated for.
Hope this makes some sense,
Jon