Better to compare educational degrees to chess knowledge. It is all theory.
Educational degrees are much more of a passive activity than competitive chess -- where much energy goes into wins.
Some people may have a great deal of chess knowledge, but are not successful in implementing that knowledge in tournaments.
One must have a very strong drive to climb the Rating Scale to Master and beyond.
Would obtaining chess GM status be the rough equivalent of earning a bachelor's degree or even a Ph.D. perhaps in an academic field of study?