Hilarious timing, I graduated from my IT degree today! But no, it was not strictly necessary, it just helped me progress my skills and move into enterprise web application development. I learnt my foundational skills that allowed me to enter the career in what's called TAFE here in Australia (0.5-2 year courses, below Bachelor's) but that is also not a requirement it just suited my learning style best. I know several people in the industry who are largely self-taught / don't have formal qualifications.