I don't think an academic degree is absolutely necessary. Of course, I also have a tendency in general to disagree with the "obsession with experts" that we have these days, too.
I don't have a Ph.D, yet I have taught myself Hebrew well enough to use it in OT interpretation, and know theology well enough to discourse intelligently with those who do have such Ph.Ds. Really, it's all a matter of how serious you are about learning, not what letters you have after your name.
I agree with you and I think I was sloppy with the statement of my position ... I meant to say that the extra learning you get; whether you get a PhD or not; is the important thing to tackle the deeper problems ... not the piece of lamb skin that says you got there.