There's quite a bit of elitism when it come to university degrees. For example, I sat in the same examination hall as BSc students with the same examination papers in front of me. However, because I was a student within the Faculty of Education, I was awarded a BEd (Hons) degree (which many people class as a 'Mickey Mouse' degree), instead of a BSc (Hons) degree (which those same people class a 'proper' degree).
It's also worth noting that, officially, a university degree isn't a 'qualification' at all; it's a 'class of membership' of the university. That explains why
(a) universities are able to award honorary degrees to people who've done no studying whatsoever and haven't passed any exams ; and
(b) universities are allowed to withhold degrees from people who've passed all of their exams with flying colours but who haven't, say, returned all of the books that they borrowed from the university library.