This is not happening where I work. Our accounting, management and technical positions all require college degrees. The executive assistants here have college degrees. The engineers must have Masters degrees.
I think you need to be aware, though, that just because I currently choose to make my career in an admin position doesn't mean I don't have a college degree. I have a 4-year degree from a prestigious university, with a major in business and a minor in marketing.
I have held supervisory positions in the past, but found the support from the management side just wasn't there. So I switched back to support positions.
My situation is such that I do not want to "take my work home with me." I take on a lot of responsibility, but I leave the management decisions to others.
However, I might just reconsider if I saw an ad on my company's website for a coordinator who wants to move up to office manager or executive assistant position.
Movinonup 
