wow, getting into the fray on this one...
I, like many around here, am in seminary right now. I love it here. Now the issue certainly has been broached by some of my peers as to the degree we are seeking and its place in our calling.
For those of you who aren't familiar with the basic MDiv at SWBTS there are 2 tracks (plus an advanced track, but I'll leave out) which a student can pursue to get an MDiv. Track 1 is the "Biblical Languages" track and requires twelve hours of Greek and six hours of Hebrew. Track 2 is "nonlanguage" and only requires an initial course in both Greek an Hebrew. (Thankfully our new president is erradicating track 2 and requiring a third semester of Hebrew for the MDiv!) Now the discussion that embroils the campus is whether or not a pastor needs to have all these languages to affirm him calling. It is my opinion, and the opinion of several of my friends, that any ministry student going into the pastorate will be ill equipped to handle the duties of that pastorate without the proper training in the languages.
That is really where I am at on this issue. I could careless whether or not you go to a seminary or Bible college. Personally I am more for a mentorship/apprenticeship situation for learning how to do ministry from a compenent pastor than I am about going to seminary which simply turns out people able to get a degree. Yet the structure of the courses at seminary provide a good mix of educational background for one preparing for ministry.
Now it is worthy to note that when Paul penned the qualifications for ministry in Timothy and Titus there were no systemmatic schools of theology for Christians (though I suggest the Jewish schools of Paul's day are more rigorous than anything we can imagine and he was one of their finest products...says something about his qualifications.) Yet the pastors of some early churches before the establishment of a structural learning system (this probably takes us into the late first millenium) would have been thoroughly trained through personal study, knowledge of the languages of the texts, and exposure through an intense mentorship/apprenticeship program with a qualified, established pastor.
It is a shame that most American congregations don't have the spiritual maturity to require their pastor to have competent grasp of basic theological, textual, and expository methods. It is a commentary on the laxidazical attitude of much of Christendom in North America when a pastor can get up and preach a sermon that has no deep or well founded textual insights and is simply some "happy go lucky" sermon that emotes some ridiculous point which neither strengthens the saints nor provides for their continued sanctification. (Now I'm not saying anyone around here is like that, I don't know enough of you make such a statement.)
Seminary helps train pastors to be worthy of their calling. Yet if a pastor can adequately demonstrate his competency in pastoral roles (theological, textual, expositional, relational, etc.) than certainly he is a qualified. Far too often though even some of our seminary trained ministry professionals don't have the comptency for the task to which they have been called. I guess it comes down to the voracity with which one pursues this higher calling and shows themselves equipped before God and man.
Just some thoughts, if you made it this far I thank you.
note: edited for grammatical problems