Generalist v. Vocational Degrees

Which is better in terms of profitability. Most people tell me that vocational degrees are good if you want a high paying job, but strangely most people who tell me this tend to be lower paid people, so perhaps their word is not credible. The link below from ANU says that generalist degrees are good:

http://info.anu.edu.au/mac/Newsletters_and_Journals/ANU_Reporter/_pdf/vol_28_no_05/McCalman.html

Vocational degrees are more specialized, e.g. but some argue because of this specialization the knowledge can too quickly become irrelevant. This is apparently the case in competitive industries like engineering and marketing, but not so in the government protected ones e.g. medicine.

Another friend of mine is trying to decide whether to do a specialist course like a Masters in Marketing or whether he should do an MBA, which is more generalist as he'll be learning from a variety of disciplines. He told me that he is thinking of doing an MBA because narrow degrees only get you to middle management. It's the generalist degrees that bring you to CEO, etc.