As a territory rep...sure.
Once you try to move to head office as a key account manager or sales manager, you'll get held back. Your job becomes less about meetings and pressing the flesh, and more about forecasting, accuracy to forecast and the demand plan, budget setting and management, account planning, delving into sales metrics from your customer (i.e. reading AC Nielsen data) and mining the data for salient information, managing teams, analyzing the ROI/cashflow/financial impact of larger promotions, etc...all of which aren't very sexy, but necessary in head office positions in larger companies.
Though I certainly won't support that non-university graduates lack the critical thinking skills needed to do the above...let's be honest. When HR departments put internal candidates in front of the Director/VP for promotion/consideration, it's always a safe bet to put the person with a degree. You're a riskier proposition without one. Again...for the head office job.
There are lots of reps out there without advanced degrees, and you shouldn't let that deter you.