This guy at my workplace is going to grad school in New York while working here in Georgia , the company pays for his tuition and he gets video lecture material all through the net , his major is in chemical engineering , and it seems that this mode of education is becoming a lot more common these days. He takes his tests through a local center and is proctored by someone who is certified for the matter. His degree is going to be standard, there's not going to be any indication of whether he had actually attended the university itself from which he is getting his degree.
But what a life, he goes to work during the day and studies at night. One is earning money and on a way to getting a degree at the same time ; there's always the good aspect of learning and furthering the prospect of a higher income.
Life is certainly good, however, going to work during the day and studying during the evening and perhaps even to the night pretty much means the exclusion of happy hour unless one is content with chugging a couple of beers alone at night right before bedtime. It also means less time for a social life , but this is the sacrifice for the alternative situation of earning an actual graduate student salary which is virtually minimum wage.

Regardless, could there be such a degree for those who wish to obtain a Masters in Chemistry, if so .... count me in!