Its a good question and the answer is yes and no. Yes, there are many reputable colleges and universities that offer Radio/TV majors which lead to degrees. And there is no doubt a good, liberal arts education is an important way to enhance your chances for success in life.
Yet, I have a B.S. in Telecommunications and my on-air partner chose not to attend college and we make the same salary.
Some choose to attend broadcast schools (like my partner) that specialize in teaching the skills needed for a career in Radio. This is most definitely a shorter route than college but not necessarily cheap. Broadcast schools charge hefty fees for the short time you attend. Some also are loose with promises of jobs and placement upon your graduation. Be careful what you believe and ask for documentation on claims.
Theres also the Intern method of getting into Radio. Quite honestly, I have seen people get into the business over and over again doing this. Many local radio stations offer intern positions to local college students who often can get some credit hours for putting in time. Its a great learning experience and many times can lead to part-time or full-time offers of work.
Finally, still other people who are interested in the business find ways to hang around radio shows, DJs or radio stations and over time, they wind up in the fold and opportunities are presented to them, as well.
There is no one way to get into Radio but no matter which way you choose, learning is key. To succeed in this business, its imperative you understand the way things work at a radio station, learn the lingo professionals use, learn the skills required to digitally edit if thats an area of interest, and learn how to sound natural and real when you communicate on-the-air.
For more information on specialty schools and college level accredited programs look here.
For more information on internships, check out Radio Internships Available For Those Willing To Work and this article, Tips On Applying For A Radio Intern Position.
This site also offers a free, online course called Working in Radio.