Saying you had a degree when you had not is a blatant lie.
Yes she has done well but can you inmagine if a surgeon or a nurse lied about a degree to get a job they would be out on their ar-e if found out.
As I said ^, there's a big difference between lying about a degree to get a job in an ad agency, and lying about one to get a job as a medical professional. The worse that could happen in an ad agency is that they'd find out, and perhaps you'd get fired. If you lied about a degree to get a job in a hospital, you might kill someone.