Nowadays, job competition based on two things. One is Educational qualification and the other one is skills even though if you do not have good qualification background. But the second one is very rare in which organisations offering jobs based on only skill set.
So most of the organisations prefer good educational background, even to say related field is a must. So for HR jobs, one should possess Master degree in Management studies. This educational qualification is not only for competition but also to express the ideas in a different way, being differentiate from others with respect of their ideas, decision making techniques under pressure situations, like the list goes on.
Human Resource management is a unique course, one should be qualified not only from the books but also through practical knowledge by handling situations. It deals with communicating with lot of people, with organisations, negotiation, etc. So a Master degree in HR qualification is a must for HR Jobs.