Degree

In India, there are many top game design institutions and colleges offers several game design courses from certificate level to Masters level. Some most popular courses are listed below:
Certificate & Diploma Courses:
Certificate in Gaming
Certificate course in Game Art & Design
Diploma in Production Gaming
Diploma in Game Design and Integration
Diploma in Animation, Gaming and Special Effect
Diploma in Game Design (DGD)
Diploma in Game Development
Diploma in Game Programming
Advanced Diploma in Game Art & 3D Game Content Creation
Advance Diploma in Game Programming
Advance Diploma in Game Design and Development Application
Bachelor Courses:
B.Sc. in Gaming
Bachelors in Media Animation & Design (BMAD)
B.Sc. Animation & Gaming
Bachelor of Science in Animation Game Design and Development
Bachelor of Technology (B. Tech) Computer Science and Game Development
Bachelor of Arts (BA) in Animation & Computer Graphics
Bachelor of Arts (BA) in Digital Filmmaking & Animation
Bachelor of Science (B.Sc) in Graphics, Animation & Gaming
Master Courses:
Integrated M.Sc. in Multimedia & Animation with Game Art & Design
M.Sc. in Gaming
Master of Science (M.Sc) in Game Design and Development
Master of Science (M.Sc) in Multimedia and Animation
Educational Requirements
For admissions in diploma courses, you must have cleared 10+2 or equivalent exam with any stream from any recognized board. Some colleges prefer minimum 60% marks criteria for providing admissions in diploma courses. If you are seeking for admission in certificate courses, you should have passed 10th standard from any recognized board.
Students who have successfully completed higher secondary/ 12th class from any recognized board are eligible to apply for undergraduate courses. For admission in postgraduate courses, candidates must have a Bachelors degree in the related discipline or branch.
Admission
For admission in game design or gaming courses, firstly you have to meet the eligibility criteria prescribed by the institution or college where you are seeking for admission. Some colleges offer admission to students on the basis of merit list of qualifying exam.
Various colleges give admission on the basis of entrance examination followed by group discussion and personal interviews.

There is a distinct difference between a degree and employability. Degrees are the base, it is something you build upon throughout your career. It is not just to clear the criteria but so that you can have your fundamentals in check.So, there shouldn't be any conflict as to whether a certification can supercede or substitute a formal degree or graduation. CCNA or Cisco Certified Network Associate is a base level certification to get into the world of networking. But, if one tries to find a job with this certification alone, it is going to always be a futile search.
I don't know of any company which would employ a 10+2 with a base certification. More than that, the candidate himself/herself won't be able to adjust to the technical terms and understand the course without any basic technical knowhow. Therefore, a graduation is a must. This certification can be used to add to that and get a more stable job focusing on the long run.

This is a very generic question that holds no difference in the animation field separately. The difference in the 3 courses is as below:
Time invested- Certificate are of maximum 1 year duration, Diploma requires minimum 1 year and maximum 2 year investment.
The degree programs would be at least 3 years and could be up to 5 years (in case of integrated programs)
Syllabus covered- Obviously as the time invested differs, so does the syllabus and detail of subject taught in the program. Certificates and Diplomas are more specified to a certain part of the total program offering limited exposure, however degree covers a larger arena and offers in depth knowledge and exposure.
Value in market- The degree programs are definitely the most valued, as they have maximum exposure in the field, but in some case Diplomas are sufficient to give a start to the career.
In case of animation, these differences hold true and the major difference can also be the number and version of various software taught in the different programs.