An associates degree can get you past some of the automatic filtering that companies use for resumes to discard those without college degrees (and those companies typically don't know what they're looking for*), but without demonstrable experience and more importantly, certifications, an AS in anything IT will generally only qualify for entry-level positions. Maybe $25,000-$30,000/year salary at most (which, unfortunately, is no better than what one might expect WITHOUT a degree).
BS and MS degrees in IT can also get a person past the filters (whether automated or manual) but again, experience with actual numbers (the network topography, number of users/workstations, actual data that prove you've got the chops and experience to jump right in) plus major certifications (CCNA, MCSA, etc.) carry more weight. Without that experience, entry-level is going to be all that'll be open, and you'll be competing with a number of wide-eyed freshly hatched college graduates who've been told through their career prep advisors at the university that the world is very shiny and full of unicorn kisses
* As far as companies not knowing what they want, they are usually smaller firms that think they want a jack-of-all-trades in IT (network admin, security, Web development, SEO, desktop support) who's willing to accept the entry-level pittance of a salary. They will advertise for a candidate with a bachelor's degree, A+ certification, experience with nearly every coding language that might conceivably be used for Web apps (even though they won't, from a practical standpoint), and be happy to be offered $30K. Oh, while also providing user support for their custom software which nobody has ever heard of!