* At the beginning of a sentence: Yes, it should be capitalized. For example: "Degree requirements vary by program."
* In the middle of a sentence: No, it should not be capitalized unless it's part of a proper noun. For example: "I earned a bachelor's degree." But: "She holds a Master of Science Degree."
* As part of a formal title (e.g., a degree program): Often, key words in a degree program title are capitalized. For example, "Bachelor of Science in Engineering".
In short, there's no single answer without knowing the sentence's structure and the specific use of the word.