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That can still happen today.

One of my Cambridge professors was Mr. Phil Woodland, an international authority on automatic speech recognition. When I asked him why he had no Ph.D., he shrugged and said he was too busy with his research work, so he "never found the time". Meanwhile, he got promoted to Professor [1].

Another noteworthy fact about Oxford and Cambridge that people from elsewhere may not realize is that they award an M.A. "for free" to Bachelor students after 5 years have passed, so you effectively get two degrees for the price of one.

[1] https://www.eng.cam.ac.uk/profiles/pw117




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