At the Post-Secondary College level you need to have a degree or diploma in the field, plus at least 3 years of field experience. 5 years without education. To be a Professor or higher designation you generally do need graduate level degree, and/or a lot of industry experience.
University requirements change, depending on what you are taking. Graduate students can be Associate Professors...but it depends entirely on the University itself, plus whatever sub-College/School the teacher will be teaching in. Much of what happens at University is research, with teaching actually only being about 20% of a Professors time.
In the end as long as you have relevant experience, education, and understanding that teaching is very much different from being a student, it's probably one of the best ways to learn. What you thought you knew as a student, or even working in the field, is usually much different once you get up and teach.