Using the lifetime implanted memories to getting masters degrees might seem cool, but it would still be terribly boring for the person living it in when they know the life they are living is a fake.
Careers in place like Starfleet would still need to be lived in if you want to advance to the higher ranks. Real life experience will always be more important than fake memories.
Also how long until everyone wants to just live in an easy and programmable simulation life instead of living in real life? Would everyone end up being plugged into a machine like the Matrix?