Qualifications
Those brave enough to enter the world of journalism need to focus a lot of energy on their grades in English class. It's important to know your three R's: reading, writing, and rewriting. To have a shot at working for the bigger news outlets, you'll need to attend journalism school (or J-school, if you want to sound smug).
After getting your bachelor's degree, you can go on to graduate school or get an internship—pick your poison. On the one hand, going to graduate school might give you a leg up for a better job in the future.
On the other hand, jumping into the job market with an internship may help you out in the end, especially if you want to go into digital media. Employers are looking for people with skills and experience, emphasis on the experience.
No matter what you do, know that competition will be fierce. Journalism programs at Stanford, Columbia, and New York University have seen their applications increase quite a bit over previous years. You can try to strike out on your own, but it's going to take some serious talent and determination to make it without formal education.