Hi Chris
Your question: Should I go back to University to attain a qualification in Visual Effects in the hope of gaining emplyment in the industry, or would I be better served trying to get an internship in one of the VFX studios at the moment, in the hope that I will be able to develop my skills while working?
That’s a big question and is something you really have to sort out for yourself. Since I don’t know your situation, take this as pretty general advice. If it was me, and I could afford it, I’d go back to University. Its true you’ll probably have to still pay your dues somewhat in an entry job in the industry, maybe even an internship but the skills you’ll pick up in Unversity will help you shine when you get the opportunity - and that’s what it is all about. Also, you can use the time to help build a reel of work. And you’ll make connections with other artists that can be helpful later on.
All the best either way.