I see that still happening. If I were starting over again, I would get my BA in liberal arts, or English and in graduate school, I would specialize in Advertising. Don't specialize too soon. Even if you have talent you may need to learn the skills. Art school is fine for illustrators, photographers and those who want to pursue fine arts, but not for advertising.
Fine arts has very little to do with advertising.
Yes, you have to be creative in advertising, but it's a very different discipline. Miami Ad School, in Miami Beach. The portfolio school in Atlanta. Also an excellent school, but it's not a masters program. University of Texas in Austin has an undergraduate program.