Degree of penalty skills? (4,4)
I believe the answer is:
fine arts
'degree' is the definition.
(Master of Fine Arts is an academic degree)
'penalty skills?' is the wordplay.
'penalty' becomes 'fine' (a financial penalty).
'skills?' becomes 'arts' (art can mean a skill or talent).
'fine'+'arts'='FINE ARTS'
'of' is the link.
(Other definitions for fine arts that I've seen before include "Those appreciated for their beauty" , "Fan tries to get painting sculpture etc" , "Aesthetic realm" , "Painting, music etc" , "paintings and poetry etc" .)