I'm not sure it's a completely dead profession, but it is one in transition. Traditional print media have far fewer pages these days, so there are fewer assignments. That said, people will be getting their news online and the photojournalist is going to have to understand how to create visual stories that are interactive. Look to what Ed Kashi is doing as a good model or Briam Storm of Media Storm to see the future of the profession. As for school, there are a number of roads to take in this regard... a photo school, journalism major, even a broad based liberal arts education can get you there. In other words, I don't think there's one track (like becoming a lawyer or a doctor, say) in getting your education for journalism. Sometimes the best journalists have expertise and education in one area, but are good writers and photographers on that subject.
It's a very difficult field to get started in... you have to master your craft, you have to be interested in making good pictures of whatever the assignment is, and you have to show a certain commitment and be persistent about it.