Well, my brother just started in his company and he works with a several graduate students who tell him that for the time and effort required to get a masters vs. the pay increase from a normal engineer, it isn't worth it. Once you get your P.Eng, you basically make the same anyways.
How true that is, I don't really know, since I'm an accountant, and not an engineer. But that's what I hear. I guess it's the equivalent to whether or not you should get your MBA in business. Once you get your designation (CA, CMA, CFA, etc), I don't think the MBA part really matters that much. I think it's more for prestige of the name than anything else.
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