My 2 cents is that most titles don't mean anything and that the best career path is to ultimately work for yourself. When you work for someone else, your success will always be limited. And you trade that fact for security of a hopefully steady paycheck.
Most of the PE's I know won't sign a calc. They got the PE for their business card.
I think the PE process is a joke anyways, in America that is. Some engineer employed by the government is going to determine if I'm competent or not in a field that they may or may not be proficient at? I don't think so. I graduated from a university that is certified by the state. That and an awareness of the civil responsibilities that come with my profession should be more than enough to register as a professional. So I am a conscientious objector to the PE process.
If I see someone with a PE, I am immediately suspect. There are obvious exceptions, such as Civil and Structural engineers who are often required to stamp designs. But that doesn't change the fact that the process is fallacious.
Most of the engineers I know who got MBA's weren't the best engineers. They were career-minded individuals. So in that sense, they were right to get MBA's, because they just couldn't wait to climb the ladder.
To me, I just couldn't understand it. In my simple mind, an engineer wants to be an engineer. Why suffer through an engineering undergrad program if you just want to shoot your way into management? These people seem unstable mentally to me. There are rare exceptions, such as someone who has reached the pinnacle of his technical career and his company wants him to get an MBA to advance.
When I worked for Northrop, an engineer took the helm. Someone said to him, "it's great to see an engineer in charge!" He quickly replied, "well I have an MBA too". I though: so what, so did the idiots at Enron.
Masters and PhD's depends on your field and who you want to work for. I only have a BSME, but almost completed a BSEE and had enough graduate course work that I should have probably just finished a Masters as well. But to me, the titles weren't as important as the knowledge. So I just overloaded on coursework and made sure to finish at least one degree before my GI bill ran out.
I've interviewed a bunch of recent graduates with the title of "BSME", which should mean something. Apparently it doesn't anymore because most that I've interviewed don't even know how an internal combustion engine works. That's only the most significant invention up until the computer and most of us use it daily. So to me, titles don't mean anything any more. It's really about how the rubber hits the road.