I've met many VPs and CEOs without master's degrees. In this day and age, a postgrad is nice but a good track record counts for much more.
Also, a local MBA is pretty pointless if you're a business grad. All ME grads I've talked to who also got MBAs at AGSB said that their undergrad was harder and the MBA was really just for the title and networking. But for engineering grads, I think an MBA makes them much more marketable for top corporate posts as they become adept in both technical and managerial fields.
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