Correct for IC jobs. When you want to move up thru the "glass ceiling" to make the real money, guess who they'll pick of two similar candidates? The one with the better degree.
I'm really not convinced. I looked, and examples of my reporting chain at various points in my career:
Company A: Lead (yes, but undergrad in EE), Manager (no), GM (no), VP (?), SVP (no), President (yes), CEO (dropped out of MBA)
Company B: Lead (no), Manager (yes), Director (?), Senior Director (no), Senior Director (yes), VP (no), SVP (MBA), CEO (yes)
The plural of anecdote is not data, and I'm not a director, but a cursory comparison of senior leadership and LinkedIn doesn't leave me convinced that a graduate degree matters. Most of the folks who have one got one back in the 90s where things were very different.
This one says 400k+ higher lifetime earnings with "advanced degree". The source from georgetown says they are less likely to loser their job in a recession as well.
No, the real world is not black and white and this is not a guarrantee. But, get an advanced degree looks like an easy power-up at the prices OP was willing to pay.