A few fields that a PhD is needed–semiconductor process/device and transistor design/yield engineering for chip companies. (Micron, Intel, IBM, NXP Semiconductor (old Motorola) , Global Foundries) Some computer architecture positions, like AMD, Intel that will put a Phd on a technical ladder. Some machine learning/deep learning positions at Google, Microsoft Redmond Labs, Facebook, etc.
Some Big Data positions need stats/CS/Math PhD.
Any computational position in meteorology, climate modeling, fluids often needs a PhD.
@firmament2x I don’t think masters degrees hurt a student at all, who eventually goes for a PhD. Many international students come into PhD programs with a masters degree in their home country and a publication. American students may accomplish this research at summer REU positions, during undergrad. About half the PhD students in the USA are international students today, the other half US citizens.
For a very top and motivated student, who knows he/she wants to have a career in research, and/or university teaching , going directly to a PhD may be advisable, to save time.
PhD programs in computer engineering/EE/CS are almost 100% funded at a salary rate of about $32K-$36K a year. PhD candidates can save a little for retirement at that rate, but depends on sharing a house for the duration. The PhD lifestyle can be really fun, lots of freedom, a salary and ability to collaborate with world experts.
Or it can lead to disillusionment, depression, and dropping out without writing a thesis. Sometimes, a student jumps
from half way through a PhD in physics, or math, into quantitative Wall sTreet analyst without getting depressed, though. There are jumping off points, but for a student who has a masters going in, then there is no degree earned.
Overall though the masters degree is the sweet spot for salary and a more complex interesting job than many bachelors degrees will lead to. Software engineering success ,though depends entirely on coding talent. It takes a while for some to develop those skills. Cal Poly or UCLA will develop coding skills, along with good summer positions.