<p>Those are good points about management, but (at least for biomed) there are a lot of jobs that aren't available if you don't have an advanced degree. Also, I am starting school next fall after taking 2 years off, and the people from my major who went directly into industry don't seem to have advanced that much in a managerial sense. Some got great reviews after a year and higher salaries, and the majority used their experience to get a job at another company, again for a higher salary.
On the other hand, some older students I know got their MS and went in to higher positions, and they seem to work much more directly with management (CTOs, Development directors, etc.), which seems to be a key to progressing faster.</p>
<p>I should mention that I am not interested in getting an MBA so I can drop engineering and go into investment banking. I am more interested in getting into medical device consulting (product research and design). Therefore, I would think that you would have to show some level of expertise in the field beforehand.</p>
<p>It's funny, but I think a big problem for engineering/mba hopefuls is that its such a new pursuit that there is almost no one who can give firsthand advice.</p>