Interesting bit on the MS degree. I followed the link, and I'm not quite as surprised that the correlation is poor, or even negative, given the way the data was collected and analyzed. Absolutely agree that some MS degrees are pretty much less rigorous cash cows by now, that allow students to skip the fundamentals such as data structures, operating systems, and compilers. However, many CS MS degrees actually do requi…
I felt like my knowledge definitely cured during the process with graduate level data structures, architecture, operating systems and networking. The 2nd pass on some of these areas (despite getting mostly A's from a generally-considered challenging but now well known program). I took the opportunity to craft my program of study more than I would have been able to as an undergrad (both due to lack of knowledge and how undergraduates are given a lot less leeway) to include electronics and automation courses. It also gave me the opportunity to work with and mentor other students which was rewarding and I think has benefited me in and out of the workplace.
I wouldn't argue for doing it purely for career reasons and its not something to do just because you've been in school so long you don't know how to do anything else, but I found it worthwhile and you just need to consider what you want out of it.