I'm ~5 years into my career, and have so far been told that education is irrelevant to recruiters when stacked against experience. Yesterday was the first I'd heard the counterpoint, that not having a Master's would be a big point of regret for me as I look back at the end of my career. The primary reason given was tied to the current job market, where my org leader insinuated that anyone without a Master's won't even be considered when most applicants have at least that much education -- regardless of experience. They expect that the market is going to be flooded over the next 5 years, and I'll be hard pressed to find a role outside my company during that time (despite also acknowledging the high efficacy I bring to my current role). 

Im curious what the consensus around this is in the community. Taking a pay cut to do something that I honestly don't believe would make me a better industry MLE, at least when compared to spending that time working in industry, obviously doesn't sound appealing. I'm not entirely sold on the idea that it'll yield better salaries either. 

That said, I don't know everything. If any tech recruiter has insight to share, I'd definitely appreciate it!