From what I have seen, having a BS tends to be the bare minimum that an employer wants in an employee in terms of education level. Many around me where I work simply have their BS starting in entry level positions and have moved up through the ranks to more specialized roles after gaining years of valuable on-the-job experience. However, this is not to say that there is no merit in pursuing higher degrees (MS,PhD, etc.) The difference is where you can enter into the industry, and at what degree of specialization from the get go. One colleague I knew became a Principal Engineer at a certain engineering company promptly after completing is PhD with no prior work experience due to his course work, while his peers who got jobs in industry after the BS degree are in positions technically lower than his.
On another note, getting another degree while in industry has great benefit as well. My manager (before he became my manager) was an Operations Engineer, but once he completed his MBA he was fast-tracked to being a manager within the supply chain division. Depending on where you want to take the trajectory of your career, degrees can be pursued to shape your path. It’s not a neccesity that one get a higher degree but it can be a VERY useful tool in where you want to take your career. It all depends on your goals and where you want to go.