The answer to if it is worth it is much like my a lot of land survey related questions- "it depends".There is not an easy answer to "is it worth it?"
Since a return on investment is being mentioned I thought I would throw this out there.
Asking for a return on your investment could go something like this? Cost of a masters = 15k, lost wages maybe 120k for two years? that makes a range of 100k to 200k? Given a 30 year career that makes 3k to 6k a year. Rough numbers I know, but they seem pretty doable to me. Getting rich quick is usually not an option, so it makes sense that the sooner you get an education the more it pays off. Graduate students often times get paid to do work while earning the degree and with scholarships this could be less.
Looking at a return like I did above leaves a lot out. Not all educations are the same. Even in the same program not all graduates are the same. There are many fringe benefits to getting a masters, colleges are often connected with government agencies, private companies and professional associations. There are some folks that only higher out of these programs because they know they are getting a highly qualified person. Yes, for some positions education does matter. If you want to be self employed then you make the rules, otherwise someone else does.
Quick answer? Seems like 90% or more of the people that earned a masters think it is worth it?
If nothing else, the replies are an obvious reflection of priorities and learning types. What one person accomplishes after dropping out of high school might not be possible for another without a Masters level formal education. Most people know which one they are if they are honest with themselves.
Keep in mind I am not saying one of these is better than the other. Sometimes different just means different, not better or worse. The decision to pursue the Masters (or not) is deeply personal. Listen closely to those who know you best. Filter what they say honestly. You will know what to do in short order. ..
Best of luck, Tom
Another option that takes less time and money but definitely not the same experience is the 5 day MBA short course put on by the AMA (American Managemnt Association). I attended last year and found that I learned a lot and it was a good refresher on things I didn't know. It's basically an overview of an MBA crammed into 40 hours in one week.
If you're interested in ROI of education, check out this web site. Doesn't apply to a graduate degree, but it's an eye opener for prospective students. If more high school students considered costs, benefits, and risks, we might not be increasing the number of 20-year-olds who are bankrupt because of student loans.
Please note that providing the link does not mean any kind of endorsement, but the methodology is sound.
http://www.collegeriskreport.com/explain.html