I've had talks with a few PhD's and a few masters and bachelor's in mechanical, electrical, and chemical engineering. Both in my current industry and at my university.

I am not doing a Ph.D, so take my comment with a large grain of salt. But the consensus I've gotten from those I've talked to about specifically engineering disciplines is:

• Get a Ph.D if you'll want to become a university professor, or get into research/R&D at national labs.
• Get a bachelor's and/or a bachelors+masters if you want a normal career anywhere else in any industry. Many companies have programs where you get a bachelor's, go get a couple years of work experience at an entry level engineering job, and have the company pay for the master's a few years later as you can take a masters program part time.

The trap I've had described to me is that Ph.D's often become over qualified for typical industry entry-level positions, and the number of Ph.D specific postions much narrower and specialized, making job seeking after graduation actually harder than if you simply got a normal bachelor's with one summer internship. Of course once you get in your salary will be much higher- offset by some degree by the extra 100k in student loans you'll likely have.
Ph.D's specialize in much narrower fields than undergrads, so lateral mobility is reduced once you're "set" in a specific field and industry. It's also incredibly difficult to complete compared to undergrad, and will require a ton more of your time- time that could have been spent developing earning potential and a normal life.

I know it's definitely not for me- I don't even know if I could survive long enough mentally to go through a master's program. But your mileage may vary, of course, depending on where you want to take your life.

1. I went to grad school during the ‘08 housing crisis because there were not many jobs available for early career folks. The program was a combination of technical networking (Cisco) and business acumen.

2. Classes were longer seminars, much harder than undergrad with an intense focus on the subject matter rather than superficial discussions. Projects were also longer/harder including a thesis (~100 pages, 6 months of work)

3. I learned A LOT. I networked with industry folks and continue to engage with the alumni community. I’ve helped 5-6 grads land their first job.

4. After a few years working, I did an MBA part time (nights and weekends). That was similarly challenging and I also learned a lot.

5. I would recommend working professionally before a grad degree unless you’re in a specific industry like bio/chem research, math, psychology etc. basically industries where you require a Ph.D to do anything.

6. Do your best to get a graduate assistantship to offset the expense of the program OR work with an employer for continuing education.

I did an MBA a few years into my professional career, and I think overall it was a great deal. I was fortunate enough to have it paid for by my employer at the time. That particular program was geared toward working professionals, so the classroom time was just evenings and weekends. It checked the box for me being able to say I have a graduate degree on job applications, so I'd say it was worth it.

I will probably never get used to the fact regular school is called "grade school" and college/uni is called "grad school".

For me, I took trade school classes (common to do in the beginning of high school here) and now take online studies (uncommon to start during high school, but I've done this anyways).