Basically, a PhD qualification is important for those who wish to pursue an academic career.

It's similar to those who take up ACCA in order to become an accountant or those who take up CLP to become a lawyer.

I'm pretty sure Master's and PhD qualifications are important for those in the pure science field. Just like in Engineering, even those with a PhD in Engineering are welcomed and are highly paid by the manufacturing firms.

This is unlike in the business field where the PhD qualifications are deemed unimportant unless you are in academic.

Which field are you in?

MBA unless your company recognize if not its a waste of time.

For MSc and MEng depends on what field you are in if not it is waste. Engineering could be more worth compare to the normal chemistry or biology courses.

Best I could advice to do is go and check in jobstreet now as if you are looking for a job. Then you will get a feel of the job market if it is worth having the masters and all.

Another thing is if you decide to do masters/phd in local, check the university record. Some superviors are known to hold their students do their masters/phd for many yrs from 3 to 4 or 5. That's the reason when I did mine I never intend to go local. I get scholarship overseas and get it done as fast a spossible as overseas they cant hold u back so long.

Then there is research mode and academic class mode. Research they usually hold u long for the supervisor won benefit. Academic class usually they can do much and u grad in 1 year.

Best is do masters when the company offer than do your own like my bro in law he join intel and intel send him for masters course. So he gain working experience, seniority, a job and his masters all at the same time.

If you are looking to earn lots of money, getting a professional qualification is miles better.

Life in academia pays like dirt in this country (when compared to the amount of time you invest to reach there),  but in return, you get lots of free time to pursue leisurely interest. And you do not need to retire until you want to.

Ya waste time if u plan to work private and get a lot money. If your plan is contribute to the world and make good research then yo for it. Your boss is PhD and working private or lecturer?