From what I've seen in the US, it's very unlikely that you'll get a job title and pay, consistent with an Electrical Engineering position, unless you have a BS or higher degree.
There are plenty of techs, with highschool or associate's education, who are doing the full functions of an EE -- but aren't getting paid for it!
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I don't think more than MS is worthwhile. MS will be requested in more advanced and specialized fields, and an MS curriculum teaches more specialized knowledge. But heck, if you can show you're good enough at the subject, go ahead and apply for jobs asking for more than your degree -- the worst that can happen is HR filters strictly and your resume ends up in the bin.
Not that places will turn down a PhD, but I don't think the incremental value is anywhere near justified getting a PhD. Not like other PhD-heavy fields, like medicine.
A PhD also implies an area of extremely focused study, which means huge value to the handful of companies working in that field, but not much outside of that. I've met plenty of PhDs who, in general, away from their narrow field, aren't much smarter than an average BS; that's not strange, it's just human.
As for where you get your degree(s), you'll certainly have a better education* at a better school, and you can probably negotiate higher starting salary with that too. But as for what you've learned, it doesn't matter much. All that matters is your own grasp of the subject, and how well that fits industry.
*Don't forget the primary purpose of school.
It's not education. Education is secondary, no matter what they say. Successful people see through that, and find the true purpose: making business connections. Befriend the faculty: they usually have industry connections. Find the sharpest, nicest, and most entrepreneurial students and befriend them. Partner up, start a thing, fail, and start more things! Even if you and your partners do nothing but fail miserably, you'll have the experience to know what
not to do, and that's something you can put on your resume. (Suitably prettied up, of course. But don't be afraid to be honest with these things in the interview. Honesty can take you far. Lying is for politicians, not engineers!)
Tim