First you have to understand that your degree often has only a limited influence on your job potential other than defining the very broad field of work.
Think of it like this. Your initial college degree is sort of like building a tool box of tools. You get a hammer and a screw drive and plyers and a basic understanding on how to use them In your first job, you actually use these tools to do work but the same tools apply to a huge variety of jobs.
If you go for a Master’s degree, you are essentially learning how to use more capable and sophisticated tools. These tools allow you to perform more complicated work but on a much narrower variety of jobs.
A PhD does more of the same but now you are limited to a rather narrow field of choices for jobs.
The “tools” you gain in your toolbox are knowledge and awareness but often do NOT include experience or practical application of those tools. That is why people are hired to be financial analysts that have engineering degrees. You are taught the application of your tools by your employer. He will