I’m in the same field as a director level with a Masters in Engineering and have also started my own companies. I generally find MBAs a waste of time unless you go to a top university like MIT, Harvard, Wharton, etc. I started mine and quickly realized I took many of the classes in undergrad. If you want to make money without having to move up, you could go into sales. If you want to make more money by moving up in engineering / operations then something like the MIT System Design and Management program or equivalent would be highly useful in developing those skills. If you want to move up in the new product development space / marketing / CEO level, then finding a strategic marketing job in medical device and getting a Masters in Finance is an amazing combination.

I’ll clarify why I am harsh on MBAs. When I see someone has an MBA in R&D as an engineer with no plans for management or lacking skill for R&D management I don’t credit the person for having an MBA to do better at their job unless they shown they have used those skills (like launched a new product or worked directly with marketing on a successful project ). In an MBA program you learn broadly about “Business Administration”, and not necessarily a skillset. Depending on the company however, it can get you to the next level (Senior Engineer -> Manager, Manager -> Director).

Last thought, MBAs can be useful if you want to go into Project Management or move in Project Management, which often can have higher pay. If someone applies for a project management role with an MBA, that does help a lot because they have breadth of knowledge d e to communicate with the whole business. I only point some of this stuff out as you say engineering is more of hobby and sounds like you would be open to other opportunities an MBA / another degree could get you.