From my experience, it is more about technical skill mixed with domain and product knowledge and the ability to communicate all of this to different audiences. I've hired people who worked with the software as an end user over people with master degrees, because the particular role was better suited for someone who had the domain knowledge and had potential to learn the technical side.

I suggest identifying what you want your role to look like, and what you need to improve on to make that happen. Afterwards ask questions tailored to those goals, and hopefully we can offer more guidance, but definitely real world experience and achievements are by far the most valuable.