[Freeheel]

In my experience, letters after your name don't really translate to a specific salary. I personally think that an audio education at a good school is an awesome way to start a career, but it can also kill you with debt. In the 'real" world, your demo reel carries much more weight. Start working in the industry as soon as you can and decide for yourself if further education is necessary. An MBA could be a good idea, especially if you want to run your own studio, maybe you can avoid the old joke of : "How do you make a small fortune in the recording industry?"- "Start with a large one"
As for starting out, most new engineers volunteer for a period of time before they start getting gigs. Depending on the structure of the studio you are working at, you may move into a salary position or be an independant contractor and therefore setting your own prices. Your remuneration will vary widely depending on how good you are as an engineer, how your interpersonal skills are,(and maybe your promotional skills) and which studio, which city, or which country you are in. No easy answers! Good luck.