Here’s a nickel’s worth of free advice, so take it for what it’s worth…
If I were you, I’d probably go for the MBA. It gives you a more general degree, expanding your options, where a PhD or EdD probably wouldn’t–at least, not in this case. I have 2 caveats:
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If you want to switch careers to full-time, University professor or administrator, I’d pursue the doctorate.
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If you have a strong, non-monetary interest in the field, and you lust (for lack of a better term) after the doctorate for your own growth, then do it.
The thing about doctorates is that, while it is possible to slog through one that you don’t really need or want, I’ve talked enough with my colleagues and former professors to know that it’s a brutal, stressful process in most cases. And, like you say, outside of academia (and even inside it, depending) the ROI isn’t that great. Like I said above, if you have the personal desire or want to change careers, then that would be different.
The other consideration is that, if teaching is what you really want to do, you can get into it without the doctorate–our regional accrediting agency merely requires a Master’s and 18 hours in the subject (your Master’s can be in a different field than the 18 hours of graduate credit.) I was one of the fortunate ones, in the midst of the Great Recession, who received a full-time position when I finished my MA. Granted, it’s a Community College, and we don’t do tenure, but it makes me happy. I really thought about going on to a PhD, but (at least at this point in my life) I just don’t get excited about it the way I was excited about getting my Master’s.
And, if I did get a doctorate, it equals a grand total of a thousand extra dollars per year, which I can pick up by teaching an extra class for one semester, and not have to stress about research or dissertation writing/defense.
I really, really think that the ideal situation is for only those with a strong passion to go past the Master’s…I’ve seen far too many people burn out otherwise.