A Master degree pays off according to SANS
Today SANS published
Salaries are rising, but the survey also has data on
(1) which certifications matter for which security jobs, (2) what makes security people angry, and (3) what matters for career advancement in security
One interesting part of the survey, is that Highschool graduates and people with Bachelor degrees has pretty much the same wages, whereas Masters and people with Doctorate degrees have drastically higher wages.
Not that wages are everything.. but I hope this means I made the right choice when I decided to study for a Master degree (when having a Bachelor). It doesn't necessarily mean that these facts apply to Europe too, but one can hope :)