MBA or Tech

I’m at a crossroads in my career and would appreciate some advice. With 3 years of experience in software engineering, I began at TCS with a salary of around ₹3.5 LPA. After a raise, I transitioned to a Big 4 firm as a Data Engineer, now earning ₹11 LPA. My skill set includes SQL, PLSQL, Python, dbt, AWS, and Power BI. Considering another job switch could increase my salary to ~ ₹20 LPA ( I have a job offer of ~20 LPA).

Alternatively, based on my CAT score and profile, I have the opportunity to pursue an MBA from IIMs, excluding ABCLS. This path would require a loan of ₹15-20 lakh, with an expected starting salary post-MBA of around ₹20 LPA. However, I’ve heard that even premier institutions have faced placement challenges in recent years.

Staying in tech offers benefits like remote work and better prospects for opportunities in the US due to the STEM designation. Tech is booming now- everything has some tech now . On the flip side, not pursuing an MBA means I would have only a bachelor’s degree , potentially losing opportunity to have IIT/IIM tag and might lack formal management knowledge.

My goal is to build a career that offers a good work-life balance, competitive compensation, and time for travel and family. Is investing time and money in an MBA worthwhile in this scenario? I’m seeking rational, experience-based insights rather than generic “follow your passion “ advice. Has anyone faced a similar decision or can share how an MBA influenced their career trajectory, especially concerning work-life balance and financial growth? What’s pros and cons to both the options I have