Here are my answers:
- An MBA is definitely a good choice - A project manager with an MBA is paid more in the job market. There are many studies that support the aforementioned statement.
Additionally, the MBA will help the future project manager in better managing the project because he will be able to grasp "the big picture" of any project because of his educational background. For example, he will know when a company will be more inclined to select a project and when it will be more inclined to cancel it. Additionally, he will be more familiar with the risks at the corporate level. Last but certainly not least, his education in management will allow him to better manage his project team.
Of course, there is a lot to be learned by experience, but an MBA can go a long way in making a solid base for the future project manager.
- A PMP will definitely help in the job market (although I'm not one of the PMP's biggest fans). There are many studies done by 3rd party companies proving that a project manager with a PMP is paid more than one without a PMP. However, the salary gap narrows with experience.
Hope this helps!