I got my bachelors and masters from University of Michigan. It was really just an excuse to stick around for a couple more semesters and do another solar car race. After a few years of experience, the masters doesn't really matter beyond what you personally gained out of the education.

There are tons of embedded software projects that lack software engineering rigor. If you're good at unit testing and mocking, for example, there's no reason why you can't unit test embedded code. Applying general software engineering practices to embedded code (effectively) is a good way to differentiate yourself.