Most PMs in our group have MBA. You may be able to get manager job in your company after several years. But it will be hard to find another manager job after you left your company. I had a project in Taiwan, PM is a India, client is not happy about it. They want a chinese PM. but there is no chineses PM in our group. So when we have a conf. call, client spoke in Chinese, and I have to let PM know what we were talking about.