There is no one-size-fits-all answer to whether product managers need an MBA to earn more senior roles. While having an MBA may increase one's chances of securing a more senior position, it is not a prerequisite for success in product management.
There are many factors that contribute to a product manager's success, including experience, skills, and industry knowledge. Product managers who are able to demonstrate a deep understanding of their product, customers, and market are likely to be more successful than those who rely solely on their academic credentials.
That being said, an MBA can provide a strong foundation in business principles that can be beneficial for product managers. An MBA can help product managers develop skills in finance, marketing, operations, and strategy, which can help them make better decisions and lead more effectively. For those who are interested in pursuing a career in product management, an MBA can be a valuable credential that can help them stand out from other candidates.
However, an MBA is not the only path to success in product management. Many successful product managers do not have an MBA, but instead have years of hands-on experience in product development and a deep understanding of their market. It is possible for a product manager to become successful through industry-specific certifications, leadership courses, and hands-on experience in the field, rather than an MBA.
Ultimately, the decision to pursue an MBA should be based on individual career goals and circumstances. If an individual is interested in pursuing a more senior role in product management and believes that an MBA can help them achieve that goal, then it may be a good choice. However, an MBA is not a guarantee of success in product management, and there are many other factors that contribute to a product manager's success.