I have a BFA in stage management, and through college I'd always intended to go to grad school, because I'd always loved school, loved learning. I ended up doing an internship at a major regional theatre, and left with no desire to go to grad school in the near future, if ever. I learned so much more so quickly, both in doing and in meeting these fabulous Equity SMs who would frequently hang out together and talk about issues they encountered and how they dealt with them, then ask for input as to how others would deal with them. So, in jumping right into the real world after college, I ended up getting some degree of the discussion and feedback associated with grad school.
I didn't realize just how much I'd learned in my intern year until last year when I was working for the grad school (no SM program) attached to the regional theatre I'd worked for. I was working on one of the 3rd year director's thesis shows, fully produced by the mainstage. This required working with all of the production departments, as well as the school. The girl who was stage managing the other thesis show at the same time had come out of the same undergrad program that I did, a year later, and she was a very good SM in college. It was interesting to work side by side again, and see just how much I'd learned by interning that had just become second nature.
As of now, I'm still on the track I'd like to be with my career. If at some point in the future that changes, I may go back to school. But for now, I am happy with my BFA and on the job experience.