I may be missing or misunderstanding something, but it seems like your worries/roadblocks about your option 1 all pertain specifically to the MBA/MPA component. If that is the case, and you think you really might want to work in tech, I’d encourage you to consider trying to transition directly to a tech company without first getting another degree. Anecdotally, my sense is that MBAs and MPAs are useful mainly for networking and allowing you to command a higher starting salary in many roles, not for what you learn during the degree (though this depends somewhat on your prior academic and professional background, as well as on the specific program you’re enrolled in, of course).
I imagine that the main reason you’ve been considering getting an MBA or an MPA is because you have a sense that you need it to make a significant career shift. I’m not so sure. I don’t know how easy it is to spend two years as a software engineer at a tech company (instead of spending those two years in grad school) and then transition into a product management role, but I imagine that particularly at smaller or medium-sized tech companies, this must be a thing that happens. And even if I’m wrong about that, I know people who went straight from coding roles at professional services firms to product manager-track positions (e.g. product data analyst) at medium-sized tech companies (admittedly, outside of Silicon Valley). I imagine these people will become product managers faster this way than they would have if they’d gotten an MBA in the middle. Finally, regarding going into debt for an MPA, you should consider applying to Princeton’s program; it’s free to everyone who is admitted!
I may be missing or misunderstanding something, but it seems like your worries/roadblocks about your option 1 all pertain specifically to the MBA/MPA component. If that is the case, and you think you really might want to work in tech, I’d encourage you to consider trying to transition directly to a tech company without first getting another degree. Anecdotally, my sense is that MBAs and MPAs are useful mainly for networking and allowing you to command a higher starting salary in many roles, not for what you learn during the degree (though this depends somewhat on your prior academic and professional background, as well as on the specific program you’re enrolled in, of course).
I imagine that the main reason you’ve been considering getting an MBA or an MPA is because you have a sense that you need it to make a significant career shift. I’m not so sure. I don’t know how easy it is to spend two years as a software engineer at a tech company (instead of spending those two years in grad school) and then transition into a product management role, but I imagine that particularly at smaller or medium-sized tech companies, this must be a thing that happens. And even if I’m wrong about that, I know people who went straight from coding roles at professional services firms to product manager-track positions (e.g. product data analyst) at medium-sized tech companies (admittedly, outside of Silicon Valley). I imagine these people will become product managers faster this way than they would have if they’d gotten an MBA in the middle. Finally, regarding going into debt for an MPA, you should consider applying to Princeton’s program; it’s free to everyone who is admitted!