Do I need a masters degree to grow into Product Management?

Get an MBA while you are a PM. It'll help you nail that Chief Product Officer role later on.

I would say at work experience is the best way to learn product management.

What's your major in bachelor's? And which master's are you considering? I have a bachelor's in Radio Engineering, and master's in PM (project). Both were very math heavy, and in PM (project) we've spent quite a lot of time on stats, math analysis, probabilities theory - everything that helps in product management. I think that PM (not project, product) is a very analytical job where you have to really understand what numbers are you using to base your hypotheses, and why. You need to know how to forecast, in general you need to be strong on math analysis, especially advanced time series analysis. If you're strong enough with it, then no need for master's. If your master's will help you with that, then definitely go for it. Or if you're already in the PM and can grow, I'd prefer learning on the job. All the math-related skills can be obtained via YouTube plus a few books. There are tons of good suggestions on YouTube which book to buy and study, self-studying will cost you probably 400-500 $ at most if you decide to buy all the books - and can be done for free if you just use internet resources like khan academy. But I'd suggest you spending some $ on the right books. Books are better because all the info is in one place, no distractions in the process of searching it, and usually - in a good book - the progression is from easy topics to difficult. If you know the underlying math, the rest of the PM skills are totally obtainable in your day job plus the internet. It's a combination of analytical skills (math), basic PM-specific knowledge, and industry or product-specific knowledge. Both in Proj M and Prod M, each product is very different. And for each product you'll need to face unique problems that won't be in the books / theory. But in general, the theme I've described above help a lot, and I truly believe that you don't NEED master's, but a good Master's from the 'right' university is always a solid asset