Well of course! PhD's are in the unfortunate position to be overqualified for 90% of the positions they would apply to, and too much of an education to leverage for a higher salary. Industry experience is what makes the R&D rooms at BigCo's tick, and academia doesn't pay that well.

Even a masters in CS is overkill these days. Most employers are looking for entry level code monkeys in order to underpay, or industry hardened, bitter individuals to act as leads and seniors (assuming they didn't promote from within).

I have the opportunity to get my masters in CS for free, but I'm not sure if the time spent is really worth it. I could either have another expensive piece of paper, or add more code to my github account for future employment... Whenever I decide to switch jobs.