Qualifications
The truth is that you can get a very decent job with a bachelor's in chemical engineering and have no need for grad school 'source). Many head to grad school after getting laid off, wanting higher pay or a management position, or really wanting to become a professor or senior research scientist. Or astronaut. Although those cases are rarer.
Getting an advanced degree certainly won't hurt you (well...it might hurt a little. They don't just hand those things out), and it's a good idea to get one if you want to make the big bucks, but it isn't a requirement. However, if you only ever did the minimum that was required of you, you probably wouldn't do much more than eat, sleep, and do the dishes.