Speaking of academics, best of luck when the professor whips out partial differential equations and you've only had two semesters of calculus.
A masters in engineering is meant to be the first half of the road to a Phd in engineering. It's not a watered down route. And it certainly isn't designed like an MBA school where different people from different backgrounds merge together. Whether or not you go the entire route and get a PhD is entirely up to you, but the classes you'll be taking as a masters student are that same exact classes that the Phd students take. The only difference is that they'll be taking more of them for a longer time and they'll be writing a thesis. Math-wise and material-wise they're the same academically. It's generally understood that anyone sitting in the masters level classes has a BS engineering background. I can't speak for the crappy fly-by-night schools like University of Phoenix, but any decent engineering school with a decent reputation is set up the way I described. They're geared towards research. I know from firsthand experience. I have a bachelors in Mechanical Engineering from Columbia University and a masters in Mechanical Engineering from Rensselaer Polytechnic Institute, two highly recognized engineering schools in the country.