MBA + MCA

I will say MBA in Information technology is of equal importance to BE in Information technology.

MBA IT is about Business processes with information technology. Its about automating Business Processes like

Marketing

Finance

HR

Production

Operation

Market Research etc

Its about creating systems aiming less manual work and all that user has to do - is to provide inputs and system takes it from there as simple as that.

MBA Information technology has all JOB ORIENTED Subjects.

E-COMMERCE

Project Management

Data Warehousing

ERP(SAP if lucky)

Software Engineering Management

Networking

Business Intelligence etc

Pick any of these and you shall have good career prospects. MBA IT grads usually get Business Analyst, Functional Consultant, Technical Support Specialist. There is lot more Job satisfaction.

If you know programming as well then you end up becoming Techno functional consultant like in Oracle or SAP. and that is even better.

If you know economics or statistics, you will be working in Business Intelligence Domain. Its high paying job.

Atleast along with IT, You also need to have domain knowledge like Finance, Marketing, HR etc. Expertise in one Domain and IT will give much more exposure than anything.

MBA IT grads have higher chances of Onsite opportunities.

MBA IT grads usually earn more then your engineer friends.

There are many openings for Engineer IT grads but lesser in MBA IT grads in Offcampus.

MBA IT worked wonders for me.

I am a Team Lead in an MNC with just 4.5 years of experience.

Gaurav Joshi has also answered really well.