Hi Karla,
That is a really good question. My first response is to encourage you to get your Masters in Architecture. If, years ago, it was considered perfunctory for a person to have a Bachelor's degree to gain employment in his/her field, today I think the minimum requirement is a Master's degree. There's a lot of competition out there and this is one of the best ways to further distinguish yourself.
However, every person's situation is different. I don't have a Master's degree (wish I did, though, and may still get one...if schedule permits).
One prior leader of the Texas Society of Architects noted that she is at the top of her firm and she only has a BArch degree. (The caveat, though, is that she is married to one of the firm's principals). Of course, she is a talented, competent architect in her own right, so her marital status is NOT the reason she is where she is- just that it has been noted, by one of the leading deans of architecture schools, that for women to get ahead in architecture, the best way is to "marry an architect." (The Dean was smiling when she said this- so I think her 'advice' is to be taken with a grain of salt...). :D
If you are in a place to complete your A.R.E., then that might be the better option- that is, if you are planning to run your own Design-Build firm. Otherwise, I think getting an MArch is a wise choice to make. Once you are licensed, it can sometimes feel like a Merry-Go-Round of taking CEU's to maintain licensure to where that can become one's full-time job of sorts, especially if you have a family to care for, too.
The thing is, where does it end? After obtaining a Master's degree, you may feel the need to earn an MBA or PhD in Evidenced-based design, etc.
Before making your decision, I would recommend you read "The Owner's Dilemma," written by Barbara White Bryson with Canan Yetmen, which gives a very clear picture of the current A/E/C industry. It may help guide you toward the best path for you. Also, "Down Detour Road," by Eric Cesal is another great book about today's emerging architects' quest for work, meaning, etc.
Good luck in your endeavors and congratulations on all of your accomplishments, which per your profile are many.
Kind regards,
Tara
-------------------------------------------
Tara Imani AIA
Principal
Tara Imani Designs, LLC
Houston TX
-------------------------------------------