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As per your YOE you have good CTC amd also have good role, an extra qualification is always best but if would be at your place, I won't go for it since you have a kid plus you already have good CTC. If you really want a good hike then go for switch or have some certifications. At the end it also depends from which college you looking forward to do MBA.
Thank you 👍🏻☺️
BA here too. 7yrs is reasonable experience. I would suggest do CBAP and then PMP. These certifications carry good value and allow you venture into diffenrt verticals as a BA. Once you complete 10yrs, ask your firm to sponsor your exec MBA, and do it only from top tier institutes. Good luck.