I am currently a Senior Software engineer at Bloomberg with previous experience at Amazon/AWS and a startup. I am 27 YoE with an undergraduate degree in Electrical and Computer engineering from a state school.
*What are my options if I wanted to transition to IB or PE or some other area? *
From my experience, far more people want to go in the opposite direction. It seems strange why I want move into finance. I'll openly admit that the #1 reason is compensation. I am currently earning north of $200k, mostly in salary. However, in the absolute best case scenario (e.g. job hopping to Google), I will cap out at about $300k. It's a hard pill to swallow when you have family and friends in BB, in PE, in hedge funds and seeing them take home a life changing amount of money each year, far beyond what I could ever do. I don't think they are any smarter than me in terms of raw intelligence, but they are way better schmoozers then I could ever be.
I've looked at the MBA and MFE route, and both could buy me some mileage and a way in at great cost only to land back where I started in terms of compensation with the additional problem of starting my career from scratch.