Hey guys! Thanks for your detailed responses!
What I meant by "benefiting society" was that my research or company's engineering impacted society in a deep and meaningful way. A good example in engineering is Fei-Fei Li's ImageNet project (I am not a computer scientist though).
I am currently studying BS Audio & Music Engineering (EE with a musical focus, you can guess what school am at). I am a second semester freshman (as of Jan 2016).
My school provides an option of a 4+1 program with MS in EE, of which I was considering, but my parents want me to get an MBA...