I would say year in industry rather than Master's every time, unless you want to go into research. If you don't have industrial experience at around graduate level you will find it incredibly difficult to get work - as many postings on these forums show.
Have a look at job adverts to see what employers are looking for in your preferred fields, in most engineering roles I think you'll find they want first degree + experience.
Don't worry too much about chartership, you should still be able to get that given the right experience once you start working - in any case it's far more important to get a job than to get chartered!!!
Andy Millar CEng MIET CMgr MCMIhttp://www.linkedin.com/in/millarandy
"The aim of argument, or of discussion, should not be victory, but progress." Joseph Joubert