Comment Do Both Simultaneously (Score 1) 834
As a recent job searcher, I found that having a Master's helped immensely in just getting my foot in the door for interviews.
That being said, without work experience, I don't believe it will help out initially. I worked full-time while going to grad school, so not only did I have 5 years of work experience, but a Master's (which work paid for) to go along with it.
My opinion: suck it up and go to school while working. It makes for a tough few years, but the benefits will far out-weight the costs.
Just keep in mind, that you may need to switch jobs to take advantage of the extra pay potential from getting the degree.