Meh it depends. I noticed a masters can make up for a lack of education, not a HUGE amount but a cent part. I've applied for jobs with Bachelors required and 5-7 years of experience, with only a Masters and 2-3 years of experience. However, it can be made up the other way.. if they want someone with a Masters but some guy applies with double the experience required in the field they are looking for, they will call him first.
Masters are the new bachelors.. Assholes constantly want all this education, but don't expect to compensate you for putting in $100k worth of tuition.