Free Education or More Money

I recently graduated with a BEng degree and I’m currently enrolled on a engineering graduate scheme in the UK. My employer offers the opportunity to upskill and undertake an MSc which I’m looking at pursuing. It would be a 1 year full time MSc fully funded and in addition I’d still be paid my current wage.

At the same time I’ve been offered a job at a different company. The starting salary is ~£10k more than what I’m currently on and over 4 years the pay will increase incrementally to an additional ~£10k.

Undertaking the MSc will make it easier to become chartered. However, sticking with the BEng and moving doesn’t mean I can’t necessarily become chartered either, it’ll just be a bit more difficult.

I’ve read and heard quite a few times that education is the best investment that you can make in yourself. But the increase in pay is very tempting.

Any advice would be appreciated.