I think it depends on your intended profession, as some are degree-dependent and will have true entry-level positions available. In a job where the master's is
required, it would otherwise be impossible to gain experience. Right?? I'm in one of those fields, librarianship, so the only relevant work experience I had upon graduating was an internship... didn't seem to hurt my chances, as I was offered two positions within a month of graduating (5 years ago).
P.S. I didn't go straight from college to grad school, in fact I was 30 when I completed the MLIS. But in terms of
library work experience, I had nothing but the internship going into this profession.