Masters

You can do either of them as both of them have excellent opportunities. But, there would be a difference in some or the other factors. Master's if you pursue even from the top colleges of the country, your compensation will not be as high as someone who has done his or her MBA from any top college of the country. This is not a gospel truth but this is most likely to happen in most of the cases. Now, with regards to work experience in MBA, believe me having and not having work experience have their own advantages and disadvantages.
There is no such hard and fast rule that work-ex guys will get higher salary than freshers. It completely depends on the company as many companies are there who only want freshers. So, it should be your choice as to what you want to do
* These career decisions are best taken by you after due deliberation and taking into account all the factors associated with it.

There is a common test for all Master's program in TISS. The name of the exam is TISS NET. So, you need to prepare for this test only.
Here is the link for the details of the exam -
http://admissions.tiss.edu/view/6/admissions/ma-admissions/tissnet/
After reading through the above link you can read the following:
Preparation should be more focused on what are the types of questions asked in the exam rather than going for difficult questions practicing. The exam is easier than any other aptitude test like CAT, XAT, IIFT, SNAP, etc.
Also, there is no negative marking, so you should answer all the questions. Focus more on GK as 40% of the paper is of GK and almost everyone faces difficulty in these questions as GK has no limits.
Verbal and Quantitative sections are very easy to moderate level which does not require very rigorous preparation if you have done your schooling in English medium. But, even if you have vernacular medium during your schooling, it's not that difficult. Just focus on reading newspaper, develop your vocab (this is very important) for which you can read "Word Power Made Easy by Norman Lewis".
Quants will be very easy and you just need to practice CAT Level 1 questions. They are more than enough to attempt all questions.
That's it from my side.

Education system in Canada is pretty good. It slots enough period for a student to identify his field of interest. What Indian education system follows is to opt for PG just after graduation and engineering students are doing MBA without knowing their field of interest & even market requirements. But in Canada, people usually complete their UG and then opt for Post-graduation Diploma which is obviously more practically approached. Some Diploma courses also have CO OP (Internship) options. A very good opportunity for students to work in market is there and after 2-3 years of work experience, they can go for proper full time PG in your specified field of interest. The average age is 30-32 for PG in Canada and they call you over qualified if you complete your PG without work experience. There are some good colleges like Humber, George Brown, Fan Shawe, etc.

The course is meant for all those keen on being a part of clinical research industry, so all graduates, post graduates and even working professionals can apply for the course and affirm a strong position in the industry. The course is meant for graduates and post graduates, employed plus yet to be employed candidates keen on taking regulatory affairs as their career choice.
Module 1: Introduction to Clinical Research Industry and Basics of Clinical Trials
Module 2: Pharmacology-Concepts and Application in clinical trials
Module 3: Drug Development Process
Module 4: Ethics and Ethical Guidelines for Clinical Trials, and Drug Development Industry
Module 5: Regulations Guiding the Clinical Research Industry- History and Basics of National and International Regulatory Bodies
Module 6: Outsourcing Clinical Trials, functioning of Clinical Research Organisations
Module7: Biostatistics- Concepts and Application in Drug Development and Clinical Research
Module 8: Clinical Trials- Phases and Trial Designs
Module 9: Documentation and Data Management in Clinical Trials
Module 10: Safety Reporting Techniques and Pharmacovigilance
Module 11: Quality Control and Clinical Trial Management
Module 12: Industry Based Case Studies