MBA Scope

Yes indeed, but the college should be really top ranked and cool one.
From following colleges you can expect the same:
1. Faculty of Management Studies (FMS), University of Delhi, Delhi
2. Indian Institute of Management Ahmedabad (IIMA)
3. Indian Institute of Management Bangalore (IIMB)
4. Indian Institute of Management Calcutta (IIMC)
5. Indian Institute of Management Kozhikode (IIMK)
6. Indian Institute of Management Lucknow (IIML)
7. Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai
8. S. P. Jain Institute of Management & Research (SPJIMR), Mumbai
9. Shailesh J. Mehta School of Management (SJMSOM), Indian Institute of Technology Bombay (IITB)

How to be a CEO:
Becoming a CEO doesn't happen overnight. CEOs work their way through the ranks and rise to the top, thanks to a combination of hard work, perseverance, and traits and qualities that make them a top-notch business leader.
Read the steps below to learn about the path to becoming a CEO, and the steps CEOs take to stay successful:
Get educated- If you want to be a CEO, you need to perform well in school. Ideally, you should complete both an undergraduate and a graduate degree. Focus your studies in an area that will be relevant to the industry you hope to enter, but keep things general enough that you can be flexible if you don't snag your dream job right out of the college. Many CEOs complete an undergraduate degree first, work for several years as an employee, rise through the ranks, and then return to an MBA programme to earn a graduate degree. You don't need to put off joining the workforce just because you don't have all the education you want yet. The larger the company you're hoping to one day rise to the top of, the more important it is that you attend (and graduate from) a school that has some cachet attached to its name. Obviously, some CEOs never even graduated college, but by the numbers, your best chance is to have a prestigious name on your degree.

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.