It doesn't work like that, although your along the right lines.

If you gain a masters from uni in any engineering course they are all mostly accredited by the IET (new IEEE), MICE, but this does not make you a chartered engineer.

If you have a masters you will already be half way there to full chartership and will be required to work somewhere for around 1-2 years to gain on the job experience. If however you have a bachelors you are required to sit exams and do courses along with 1-2 years experience.

In my case im doing a Masters in electronic and electrical engineering mainly because for my final year project I get to work anywhere in the world for 6 months, fully paid and free accomodation. IMHO a future employer will see this as being proof of my independance and willingness to learn. Other mates on my course are happy to get a job with a bachelors but in future years if you switch companies you are less likely to be taken on compared to someone with a masters - but ofcourse thats not the be all and end all of it.

HTH