Better pay if masters degree done

Until & unless you do MBA from a very reputed B-school ,you will get weightage of CA only when it comes to salary matter.

Once you complete your CA.M.com will merely be a paper degree.

Rather than investing your time in  a less fruitful area ,better do some advance certification courses like SAP FICO,Tallly,Oracle,Microsoft packages,IFRS etc.

Still,if you want to go for some additional course then go for CS/CWA.

If you want to go for MBA,then do through a reputed B-school after your articleship,else there is not much value of MBA also.

Rather  than going for M.com ,it would be better to go for employment oriented course.Like you can go for ICICI banking & finance program,some other banks like HDFC bank,axis ban, Times Pro(Times of India 's initiative) wherein you will be given classroom training of 3-4 months ,internship of 8-9  months along with good stipend .On successful completion of these formalities you will be absorbed permanently by abovesaid banks.Thereafter,you can continue with your CA studies also.