In my experience it all comes down to if you are a match to the company and fit in with the people there in terms of personality, motivation and attitude. You have to sell yourself with your portfolio as your main companion. Hiring managers in my experience primarily focus on the conversation with you. Besides that, the person hiring you will most likely rather look at how you perform under pressure and how fast you can deliver a job. For some jobs a Master’s degree can be more beneficial for example those requiring research skills but for others it may be an impediment because 1. you are less formable and 2. you may approach tasks too intellectually for the entry-level position.