I am taking a little bit of a break from academics and I'm looking to do a job before I move on to doing my Masters. While I have a job lined up, it's going to start in 3 months. I was also offered a project associate job in the meanwhile. I am a BEng (bachelors) graduate, and I was wondering if this would actually help my chances at doing a good masters at a good university. Talk about your experiences at your university if you cannot generalize.
Graduate admissions typically gives high weight to evidence of technical proficiency and research potential. It sounds like working on this research project is likely to give you such experience. If this can further turn into a strong recommendation letter from a well-reputed faculty member, then it will almost certainly be a significant boost to your chances.