Is it true that it can take only 5 years to get your masters degree as long as you go to grad school right after you get your BS? If so, would you personally recommend me to hold off on my job another year and obtain my masters first or jump right into a job and get my masters later. I am planning to major in finance.
It depends entirely on the field. In terms of finance: 1) the top tier MBA programs look for people who have 2-5 years of work experience and they are all 2 year programs 2) there are some colleges that do offer 5 year MBA programs for students who stay at the school and go straight through – there can be GPA and sometimes even GMAT cutoffs to get into these 5 year programs.
And sometimes, you can get both undergrad and MA in 4 years: http://www.mccormick.northwestern.edu/academics/undergraduate/programs/honors-and-combined-degrees/combined-bachelors-masters-program/