Answer by Thomas Zerbarini:
Which interests you more? That would be my first advice.
the Masters program sound very interesting and would have a much broader use worldwide for many different jobs and employers. The Cadet program sounds like you'll be locked to one airline wether you like it or not.
As far as your flying interest, there are many colleges and/or flight training programs out there that will get you qualified up to Commercial and ATP for use with any airline in the world. As an aviator, you will need experience and flight time to be attractive to the bigger airlines. The time building is fun and challenging yet does not pay very well. I's suspect you'll need 5 years to build enough time and experience to be attractive to the big global carriers.
It really all comes down to what you really find captivating and best for your long term goals and plans.