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In this economy I’d say yes...good luck!

It's not ideal given your experience and degree, but an analyst role at a top firm is hardly going to hurt your resume. As the poster above said, in this economy, I'd jump on it. 

You can always get another job in a year. 

From what Ive begun to understand, you are hired and qualified for a position when you can bring value-add to a company on day one. Friends the have completed MRED programs all told me they still would require a year of analyst work(training) to be fully competent and provide a value-add to most companies from the start. Jump on it and start grinding! 

In a similar position. I’ve seen that many firms stay true to the “undergraduates only” restriction. Trying to get around this since I’m not qualified enough for an associate position. Appreciate thoughts on how to navigate this. Thanks

Yes unfortunately the harsh reality is that you have to apply for analyst positions but sorry to say even then you might lose out on positions to many undergrads particularly if they have 2 or 3 relevant internships under their belt which you may not have. People already with relevant work experience might get a bump in title or pay (development analyst->associate) but otherwise it is unlikely. A MSRE for you helps you pivot into this industry and thats the benefit for you, it's not the bump in title or pay.