If you seriously love research then go for a PHD but your field is a serious field in CS say you arent great at math but in programming you are a phenom you will still earn big but in electronics one needs solid math skills,technical understanding else the person is toast,I dont know much abt the job market for engineers in the UK but yes I do believe that the Finance folks are earning more than the engineers.So for you US is one heck of a place due to your major.
I can offer you some more advice as I faced the same dilemma,PHD or MS is a decision that requires a lot of thinking.PHD is a very serious thing it requires hard work,dedication and most importantly patience.Honestly ask yourself that as of now what matters more studying more in your field till a PHD or money.I will frankly say for me it was money luckily my fathers old friend has his firm in Virginia where I will go off to work after completion of my course.But still I knew I wanted the paychecks like a typical indian so I went for an MS so that in the future I want a PHD I can go because I will have financial stability.
Lastly where you did your undergrad matters but I keep it in the last order as again I have seen people in India who werent from Highly elite schools like the IIT's but through GPA,excellent skill and passion are in better universities than me.
When selecting a grad school your area of Interest matters a lot.Like you are in electronics so it should depend whether you like Robotics,research,Communications,VLSI go in what you like.Select your school based on that.
Your Letters of Recommendation matter because what your profs thought of you is highly important as it differentiates you as one who was active in coursework all the time or were you one who wasnt so interested but was intelligent enough to do well by cramming at the last moment.The letters are also a testament to how good you are skillwise.
Your GRE score again is crucial though what is asked in the GRE isnt an indicator of your skill in Science or Engineering but it is a testing tool for all Grad Schools in the US.Excellent GRE scores wont mean that you are at the top I have seen ppl with 1500 in GRE get rejected by Stanford,MIT but people with 1350 in it but with excellent GPA's sitting in Stanford.
Thanks a lot,when considering Grad school in the US especially in Science and Engineering disciplines four things will matter:
2)Your Letters of Recommendations.
3)Your GRE score.
4)Where you did your Undergrad studies from.
point 1 and 2 matter very very much because your GPA be it from some small college in the UK or Oxford shows your attitude towards consistency(all industries love consistent performers),how much effort you put and also the fact that if you had a passion in what you studied then your GPA will reflect it.More importantly your score in subjects that were more based on concepts and hard courses will appeal more especially in electives because they show whether you love choosing the path of least resistance.
It is not the IIT's but IIIT it stands for International Institute of Information Technology.My college was focussed mainly on Computer Science hence only 2 disciplines are taught at the undergrad level i.e CSE and ECE(Electronics and Communications).IIIT in a short time has come up to a very high level of reputation in India in the field of CSE and for a serious CSE aspirant is the next choice after the IIT's.Many top students from my college have gone to represent in the world finals of the coveted ACM-ICPC competition almost every year now.
more info on my college on wikipedia: http://en.wikipedia.org/wiki/International_Institute_of_Information_Technology,_Hyderabad
I graduated last year in 2011 right now I am pursuing my MS in CS at Carnegie Mellon at present.Any other questions you are most welcome to ask me anytime.