Answered by Mike, Hiring Expert at Avery Dennison Corporation, on Friday, May 8, 2015
Congrats on pursuing an advanced degree in Engineering! I expect there will be a strong demand for someone with that skill set.
While I don't have an exact answer to your question, I could provide you a couple different perspectives that might help with your decision. On one hand, having additional certifications/licenses can never "hurt" your chances of getting a job or internship. If anything, it shows that you are willing to dedicate additional effort to support your career in the long run. If you obtain you certification while completing school, that helps demonstrate that you are able to take on a larger workload, by maintaining your grades and getting the certification simultaneously.
On the other hand, our employer, for example, does not place much emphasis on the certification when recruiting engineers. So when we go to campus to hire for our experienced and entry-level positions, we very rarely look at certifications when considering whether or not to pursue the candidate for an interview. Our company tends to place more emphasis on things such as GPA, extra-curricular activities, internship experience, special projects, etc. If obtaining your license pulls you away from participating in these type of activities, I would suggest that you focus on those first before obtaining the license. Again, I'm taking our company's requirements into consideration - it could be very different for other employers.
My suggestion would be to outline 5-10 ideal employers you would like to work for after you complete school. Then, connect with recruiters and other engineering managers at those companies via LinkedIn or on-campus events and ask them what are the things they would be looking for in students. If a majority of them mention an EIT, I'd say go for it. If not, then focus on developing the resume builders they suggest, and if you have time after, then pursue the EIT further.
Hope this helps! Best of luck in your search!