APE masters at Paris School of Economics

[jonthawk]

I want to eventually get a PhD and teach/research at a top university. However, for relationship reasons the 2 year APE program at PSE is extremely appealing. It's certainly a solid program and also practically free (250 euros/year tuition, and I'd have more or less free housing)

On the other hand, I'm coming out of my undergraduate career with a strong transcript (several grad courses in math and econ) and excellent recommendations. Some people told me that spending two years in a masters might put me in a weaker position with respect to getting into top 5 PhD programs.

Is doing the APE a mistake? What are the pros/cons? Is it possible to defer acceptance to PhD programs to allow for a masters?

Thanks!