Well...
I think this depends on a lot of things. Here are some things I would consider if I were you:
1. Your age. I think it does make a difference. Not always but if your "body clock is ticking" and you want to have a baby maybe putting off having a baby until you're done studying is not a good idea. If you're young enough that you don't think this is an issue it may not apply.
2. Your personality and time management skills. Are you good at multi-tasking? Are you self-disciplined? Are you an independent worker? Attempting to have a small baby or child at home while studying full-time will require all of the above--and it will still be hard.
3. Help. Will you have any? Do you plan to hire a domestic helper? Will your family help out with taking care of the baby? Will your husband be helping you carry the responsibility for the child? This is a huge factor.
4. Your work situation. Are you working full-time or part-time will you be staying at home? This is also a huge factor as master's study consumes a ton of time for reading and completing papers.
Beyond that, all I can say is that studying full-time for a master's degree is very tiring and time consuming. This past summer and fall I did a semester of part-time master's study while working full-time. I have two children. One is 4-years-old and the other is a baby. At the time I was still breastfeeding (or pumping milk at work) the baby about 6-8 times/day. When I started the course my baby was only 4 months old.
I have a very involved husband who carries more than his share of the weight in raising our children--and he does so with a good attitude and without complaining--he'll see that I'm stressed and just do what needs to be done to help out without being asked to. I also have an amazing domestic helper whom I'm really close with and who is responsible, clever and very self-managing so I don't have to worry about much with her.
I still felt on the brink of exhaustion and collapse nearly the entire time I was studying. Sometimes I would have to work through the night until 5 am to finish a paper and then get up and go to work at 8 am and work all day--sometimes I had to do this 2-3 days in a row.
If I were you, I would wait. Especially since being a first-time parent is SOOO much different than being a parent for the second or third time. You have no idea what types of challenges you may face. With my first child I had severe post-partum depression that was beyond my control (hormones, chemical changes in the body etc.) for nearly a year. I can't even imagine what the stress of study would have done to my body. Also, with the first child you are really learning how to be a parent--actually you are transforming into a new person through the process. I think in a way you might be cheating yourself and your child if you are consumed with study at the same time. Also, the stress of study is really hard on one's body usually and if you're going to attempt it while also trying to either be pregnant, breastfeed or simply look after your baby, your health may suffer greatly. Also, you may miss a lot of those precious first moments with your child as you cram and stress to get the study done.
A year is actually not a very long time to wait to get pregnant. You could invest the next year into preparing your body well for pregnancy and parenthood and getting your study done and then go on with your plans to start a family.