The answer is yes.  Let $[E^{-1} \rightarrow E^0]$ be a perfect obstruction theory on $M$.  After localizing in $M$ we can assume that the map $E^0 \rightarrow \Omega_M$ is induced as $\mathcal{O}_M \otimes \Omega_{\mathbf{A}^n} \rightarrow \Omega_M$ for some map $M \rightarrow \mathbf{A}^n$.  As the map on differentials is surjective the relative differentials vanish and the map is unramified.  By EGA IV.18.4.7, we can (at least after localizing further in $M$) factor the map $M \rightarrow \mathbf{A}^n$ as a closed embedding $M \rightarrow V$ followed by an étale map $V \rightarrow \mathbf{A}^n$.

Let $I$ be the ideal of $M$ inside $V$.  Then we have an exact sequence

$I/I^2 \rightarrow \mathcal{O}_M \otimes \Omega_V \rightarrow \Omega_M \rightarrow 0$

where the first two terms are $\tau_{\geq -1} L_M$.  By the definition of an obstruction theory, we are given a map $E^{-1} \rightarrow I/I^2$ inducing a surjection $H^{-1}(E) \rightarrow H^{-1} L_M$.  By the 5-lemma, $E^{-1} \rightarrow I/I^2$ is surjective.

Localizing further in $V$ and $M$, we can assume that the map $E^{-1} \rightarrow I/I^2$ is induced from a map $F \rightarrow I$ of coherent sheaves on $V$ with $F$ locally free.  By Nakayama's lemma we can assume, possibly after further localization, that $F \rightarrow I$ is surjective.  Then consider the section of the vector bundle $F^\vee$ dual to the composition $F \rightarrow I \subset \mathcal{O}_V$.  The vanishing locus of this section is $M$ and the induced complex $F \rightarrow \mathcal{O}_M \otimes \Omega_V$ is the obstruction theory we started with.