I recently hired a CS masters graduate. He's really bright; otherwise, we wouldn't have hired him. He's doing the usual new guy "toilet-licking" tasks; massive integrates of required-but-unpopular technologies, whitebox testing, automation and application profiling.
Someday, he'll get to work on tasks specifically related to his masters. Hopefully, his masters will prepare him for success in those pursuits.
For today, he gets to earn his stripes, like any other recent hire.