The thing is, a master's degree in CS doesn't necessarily give you any real-world coding experience, and doesn't necessarily give you any real-world engineering experience. And there's a wide range of undergrad degrees backing that master's degree. Remember that a master's degree usually gives you a lot of theoretical knowledge, and a lot less practical knowledge. Most of a candidate's practical experience is likely to come from his or her undergraduate degree.
This is something I've struggled with lately. I started working with computers at a young age and went through a CS program in an engineering college, but the formal education doesn't actually give you many skills that will help in a real-world environment, especially when you need to operate at a higher level of technical expertise.
School isn't going to teach you how to effectively run a production environment, or how to perform release engineering on a large codebase, or how to manage your employer's multiple, geographically distributed data centers. Those skills can only be gained through years of experience (successes and failures) in real-world environments. If someone is aware of a place that can help one develop those types of skills, please let me know. It seems that at a certain point you're simply on your own and have to figure it all out yourself.