A masters in ID will not provide you the necessary foundation training and education of a Bachelors in ID. It is a common misconception and some students think of it as a shortcut to getting an ID job.
If you are looking for an ID job the employer will be looking at your portfolio first and your education/degree last; unless you are applying for more of a theoretical design position.
I brought that up and I was told I will be a track 3 graduate student. This means that you have no degree pertaining to Industrial Design. It isn't a shortcut because you will essentially be a Sophomore to Junior level design student but all of your classes will pertain to your graduate degree. So, the foundations and training will be in the track that I would be taking because it is geared toward someone who is supposedly new to design.