If it did not. Employment would not require it. Because as most have stated above. It was not about preparing for the workforce. It was for all these other reasons, or the theory of the subject. Why would we want a MS if all they did is meet people and learn how to cook a meal for themselves because they're no longer under their parents thumb?
I would say not too far into ones career. Education matters very little. As in diminishing returns. The best you'll get after attending 'University of X' 5-10 years into your career. Is a high-five because the hiring manager went there too. Not because you're so much better off because you had a class on .Net and Network fundamentals. This is mostly true in all but the very specialized jobs in Tech. For the specialized few that went to top universities.