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"She holds a Master's Degree in Information Technology Systems"
It is impossible to see if these Master's programs are all similar or not. It is also impossible to see which most closely resembles the German program. From the length of school time involved, the German and British or American programs seem to be comparable. From the hit lists, the use of "MSC" seems to be more North American and "MIT" more international. The use of any other terms without the "Master's" part might demote the person. NODE – The New Oxford Dictionary of English shows the form with the apostrophe as correct.
Explanation: It depends on the context, resume (CV), certificates or an article about the person with the title in question. If it is a certificate or even resume, I would not say Master's because Germany universities are different and different requirements have to be fulfilled to in order to attain "Diplom". Nonetheless, it is a Master's equivalent, considering the person can (depending on his/her grades, etc.) start working on his/her doctorate. This is also recommended by the Institute for Evaluation of International Credentials.
International Handbook of Universities and Other Institutions of Higher Education, published in New York, 1991
Explanation: Diplom is a non-protected term in German so it can cover many areas including hairdressing, but I think it stops short of Masters, at least in the British sense (not including Oxbridge). So graduate sometimes fits as in IT Graduate/Degree.