Penso che la laurea in medicina e chirurgia di solito è a ciclo unico quindi il termine Laurea specialistica sta ad intendere che lo studente ha compiuto 5 o 6 anni di studio. Il master di solito viene proprio specificato con la parola stessa: Master in... e il ramo scelto.

In Italy the lower academic degree is the diploma di maturità which is obtained at 18-19 years, after 5 years of study in a particular secondary school, focused on a certain subject (e.g. liceo classico, liceo scientifico, liceo linguistico, perito tecnico).

After the diploma one can enter university choosing a subject of study (e.g. physics, medicine, chemistry, engineering, architecture). Almost all university courses of study nowadays are subdivided in two parts. A first degree (called laurea breve) is obtained after 3 years of study and a short thesis on one subject. The second degree (called laurea magistrale) can be obtained proceeding with usually two additional years of study and specializing in a particular branch of the chosen subject (e.g. particle physics, nuclear engineering, etc.). The laurea magistrale is obtained after the discussion of a thesis (which usually involves some academic research or an internship in a private company).

Only few students continue their university career (after passing a public selection) with other 3 years of dottorato (equivalent to a Ph. D) mainly devoted to research (with some compulsory courses), the degree is also obtained after the discussion of a thesis on the results of the research done.

In alternative after obtaining the laurea magistrale one can attend a so called Master, offered by universities and private organisations with a variety of subjects, lengths and prices (one year of Master in Italy can cost more than the taxes paid for all the preceding university education), usually including a final internship in a company.
[http://en.wikipedia.org/wiki/Academic_degree#Italy]

Guardando su http://www.unica.it/pub/english/index.jsp?is=23&iso=390 puoi notare che laurea specialistica viene tradotta con *second degree*.

Consultando l'Oxford risulta che A 'master’s degree (also master’s) is a further university degree that you study for after a first degree.

http://www.google.com/search?hl=en&q="postgraduate degree in...

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Note added at 4 hrs (2008-05-13 11:02:16 GMT)
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see also: http://en.wikipedia.org/wiki/Doctor_of_Medicine

"In the United Kingdom and Ireland (and many Commonwealth countries) the MD is a postgraduate research degree in medicine. At some universities, this takes the form of a first doctorate, analogous to the PhD, awarded upon submission of a thesis and a successful viva. The thesis may consist of new research undertaken on a full- or part-time basis, with much less supervision (in the UK) than for a PhD, or a portfolio of previously-published work (see, for example, [3]).

At some other universities (especially older institutions such as Oxford and Cambridge) the MD is a higher doctorate awarded upon submission of a portfolio of published work representing a substantial contribution to medical research.[1].

In the case where the MD is awarded (either as a first or higher doctorate) for previously-published research, the candidate is usually required to be either a graduate or a full-time member of staff, of several years' standing of the university in question (see, for example, [4]).

The University of Buckingham [5], the only private university in Great Britain, has announced an Indian-style two year full-time taught course for a "Clinical MD" in internal medicine. This is designed for non-European Union graduates, who are no longer to be allowed to take accredited training posts in UK hospitals. This degree will be awarded first in 2010.

The entry-level professional degree in these countries for the practice of medicine is that of Bachelor of Medicine and Bachelor of Surgery (MBBS or MBChB). This degree typically requires between four and six years of study and clinical training, and is equivalent to the North American MD.


Other postgraduate clinical degrees

There is also a similar advanced professional degree to the postgraduate MD: the Master of Surgery (usually ChM or MS, but MCh in Ireland, Wales and at Oxford and MChir at Cambridge)".

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Note added at 2 days10 hrs (2008-05-15 16:19:34 GMT) Post-grading
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i think you should have given more context as to whom the translation is targeted at, whether, that is, it is for a US or English employer, as MD in medicine means different things in different countries, as pointed out in the information i supplied and as Lirka also noted.

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Note added at 2 days10 hrs (2008-05-15 16:34:27 GMT) Post-grading
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in that case MD looks good.