I haven't really *seen* this happen. I don't think this is much of a concern for masters degrees since I can't really think of a situation in which a EE Masters will leave you worse off.
This won't work since you'll have a huge unexplained gap in your resume. It's also pretty unnecessary, since a EE masters will qualify you for a whole bunch of jobs that you wouldn't otherwise be eligible for. One of the first things that a hiring manager will do when they get a stack of resumes is to cut out the people that don't have the minimum educational requirements for a job, and there are tons of jobs out there in which a masters is a minimum requirement.
Where I work some sort of masters degree is the bare minimum requirement for even getting your resume looked at.