Students typically start the M.A. program in September and attend two full semesters. In June or July (depending on the Peace Corps placement process), you would go into the Peace Corps. This commitment is for two years of service. Then you would return to school in September and graduate that December.
So for example, if you were to enter MIIS in September 2012, you'd go into the Peace Corps in summer of 2013. You'd be in the field until approximately August of 2015, and return to MIIS that September. You'd complete one more semester and graduate in December of 2015. If you were completing a specialization as part of your M.A. (see item 7 below), then you’d return for two more semesters and graduate in May of 2016.
Some of the PCMI students have chosen to stay in their host country to travel or to do extended training (i.e., training new volunteers) for the Peace Corps, because they liked it so much. They then returned to school in January, completed their last semester, and graduated in May. (In the example described above, if you were to do this you could graduate in May 2015 if you weren’t completing an additional specialization , or December of 2015 with a specializaiton.)