I interviewed a guy who's masters work was in the field I did my doctoral work in. I think I'm the only one in the company who knows anything about the particular topic, and considering that the role was far removed from that topic, it was a very unlikely coincidence. However, when discussing his research, he mostly missed the mark. It wasn't enough to sink his application as at the masters level I wouldn't expect him to know it nearly as well as I do, and he was ultimately hired. But, you never know who you're talking to.