Creative Writing MAs operate on not dissimilar principles. Students work with established writers (one hopes) and pick up good practice from them. I'm not aware that much craft is taught. When I did my MA I was surprised that there weren't any straightforward taught craft sessions. I was told that they expected students to come already knowing 'all about that.' But they don't. It's not taught.
If you read extensively then you do absorb the principles by osmosis. Jane Austen never had the benefit of reading Syd Field, for example, yet Pride and Prejudice shows a perfect understanding of Three Act Structure, including Syd Field's 'pinch'. Perhaps she'd read Aristotle's Poetics, but I think it's more likely that she simply read and read and read.
All writers should read widely, from the best to the worst, and particularly in the field in which they wish to write. But they can also learn craft techniques in a methodical way. These can be taught, but I suspect most MAs would prefer to stick with osmosis. I loved my MA course - osmosis is fun - but, just like actors learning to project and not bump into the furniture, craft should be taught as well.