Dr.Bill

Call and ask. Sometimes they waive the prerequisites based on prior experience. Only way to know for sure.

John Mclane

This is quite accurate. Besides, getting to know the track is part of the idea. Once you get to masters, the practices are largely solo, some prior knowledge of Barber is really useful. The whole Cayenne malarkey is entertaining, last for about an hour. There's also launch controls with the TTS. Half of the time you will not be on the track, mostly on the autocross or skid pad.
I tried bypassing for the sake of saving money, didn't make the cut...

Pruettfan

I submitted my full experience which includes the 2 Day M School, Advanced M School, 90 mins in a GT3 at the PECLA and 14 HPDE days (about 40 hours on track time combined) with a recent advancement to HPDE 4 and they gave me a waiver of the first course. They asked for specifics on what tracks I have done HPDE on and with who (PCA and NASA). I also mentioned that I will do a day at Big Willow and Laguna Seca before I would attend the course and offered to submit video if needed. Based on their request for further detailed information and the fact it took a business day to get a response after I submitted the additional information I am sure that a lead instructor is making the call on these waivers and I am pretty sure it would take more than just the 2 Day M School to get a waiver. 2 Day M School is a good introduction but additional track time and training is really where things come together so unless you have more track experience I would suggest the beginner course. Personally I would not want to take a chance of lacking the proper experience and preparation to run in the Masters course.