Since ages MoD has been conducting tests for these posts with requirement of just bachelors degree. However, preference is given to those possessing master degrees in certain subjects as mentioned in the advertisement. This time there is confusion as the advertisement says:

B.A/BSc/B.com/equivalent/ Masters or Higher degree in the subject of Economics, Political Science, International Relation, Defense and Strategic studies and computer/information technology. To me it says that candidates having higher degrees than bachelors and masters in certain subjects can also apply (If we go by its literal meaning). It probably is a mistake or they want Mphils and PHDs to apply as well.

However, one should not forget that in May 2013 the same posts were advertised for candidates of Balochistan. That advertisement had only Bachelors degree as the requirement and those candidates who applied earlier are part of the current selection procedure. So it can't be that requirement for one province is different from other provinces.