This study is an empirical study on the effects of how university-firm co-advisor system for master students in applied science and engineering help their graduate study for Harbin Institute of Technology Shenzhen Graduate School. A survey was conducted to some graduated master students, current master students and master-advisors at Harbin Institute of Technology Shenzhen Graduate School for the past two years. The study characteristics of full time master students in applied science and engineering, and the current conditions of their advisors and co-advisors were analyzed from the survey data. The pros and cons of having university-firm co-advisor system for full time master students were examined. The results indicate that it is necessary to further research and to adopt this university-firm co-advisor system to full time master students studied applied sciences and engineering.