haha welcome to international programs, right? I was told that my MA program was only 1 year, too when I accepted the offer of admission ... well, once I started I quickly found out that most people take 3 years, and some even FOUR years to complete their thesis! Im in the middle of my second year and I'm cramming to finish everything in 2 years, it's quite obvious that I could easily take another year to finish everything.
In terms of your lack of formal semantics training, I think a lot of us are in the same boat. In school I've done some syntax, pragmatics, cognitive linguistics, and psycho/neurolinguistics (and that's only because it's my thesis topic), but a lot of historical, syntax, phonology, Chomsky-an linguistics I've had to learn on my own. I always try to read textbooks and articles to keep on top of the current research. But I'm thinking, if so many of us on here are in the same situation, it must not be an uncommon thing Let's see how the admissions results are ....