Can IQs go up?

The results were quite worrying, for punctuating the average results were scores that showed significant aspects mental retardation.

I wouldn't dwell on it. I'm not sure what these sub-categories mean without descriptors really.
Can sort of see visuo-spatial and phonology maybe; problems with handwriting?

You have an undergraduate degree and you're about to start a Masters in a few weeks' time.

Whatever your limitations might (highly theoretically, according to free online IQ tests) be, you're working around them effectively.

He did mention that I had a dysgraphic script

Sorry; didn't see that! Not consciously at least :P
Makes sense with the scores, then.

I know lingering unduly on this, but this is probably the reason why I am failing on both a career and academic root..

What are your career plans?
Hows the academics going?

Well I barely scraped a 2:2 on a Biomedical degree.. Decent A-levels -- BBBB.

My career aspiration to make documentaries.

My career aspiration to make documentaries.

I really wonder whether you need to take a step back.

A few weeks ago (according to your TSR posts), your life's dream was to pursue creative writing. Now you want to make documentaries, but you're about to spend a lot of money on a Business Masters - which you don't seem very confident about and which doesn't seem to lead to either of your stated career interests.

Are you sure that the Masters you've applied for, is the right thing for you at this stage of your life? Your IQ is clearly not a problem, but disorganised thinking and a lack of consistency might be a bigger issue in the longer term.

Like you said I am doubting whether this master's is tailored towards my skill-set and hence my IQ, which is why I am asking this particular question.

Your choice of Masters course and your IQ are unrelated.

You're academically capable of achieving the Masters, otherwise you wouldn't have been offered a place.

Whether you've chosen the wrong course or not, is nothing to do with your IQ. They're two totally different things.

They say that people with my IQ should seek jobs for those have no degrees...

IQ (especially as determined by online tests) is functionally meaningless. Don't worry about it in any way, and certainly don't take it into account when making decisions about your future.

But it would be fitting explanation to why I have been failure, hitherto.

You haven't been a failure. You have been distinctly average.

But it would be fitting explanation to why I have been failure, hitherto.

Your undergrad degree result was a 2:2 - that was NOT a failure. It wasn't what you wanted or expected, but it's by no means a failure. And the fact that you now have a Masters offer is another success.

Which is related to my IQ that is "distinctly" albeit slightly below average.