From the facts you provide it is as obvious that the sun will set at dusk that your EMPLOYER'S EB-2 I-140 petition will be denied based on you, the beneficiary, not being able to meet the job's minimum education requirement, given that the academic credentials equivalency report determined that your foreign diploma is only equivalent to a US bachelor's degree and not to a master's as originally envisioned.. Am curious to know why hasn't your employer and/or his/her immigration lawyer has not checked this before and made sure, before it went into all the effort and expense of the PERM process that you did in fact meet the "minimum" educational requirements of the job offer?
Kindly be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
Firstly you cannot file the PERM application. I don't believe you will have a say in the process too. The employer with their attorney's help decide the category appropriate for the situation. Primarily these issues are discussed before the PERM is filed not after it is approved.
This response is general in nature and cannot be construed as legal advice, given that not enough facts are known. Any comments offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship. You are encouraged to seek independent and private counseling for a complete review of your case.