There is ZERO use for a master's or higher in any design-related field. Your portfolio and experience mean 50X more than the degree on your wall. Some places require the degree, but I've NEVER seen a design job that required a master's or paid a higher salary if you held one. Total waste.
Designers totally themselves and every other designer by underselling themselves. It confuses the market and clients become accustomed to paying far less than they should as a result, which hurts EVERYONE in the long run. Artists can be so short-sighted, and we're never trained to the contrary. Art school is the absolute worst in terms of real world prep, and artists are notoriously terrible with money and handling business. We need to be trained.You should probably re-consider that masters. Having more education doesn't necessarily mean anything if there isn't a market for your profession in the first place. Might wanna read this before you spend more money/time in school.
http://www.bls.gov/ooh/Arts-and-Design/Graphic-designers.htm
My friend/co-workers GF is in graphic design and her life sounds pretty tough. She's doing work for Marvel Comics (and also received some work from their Parent, Disney) which is cool but she's doing freelance so she doesn't get any benefits and because the market is competitive, she only got the work because her asking price was low. She said she's doing it to build up a portfolio, which should help down the line. That's probably a good idea.