A MA or master's degree is awarded after 2 or 3 years of graduate study. The student will have to take classes that are specifically related to her field, unlike undergraduates who often have to take requirements outside their field to get a well-rounded education. In addition to the course work, a student usually has to write a master's thesis that she must then defend before her committee. Some MA degrees lead directly to jobs, while others are sometimes used as a steppingstone to another degree. For example, someone with an MA in history may choose to go on to get a doctorate in law or history.
An MBA, Master of Business Administration, is a particular type of master's degree that concentrates on business. Someone seeking this degree usually plans on a career in business or some large organization that requires similar skills. Like the usual MA, this degree requires 2 to 3 years of study and a thesis project. An alternative to this is the MA in Business. This degree is usually project oriented and does not necessarily require a thesis. People seeking this degree often plan to get a Ph.D. and teach at the university level.
An MFA, Master of Fine Arts, is a terminal degree, which means that the person seeking it does not need to go any further in his education to begin his career. The requirements for this type of degree are similar to a standard MA, except that much of the class work involves projects demonstrating your mastery of the field. Examples of those who might get an MFA are cinematographers, painters, fiction writers, sculptors, graphic artists and photographers.
The Ph.D. is the top professional degree you can receive. Students working toward their Ph.D. often teach classes in the department, in part to work off their tuition. The primary task of someone seeking a Ph.D. is to write a doctoral dissertation. This work, similar to the MA thesis but longer and more sophisticated, must also be defended before a committee. Ph.D. candidates will often spend several years of research in writing this dissertation. Depending on the area of specialization, there are many possible career paths, such as teaching at the University level, working in business, or going into government.