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They're the same as doing your masters at uni...they're "normal" degrees. Having your masters will get your foot in the door in so far as a professional career goes, but to go all the way you need your PhD. The masters will allow you to teach astronomy at a college/high school, tutor at uni (here or in the UK) or if you were in the US you could get an adjunct or associate position at an University. You could also get a position as an observer at an observatory. It really depend on how far you want to go with it...but I would recommend if you get your masters to go onto the PhD if you want to make a full blown profession out of it.
If you want to see what you can do, just goto the SAO page and look up what their grads are doing now.
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