Although this thread is mainly generating tongue in cheek comments, they have a valid point. I didn't do a specific MA in Acting, because I already hold an MA in History, and was happy for that to stand as an academic achievement, so I can't tell you *exactly* what you would get from specific courses.
But, in general terms, it is certainly fair to say that, from the standpoint of furthering your practical career in the industry (if that's what you are interested in), an MA is neither here nor there. The one guarantee of *any* university level degree is that it will have a significant complement of coursework, essay writing and analysis all of which I (as an ex-lecturer) hold a personal regard for but none of which is really vocational qualification, and will not be taken by casting directors, agents etc. as such.
Therefore, whether or not doing an MA is actively of interest to you depends on what you wish to achieve from it. If you are hoping to establish an academic qualification that will look better for you in the general job market, or even to specialise in some form of research area as an adjunct to your acting, then it is probably worth doing. If you wish to capitalise on the prospect of working within a university environment for a year or so, then it is probably worth doing. If you have a burning desire to learn more about the technicalities of theatre and screen, their history, systems of performance, the meaning of theatre-audience interaction etc. etc., then it is probably worth doing. If you are hoping that it serve to up your ratings on the Internet Movie Database, or convince more casting directors to take an interest in your work, then you are looking in the wrong direction and would be better off continuing to search for work in general, and making personal contacts. In an era when, to be honest, being a member of Equity and being represented by a bona fide agent, is no longer any guarantee that a casting director will actually take your professionalism seriously, holding an MA in Acting is really neither here nor there.
With this said, there are two positive aspects to all this. First off, if you have the time, money and inclination to do the MA, no-one will despise you for it: should you mention it on your CV, it will always garner respect from others who will admire the fact that you had the nouse to go and win the sort of academic qualification that is hard to gain. Admitedly, my MA is not in an acting related specialism (which means the fact I have it is more of an unexpected surprise), but I have never known anyone whom I mention it to who has not been interested in the fact that I did it. But do I think it has ever secured me a casting in the first place? I don't think so.
The second point, and the one which might invalidate most of what I have written about, is that I am not sure if you are solely talking about MA courses, which I associate mainly with university work, and hence, non vocational training. There are certainly 'postgraduate' courses at drama schools (often one or two year courses) that can be converted to MA status if desired (I know because I did one myself) that are fully vocational. Some heavily vocational courses (with only a small amount of coursework) such as the MA in Classical Acting at Drama Centre are only really called MA's in order that drama schools can gain better funding for them as 'university' level courses - they often aren't taught as they would be at a university (with the emphasis on written research, rather than practical application) and this will be the difference between courses run by CDS affiliated drama schools and universities. I don't know if you are looking to enroll on a postgrad acting course (reasonable if you want to knock some rough edges off your acting and hone your technique, but don't wish to spend three years in the company of those straight out of stage school) or to actually do a research led MA. Neither is a bad thing to do as a life choice if it will reward you, but the vocational course is always the better bet if you wish to be making genuine connections and establishing business practices that will orient you more seriously as a working actor.
