There's a huge difference between an MA in Religion (or Comparative Religion or Religious Studies) and an MDiv. There are also a few MA programs offered by seminaries -- these are basically the MDiv without the pastoral courses. Some of these seminary MAs are preparation for PhD work in theology and/or biblical studies.
Others serve to prepare folks specifically for careers in religious education.
An MDiv is the degree for folks who wish to become ministers, pastoral counselors, hospital or university chaplains, or do interfaith work. All of these folks come from a particular religious perspective.
An MA in Religion offered by a university rather than a seminary is in the ACADEMIC study of religion qua religion. Specializations could be in medieval Hinduism, contemporary Islam, etc. The study of religion requires grounding in method and theory, not in exegesis.
The career prospects for holders of an MA in religion depend heavily on one's specialization, but recent MA students in my program who have chosen NOT to go on to the PhD
- work for the FBI
- are journalists who cover religion
- teach at the community college and secondary level
- sing in a country music band
- work in real estate
- work in the publishing industry
- work for an airline
- work as archivists
- work in historic preservation
You should know, however, that in the US, all MA programs in religion (in university
settings) function primarily as "feeder" programs. In other words, the primary task of these programs is to prepare students for admission to PhD programs. Preparation for another career would be in your hands, not the department's.
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