I think this depends on the kind of work you enjoy doing. And I think it's also helpful to visualize it in terms of what kind of work you can do at each degree level.
If you like experimental research and have a bachelors, I would recommend looking for research assistant, research coordinator, or lab manager jobs at universities, as they will typically have good pay and be in a rewarding research environment. If you are more into helping people through community work, there are also positions working with youth in mental health centers or as a behavioral therapists for children with autism, as well as some entry level jobs at non-profits or human resources departments of companies.
A masters in general psychology qualifies for work as a director of non-profit organizations, user experience engineer at some companies (designing testing for their products), or as a research analyst or science writer. A masters in social work (MSW) qualifies for work as a therapist or social worker, after attaining a license. The median pay is less for this type of work compared to PhD or PsyD holders in counseling psychology, but requires less schooling. Terminal masters degrees in general and clinical psychology are harder to find, but do exist, and they can help with job prospects.
There are doctoral degrees in many subfields of psychology--clinical psychology, social psychology, developmental psychology, counseling psychology, forensic psychology, and many others. All of them are vastly different. In general, doctoral degrees are the minimum for becoming a professional in any field of psychology (as a counseling psychologist, research professor, or psychiatrist). They are also often used today to get jobs at popular companies (like Facebook, Instagram, etc.) as a user experience researcher, especially if the applicant has computer programming skills. Becoming a psychiatrist would require medical school, making it a bit longer and different experience overall.
Vincent recommends the following next steps:
- Identify what interests you specifically about psychology before searching for jobs