Ph.D. ................?

Most people I know try to do their Ph. D. as soon as possible after completing their masters. But a lot of people will work for a little while after they get their masters and then go back to work on their doctorate. The benefits are you're more credible as an academic as well as being more sought after as a professor which usually means better pay and benefits. Plus you're more likely to be approved for grants and sabaticals.